SYDNEY, Oct. 12,
2021 /PRNewswire/ -- Integrated Media Technology Limited
(NASDAQ: IMTE) ("IMTE" or the "Company"), announces today the
signing of a conditional sale and purchase agreement to acquire
100% equity interest in Magnum International Holdings Limited
("Magnum"), for US$11 million which
will be paid by the issuance of 3,630,360 ordinary shares in the
Company at US$3.03 per share. The
acquisition of Magnum by the Company is conditional on, and amongst
other conditions, a satisfactory due diligence (at the sole
determination of the Company), on the legal and financial affairs
of Magnum. Pursuant to the Agreement, the long stop date to
complete this transaction shall be within 3 months from the date of
the Agreement.
Magnum is a technology development company based in Dalian, China that intends to build a post
diagnose medical and healthcare platform using big data and
artificial intelligence. Magnum is currently developing the smart
pharmacy system and health platform for hospitals and pharmacies.
Magnum will focus on the development of a post diagnosis platform
integrating wearable medical devices for real time monitoring, and
the integration of medical resources to provide consumers with
medical and healthcare information.
Mr. Xiaodong Zhang, IMTE's CEO
stated, "The technology healthcare market is a fast-growing market.
The acquisition of Magnum will bring us technology and an entry
into the post diagnostic medical and healthcare market. We look
forward to completing the acquisition and incorporating Magnum IoMT
(Internet of Medical Things) into our IoT business unit."
About Integrated Media Technology Limited ("IMTE")
IMTE is an Australian company engaged in the business of the
manufacture and sale of nano coated photocatalytic plates for
filters, glasses-free 3D display and electronic glass, sale of IoT
solutions and financial research. For more information, please
visit www.imtechltd.com.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks, and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
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SOURCE Integrated Media Technology Limited