SYDNEY, Jan. 4, 2022 /PRNewswire/ -- Integrated
Media Technology Limited ("IMTE" or "Company") (Nasdaq:IMTE),
informs that today its Board of Directors approved a plan to divest
its China lamination glass
operation.
IMTE intends to divest from its China electronic glass business by either
selling the business unit or undertaking a spin off the business
unit into a stand-alone, publicly traded listed company. As
this operation is capital intensive, it will require direct access
to the capital markets. This operation will maximize the
infrastructure's value, as the resulting entity will be independent
from IMTE, with their own management and personnel, exclusively
focused in developing, and building the electronic glass business
in China.
The execution of the reorganization plan will comply with
applicable requirements under the laws, and will be subject to
obtaining required regulatory approvals and any shareholders
approval required.
IMTE expects to implement the reorganization during 2022.
About Integrated Media Technology Limited ("IMTE")
IMTE is an Australian company engaged in the business 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