Medigus: Jeffs’ Brands Ltd. Signed a Non-Binding LOI to Acquire a Leading Consumer Products Brand Company
August 17 2021 - 8:55AM
Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in
advanced medical solutions, innovative internet technologies and
electric vehicle and charging solutions, today announced that its
50.03% owned subsidiary, Jeffs’ Brands Ltd. (holding 100% in Smart
Repair Pro, Inc. and other wholly owned subsidiaries), a
data-driven e-commerce company operating on the Amazon Marketplace,
signed a non-binding Letter of Intent to acquire 100% of the issued
and outstanding share capital of a private company of branded
consumer products, for an initial consideration of $6 million (to
be paid in cash and equity) with a potential deferred consideration
of up to additional $13.25 million, conditional upon future sales
and profitability targets.
The acquisition target company, engaged in the
design, manufacturing and marketing of original branded consumer
products, are mainly sold at leading North American mass retailers,
including Walmart USA, Walmart Canada, Target, Staples, Kroger and
more. The target company finished 2020 profitable with $8 million
in revenues.
The target company sells proprietary consumer
products, 60% of which are sold in the U.S. market. Sales are made
through global retailers as well as distributors worldwide.
The target company has online marketing
platform, including shops and brands in leading e-commerce websites
and stores.
The non-binding LOI to acquire a leading
consumer brand, is part of Jeffs’ Brands mission to expand its
products portfolio, increase revenue growth, both organic and
inorganic, through acquisitions and implement its vast experience
and knowledge for the marketing of more brands and products.
About Medigus
Medigus is traded on the Nasdaq Capital Market.
To learn more about Medigus’ advanced technology, please
visit www.medigus.com.
Cautionary Note Regarding Forward Looking
Statements
This press release may contain statements that
are “Forward-Looking Statements,” which are based upon the current
estimates, assumptions and expectations of Medigus’ management and
its knowledge of the relevant market. The company has tried, where
possible, to identify such information and statements by using
words such as “anticipate,” “believe,” “envision,” “estimate,”
“expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,”
“potential,” “will,” “would,” “could,” “should,” “continue,”
“contemplate” and other similar expressions and derivations thereof
in connection with any discussion of future events, trends or
prospects or future operating or financial performance, although
not all forward-looking statements contain these identifying words.
For example, Medigus uses forward looking statements when
describing the potential transaction with Jeffs’ Brands, as there
is no assurance on whether the transaction will be executed or
consummated. These forward-looking statements represent Medigus’
expectations or beliefs concerning future events, and it is
possible that the results described in this press release will not
be achieved. By their nature, Forward-Looking Statements involve
known and unknown risks, uncertainties and other factors which may
cause future results of the Medigus’ activity to differ
significantly from the content and implications of such statements.
Other risk factors affecting Medigus are discussed in detail in the
Medigus’ filings with the Securities and Exchange Commission.
Forward-Looking Statements are pertinent only as of the date on
which they are made, and Medigus undertakes no obligation to update
or revise any Forward-Looking Statements, whether as a result of
new information, future developments or otherwise. Neither Medigus
nor its shareholders, officers and employees, shall be liable for
any action and the results of any action taken by any person based
on the information contained herein, including without limitation
the purchase or sale of Medigus’ securities. Nothing in this press
release should be deemed to be medical or other advice of any
kind
Contact (for media only)Tali Dinar Chief
Financial Officer +972-8-6466-880 ir@medigus.com
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