Image Protect Inc. (IMTL) Announces the Termination of the Acquisition of OTCPR Wire/Mcap Media Wire

Rhea-AI Summary

Image Protect Inc. (OTC Pink:IMTL) has announced the termination of its planned acquisition of OTCPR Wire, originally valued at $500,000 in restricted stock. Despite preparing closing documents, the required signatures were not obtained, leading to a mutual decision to withdraw. The company's CEO, Lawrence Adams, emphasized the priority of shareholder value over the acquisition, suggesting the potential dilution outweighed benefits. Moving forward, Image Protect plans to concentrate on the expanding NFT market, where they believe better opportunities lie.

Positive

• Focus shifts to the expanding NFT market, potentially offering better revenue opportunities.

Negative

• Termination of acquisition may indicate challenges in valuation assessment.
• The investment made pre-close may result in financial loss for shareholders.

NEW YORK, NY / ACCESSWIRE / August 18, 2021 / Image Protect Inc. (OTC Pink:IMTL) (https://imageprotect.com/) ("Image Protect", "IMTL", or the "Company"), an emerging Media Company, has terminated its Acquisition of OTCPR wire. The deal was set as an acquisition using restricted stock as the currency. The price was set at five hundred thousand dollars in restricted stock based on the price of the stock based on the day of closing. The Company had prepared closing documents in-which were failed to be executed by Image Protect Inc. and the Principle of OTCPR indicated a desire to terminate in writing, thus making it mutual parting.

The Company invested Capital pre-close and had a chance to examine the books and records along with the projected income and ultimately concluded, the value to the shareholders, for the cost of the dilution didn't add up and better to pull out than close.

The Company CEO, Lawrence Adams stated, "The Acquisition looked like a match but for the sake of true value to our shareholders, we felt it better to cut and walk, and it seemed mutual on both sides". He further stated, "Working with the principles of OTCPR wire was a pleasure, but ultimately, value to our shareholders trump any and all decisions, plus this allows us to better focus on the ever exciting NFT market, which has exploded and we're fortunate to be so well positioned to capitalize on this emerging market place".

About Image Protect:
Image Protect is a media company with a focus on microcap news, information, and disclosure, as well as crypto, blockchain, and digital assets. Its unique digital asset library and proprietary technology via subsidiary Fotofy. are conducive to the foundation of an impactful NFT marketplace.

Safe Harbor Provision
Cautionary statement for purposes of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise.

Corporate Contact:

Image Protect
Preya Narain
347-837-0626
Preya.Narain@imageprotect.com

SOURCE: Image Protect, Inc.

View source version on accesswire.com:
https://www.accesswire.com/660328/Image-Protect-Inc-IMTL-Announces-the-Termination-of-the-Acquisition-of-OTCPR-WireMcap-Media-Wire

FAQ

What was the value of the terminated acquisition by Image Protect Inc. (IMTL)?

The acquisition of OTCPR Wire was valued at $500,000 in restricted stock.

Why did Image Protect Inc. (IMTL) terminate the acquisition of OTCPR Wire?

Image Protect Inc. terminated the acquisition due to concerns over shareholder value and potential dilution.

What is Image Protect Inc.'s focus after terminating the OTCPR Wire acquisition?

After terminating the acquisition, Image Protect Inc. plans to focus on the growing NFT market.

Who is the CEO of Image Protect Inc. (IMTL) and what did he say about the acquisition?

The CEO is Lawrence Adams, who stated that prioritizing shareholder value was the reason for terminating the acquisition.

What risks are associated with the terminated acquisition of OTCPR Wire by Image Protect Inc. (IMTL)?

Risks include financial loss from pre-close investments and challenges in accurately assessing company valuation.