SYDNEY and NEW YORK, April 11, 2022 /PRNewswire/
-- Integrated Media Technology Limited (NASDAQ: IMTE) ("IMTE"
or the "Company"), announces today that on April 6, 2022 the Company's subsidiary Ace
Corporation Limited ("Ace") has entered into a Memorandum of
Understanding ("MOU") with Grown Up Group Investment Holdings
Limited, a company listed on the Hong Kong Stock Exchange Limited,
HKSE: 1842 ("GUGIHL") to (i) enter into a business relationship to
be co-content developers of Non-Fungible Tokens ("NFT") and other
digital assets for trading on the Ouction platform; (ii) to have
Ace's online digital assets exchange trading market place (called
"Ouction") to be one of the partners in the metaverse to be set up
by GUGIHL; and (iii) GUGIHL to establish a team for the development
of a metaverse.
GUGIHL is initiating the development of a metaverse focusing on
Asia and China culture and art. GUGIHL intends to build
up a metaverse ("Metaverse") that can host events and exhibitions
in the virtual world. A metaverse is a digital reality that
combines aspects of social media, online gaming, augmented reality
(AR), virtual reality (VR), and cryptocurrencies to allow users to
interact virtually. Augmented reality overlays visual
elements, sound, and other sensory input onto real-world settings
to enhance the user experience. In contrast, virtual reality
is entirely virtual and enhances fictional realities. By
using these new technologies, GUGIHL expects to be able to simulate
historical cultural events in the virtual world.
The Company and GUGIHL ("Parties") agree to formalize the
definitive agreement of the cooperation within 6 months from the
signing of this MOU. The Parties expect the agreement will be
formalized so that ACE shall have the right to supply and services
GUGIHL's Metaverse, for a period of time. GUGIHL shall bear the
costs of establishment and promoting the virtual galleries for a
period of not less than six months from the date the Metaverse has
such number of users to be agreed by the Parties. All proceeds
derived/received, including advertising and gate receipts, from the
virtual galleries shall be shared 50/50 between the Parties. The
Parties will do best effort to find prospective themes and contents
for virtual rooms in the Metaverse. Also, once GUGIHL has completed
the development or acquisition of the Metaverse, Ace shall commence
promoting on its Ouction platform and to its members to
share/display their NFTs contents in the Metaverse. The Parties
shall also find additional prospective content providers to promote
the mutual interest of the Parties. The Parties will evaluate the
Metaverse once available for testing and use for a reasonable test
period no less than two (2) months; the evaluation will include
consumer acceptance at the Metaverse, platform performance for
effectiveness, and user experience in the Metaverse virtual
world.
About Integrated Media Technology Limited ("IMTE")
IMTE is an Australian company engaged in the business of
manufacture and sale of nano coated plates for filters, the
manufacture and sale of electronic glass, Halal certification and
distribution of Halal products, the operating of an online exchange
platform for trading in digital assets and the provision of
financial research. 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