Medigus: Jeffs' Brands Signs a Non-Binding Letter of Intent to Invest in a Remote Wireless Electric Charging Technology Company

Rhea-AI Summary

Medigus Ltd. (Nasdaq: MDGS) announced that Jeffs' Brands Ltd. will hold a 70% interest in a new company to develop laser-based charging solutions for drones and unmanned aircraft. The investment is worth $2.5 million, and the new technology aims to revolutionize wireless charging for drones and unmanned aircraft, making the process more efficient and convenient.

Jeffs’ Brands will hold a 70% interest in a new company to be incorporated that will develop laser- based charging solutions for drones and unmanned aircrafts

Tel Aviv, Israel, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies, and electric vehicle and charging solutions, announced that on December 15, 2023, Jeffs' Brands Ltd. (“Jeffs’ Brands”) (owned 34.87% by Medigus) a data-driven E-commerce company operating on the Amazon Marketplace, announced the signing of an additional non-binding letter of intent (“LOI") with Sky Growth Partners Ltd. (“Sky Growth”), to invest in advanced laser- based wireless charging technology systems, for the remote charging of drones and unmanned aircrafts (the “Investment”).

The LOI follows Jeffs’ Brands’ announcement from November 29, 2023, in which the board of directors resolved to identify potential strategic transactions, in the field of advanced technologies, with the goal of maximizing shareholder value.

According to the LOI, Sky Growth will establish and transfer all of its rights in the technology to a new Israeli company that will develop, manufacture and market the technology ("NewCo"). Following an investment of $2.5 million by Jeffs’ Brands, it will hold a 70% equity interest in NewCo. The LOI also includes certain milestone conditions that if achieved by NewCo, will grant the founders, for no additional consideration, additional equity interests in NewCo.

NewCo plans on developing a technological system based on a pending patent. The system will enable wireless charging for drones and unmanned aircrafts. Unlike conventional charging methods, that rely on cumbersome cables, robust infrastructure, pads and more, Digital Light Processing (DLP) wireless charging systems utilizes precision laser to transmit energy wirelessly to infrastructure, drones, unmanned aircraft and other platforms. This technology eliminates the need for physical connectors, making the charging process more efficient, seamless, convenient and enabling new technologies to be developed and adopted, for various uses, such as commercial drone applications.

The Investment is subject to the successful completion of due diligence, the execution of binding definitive agreements with respect to the Investment and compliance with any regulatory requirements and approvals.

About Medigus

Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is a technology company focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce and electric vehicle markets. Medigus' affiliations in the medical solutions arena include ownership in Polyrizon Ltd. The Company’s affiliates in digital commerce include Gix Internet Ltd., Jeffs' Brands Ltd. and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics Ltd. and Revoltz Ltd., by way of Fuel Doctor Holdings, Inc. are also part of the Company’s portfolio of technology solution providers. To learn more about Medigus’ advanced technologies, please visit http://www.medigus.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Medigus’ current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements could differ materially from those described in or implied by the statements in this press release.

The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the SEC. Except as otherwise required by law, Medigus undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Medigus is not responsible for the contents of third-party websites.

Company Contact:
Tali Dinar
Chief Financial Officer
+972-8-6466-880
ir@medigus.com

Investor Relations Contact:
Michal Efraty
Investor Relations, Israel
+972-(0)52-3044404
michal@efraty.com

FAQ

What is the latest announcement from Medigus Ltd. (Nasdaq: MDGS)?

The latest announcement is that Jeffs' Brands Ltd. will hold a 70% interest in a new company to develop laser-based charging solutions for drones and unmanned aircraft.

What is the investment amount in the new technology?

The investment amount in the new technology is $2.5 million.

What are the goals of the new technology?

The new technology aims to revolutionize wireless charging for drones and unmanned aircraft, making the process more efficient and convenient.