Integrated Media Technology Limited (NASDAQ:IMTE) (“IMTE” or the
“Company”), a company engaged in the investment, development and
commercialization of visual technology with a focus on glasses-free
3D display technology, announces today that its subsidiary, GOXD
Technology Limited (“GOXD”), has entered into a Distribution
Agreement (“Agreement”) with Ai Holdings Corporation (“AiHD”), a
Japanese company listed on the First Section of the Tokyo Stock
Exchange under the Symbol “3076.T”. AiHD is a holding company
that manufactures and sells information industry related
equipment.
GOXD recently entered into an Equity Investment
Agreement (“Equity Agreement”) with AiHD as disclosed in the IMTE
FORM 6-K dated August 8, 2018. Pursuant to the Equity
Agreement, GOXD agreed to issue to AiHD 20% of the enlarged share
capital of GOXD for an aggregate subscription price of US$4
million.
The US$4 million investment from AiHD in GOXD
will enable GOXD to expand its business and diversify its product
offering. In addition, AiHD has agreed to spend no less than
US$1 million for marketing and customer care, call centre and other
functions as required under the GOXD brand by the end of 2019 in
Japan.
Today’s Distribution Agreement further
strengthens the relationship between GOXD and AiHD. Pursuant
to the Distribution Agreement, GOXD grants AiHD the right as
exclusive partner in Japan initially through to December 31, 2019
(“Ending Date”), unless an extended term agreement is entered into
prior to the Ending Date.
GOXD and AiHD (the “Parties”) further announce a
commitment to collaborate on joint development opportunities
specifically in the application of artificial intelligence
technology into future new products. AiHD, through its
alliance with IP Dream, Inc. has an advanced multi-language
translation platform. Both company executives plan to meet in the
coming months to discuss a range of new products. These products
may include smart interactive device, smart unmanned retail shelf
and shop, intelligent translation device and other new artificial
intelligence services.
Dr. Herbert Ying Chiu Lee, Chairman and CEO of
IMTE, commented: “We welcome the investment in GOXD and the
execution of the Distribution Agreement with a strategic partner in
AiHD. GOXD has been making significant progress and we see
the Japanese market as a strategic one for GOXD moving
forward. With AiHD’s expertise and strong strategic
relationships in Japan, we are confident that the future of GOXD
will further strengthen the IMTE group.”
Mr. Hideyoshi Sasaki, the Chief Executive
Officer of AiHD, commented: “We are pleased to introduce GOXD’s
cloud-based content conversion technology and products to Japan
through this Distribution Agreement. We believe combining GOXD’s
strong technology development capability and innovative products
with AiHD’s strong sales channels in the surveillance camera
business in Japan, provides us a completely new video image
business for the IoT era and can result in a successful expansion
of GOXD’s business in Japan”.
Mr. Perry Wong, Managing Director of GOXD,
commented: “GOXD has completed the development of the digital photo
frame with Glasses-free 3D functions and the cloud based 3D
conversion platform. We expect to launch a range of new
products in Q4 of this year. GOXD cooperates with big brands
to distribute their copyrighted material on the picture frame cloud
platform. In addition, GOXD has established current sales
channels in Taiwan, Hong Kong and China. Japan is a
significant market for GOXD and we are pleased to partner with AiHD
as our distributor in Japan. Our next step is to continue to
develop innovative new products and expand our sales channels
globally.”
About Integrated Media Technology
Limited (“IMTE”)
IMTE is engaged in the investment, development,
and commercialization of visual technology with a focus
on glasses-free 3D (also known as autostereoscopic
3D) display technology. Through its subsidiary, Marvel
Digital Limited, IMTE designs and sells glasses-free 3D products
for the industrial market. These products include
glasses-free 3D digital signage and video wall, 3D conversion
equipment, and software for the film/video production
industry. For the consumer market, IMTE through its
subsidiary, GOXD Technology Ltd., offers glasses-free
3D digital photo frame on a cloud-base platform connecting
users anytime anywhere worldwide. IMTE is headquartered in
Hong Kong with regional offices in Australia and China. IMTE
is traded on the Nasdaq under the symbol “IMTE”. For more
information, please visit www.imtechltd.com.
About GOXD Technology Limited
(“GOXD”)
GOXD was created by a group of passionate
individuals who strive to break traditions and bring new ideas into
the world. GOXD stands for "GO. Extra Dimension", which denotes a
shared vision of stepping outside the comfort zone, making new
things and enjoying a new dimension of life.
Established in Hong Kong in 2017, GOXD
Technology Limited is a product and technology company focuses on
designing and creating products that bring new sensory experience.
GOXD as a technology innovator in auto-stereoscopic 3D
(glasses-free 3D) visualization, believes glasses-free 3D is the
future of visual display. GOXD develops lifestyle products with new
visual experience and MemtoWorldTM, an online image gallery for
trading copyrighted images created by local artists and
photographers. GOXD is a subsidiary of Marvel Digital Limited which
is a subsidiary of IMTE. For more information, please visit
www.goxdmento.com.
About Ai Holdings Corporation
(“AiHD”)
Ai Holdings Corporation is a holding company,
which was established through reorganization. The Company
manufactures and sells information industry related equipment. Ai
Holdings' products include personal computers, office server
systems, office automation systems, mailing systems, and security
systems. Ai Holdings also designs, develops, and sells software.
AiHD is traded on the on the First Section of the Tokyo Stock
Exchange under the symbol “3076.T”. For more information,
please visit www.aiholdings.co.jp.
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.
U.S Investor Relations
Contact: PCG Advisory Group Adam Holdsworth,
Managing Director Email: adamh@pcgadvisory.com Phone: +1
646-862-4607
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