SYDNEY
and NEW YORK, Dec. 30, 2021 /PRNewswire/ -- Integrated Media
Technology Limited (NASDAQ: IMTE) ("IMTE" or the "Company"),
announces today the signing of an Assignment and Assumption
Agreement to take over the rights and obligation on a Cooperation
Agreement on developing a Blockchain business focusing on
digital asset market platform mainly focusing on NFT (Non Fungible
Token) trading market. IMTE will pay a deferred payment based
on future earnings of Ace Corporation Limited ("Ace") and a bonus
payment if Ace is listed on a recognized exchange in the next 5
years.
Under the Cooperation Agreement, IMTE now may invest up to
US$1 million for 60% equity interests
in Ace to develop, establish, and operate a trading platform called
"Ouction". The development, marketing and operating team will
receive the 40% of the equity interest in Ace. The core technology
will be developed by Mr. Eric Zhang and his team.
Ouction platform will be an interactive experiencing solution
designed with dynamic image cryptographic verification technology
which will serve as a bridge for O2O (Online to Offline)
transaction. This will enable the "Ouction" platform to not only
verify virtual asset transactions, but also provide encryption and
Blockchain notarized digital certificates of physical assets
for a fairer and more credible platform trading experience to
e-commerce companies and their users.
The Ouction platform will build its own side-chain on the
existing mainstream large-scale Blockchains to save calculating
cost and analysis on the computational load calculated by
distributed ledgers, and reduce the barrier for users to becoming a
node. We intend to also develop mobile device applications to
enable mobile device users to browse data for proof of traceability
and to transact using Blockchain without computing load.
Mr. Eric Zhang stated, "NFT is
the bridge to connect public auction market and e-commerce. The
market size, measured by revenue, of the E-Commerce & Online
Auctions industry is US$645.2 billion
in 2021, and is expected to increase 8.1% in 2022." Eric further
added, "We are assembling a team of skilled and experienced
software engineers who has experienced in multiple
Blockchain projects, including the development of the first
batch of Blockchain cultural platforms, crypto quantitative
trading system, financial Blockchain platform for supply
chain, etc. Ouction is expected to adopt decentralized
technologies in the fields of games, fintech, film & TV,
culture, and e-commerce, and to develop cross-industrial synergy,
so to develop economic value from the new NFT marketplace they
create."
"We are excited to work with Mr. Eric
Zhang, who was the leader in developing Blockchain
technology in supply-chain finance and the former CTO in an
internet TV operator. Eric's team will bring expertise in
Blockchain, cyber security and other technologies to assist us in
developing our NFT trading platform and business operations" stated
IMTE's CEO, Mr. Xiaodong Zhang.
About Integrated Media Technology Limited ("IMTE")
IMTE is an Australian company engaged in the businesses of the
manufacture and sale of nano coated plates for filters, the
manufacturing and sale of electronic glass 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