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