INTEGRATED MEDIA TECHNOLOGY LIMITED Launches IoT (Internet of Things) Business Unit Through Acquisition

Rhea-AI Summary

Integrated Media Technology Limited (NASDAQ: IMTE) announced the formation of a new IoT business unit through a conditional agreement to acquire a 70% equity interest in Shenzhen Koala Wisdom Fire Engineering Co., Ltd. Shenzhen Koala specializes in IoT solutions, particularly a tracking system for monitoring objects dropped from high-rise buildings. Mr. Con Unerkov, CEO, indicated that this investment marks IMTE's entry into the growing IoT sector, aligning with their strategy to expand aggressively through acquisitions. More details can be found in their Form 6K on the SEC website.

Positive

• Acquisition of 70% in Shenzhen Koala expands IMTE's presence in the growing IoT sector.
• Shenzhen Koala's technology offers innovative tracking solutions for high-rise buildings, potentially reducing risks and enhancing safety.
• Strategic focus on acquiring businesses that align with IMTE's growth strategy could lead to future revenue opportunities.

Negative

• None.

SYDNEY, HONG KONG and NEW YORK, Feb. 1, 2021 /PRNewswire/ -- Integrated Media Technology Limited (NASDAQ: IMTE) ("IMTE" or the Company), announced today the launch of its newly formed IoT (Internet of Things) business unit through the entry into a conditional agreement to acquire a 70% equity interest in Shenzhen Koala Wisdom Fire Engineering Co., Ltd. ("Shenzhen Koala"), a company that is in the business of marketing and selling IoT solutions.

Shenzhen Koala currently sells a tracking solution to monitor and identify the location of objects dropped from high rise buildings. This technology will detect the exact location where objects are dropped from and thereby identify the responsible residential / industrial unit.  Through this IoT solution, it would dissuade residents from throwing objects from high-rise buildings.

Mr. Con Unerkov, Chairman and CEO of IMTE, stated, "This is IMTE's first investment into the growing IoT sector and one we believe will grow very quickly. The IoT sector today is at the top of the agenda of most leading companies. Our strategy within this business sector is to aggressively grow through acquisitions that fit our acquisition / investment strategy."

Further details on the acquisition of Shenzhen Koala can be found in our Form 6K on the SEC website at www.sec.gov and at the Company's website at www.imtechltd.com

About Integrated Media Technology Limited

Integrated Media Technology Limited. is engaged in the business of glass-free 3D (also known as autostereoscopic 3D) display, the manufacture and sale of nano coated plates for air filters, the sale of electronic glass, financial research & data services and the marketing and sale of IoT solutions. The new business operations in air filters, electronic glass, IoT and financial research services are expected to form the foundation of our future growth strategy. For more information, please visit www.imtechltd.com

Safe Harbor Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding IMTE's expectations, intentions, strategies, and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements because of various important factors, including those described in the Company's most recent filings with the SEC. IMTE assumes no obligation to update publicly any such forward-looking statements, whether because of new information, future events or otherwise. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section entitled "Risk Factors" in IMTE's annual reports on Form 20-F and interim reports on Form 6-K filed with the SEC, as such factors may be updated from time to time in IMTE's periodic filings with the SEC, which are accessible on the SEC's website and at http://www.imtechltd.com.

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SOURCE INTEGRATED MEDIA TECHNOLOGY LIMITED

FAQ

What is the significance of IMTE's acquisition of Shenzhen Koala?

The acquisition allows IMTE to enter the IoT sector and leverage Shenzhen Koala's tracking solutions to enhance safety measures in high-rise buildings.

How much equity interest is IMTE acquiring in Shenzhen Koala?

IMTE is acquiring a 70% equity interest in Shenzhen Koala Wisdom Fire Engineering Co., Ltd.

When was the acquisition of Shenzhen Koala announced?

The acquisition was announced on February 1, 2021.

What are the expected benefits of the new IoT business unit for IMTE?

The new IoT business unit is expected to drive growth and open new revenue streams for IMTE by leveraging innovative marketing and sales of IoT solutions.