- Integrated Media Technology Limited (NASDAQ:IMTE) +30% premarket on launching its newly formed IoT (Internet of Things) business unit through the conditional 70% acquisition in Shenzhen Koala Wisdom Fire Engineering for initial consideration of $40K by the issuance of a total of 10K shares in the company. The company will also pay deferred consideration of the profits less the initial consideration by the issuance of shares not equal or exceeding 20% of the then issued shares of the company at a price equal to 85% of the prior 15 days VAWP.
- The vendors will sign up contracts for deployment of IoT Detection System of not less than RMB200K within 60 days from the date of the agreement.
- 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."