Medigus: Jeffs' Brands Signs a Non-Binding Letter of Intent to acquire a 70% in a Laser-based Technology Company Developing Defense Solutions Against Drone-based Visual Systems
December 14 2023 - 4:01PM
Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in
advanced medical solutions, innovative internet technologies, and
electric vehicle and charging solutions, announced today that
Jeffs' Brands Ltd. (“Jeffs’ Brands”) (owned 34.87% by Medigus) a
data-driven E-commerce company operating on the Amazon Marketplace,
has entered into a non-binding letter of intent ("LOI") with Sky
Growth Partners Ltd. (“Sky Growth”), to invest in an innovative
Digital Light Processing (DLP) laser-based system for drone
countermeasure solutions, initially for the defense sector (the
“Investment”).
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 million by Jeffs’ Brands,
it will hold a 70% equity interest in NewCo. In addition, pursuant
to the terms of the LOI, Jeffs' Brands will establish a credit line
of up to $250,000 bearing an annual interest of 8% for the
utilization by NewCo for a limited time period, subject to certain
conditions as to be approved by the parties. 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. According to the LOI, NewCo will
develop, manufacture and market an electro-optical defense system,
based on a laser combined with DLP, which, upon the successful
completion of its development, will provide a stationary or mobile
dynamic protection system to disrupt the operation of cameras
located on drones and unmanned or manned aircrafts that are
remotely operated.
The system will be able to neutralize any visual
systems such as cameras that are installed on drones and other
aerial and non-aerial objects. The laser-based system will
potentially be in use for defense and commercial applications, such
as: neutralizing drone attacks, protecting against commercial
espionage, strategic infrastructure protection and more.
The Investment is subject to the successful
completion of due diligence by both parties, 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 DinarChief Financial
Officer+972-8-6466-880ir@medigus.com
Investor Relations Contact:Michal
EfratyInvestor Relations,
Israel+972-(0)52-3044404michal@efraty.com
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