Integrated Media unit enters distribution agreement with Ai Holdings
Integrated Media Technology announces today that its subsidiary, GOXD Technology Limited, has entered into a Distribution Agreement with Ai Holdings Corporation, a holding company that manufactures and sells information industry related equipment. GOXD recently entered into an Equity Investment Agreement with AiHD as disclosed in the IMTE FORM 6-K dated August 8, 2018. Pursuant to the Equity Agreement, GOXD agreed to issue to AiHD 20% of the enlarged share capital of GOXD for an aggregate subscription price of $4M. The $4M investment from AiHD in GOXD will enable GOXD to expand its business and diversify its product offering. In addition, AiHD has agreed to spend no less than $1M for marketing and customer care, call centre and other functions as required under the GOXD brand by the end of 2019 in Japan. Pursuant to the Distribution Agreement, GOXD grants AiHD the right as exclusive partner in Japan initially through to December 31, 2019, unless an extended term agreement is entered into prior to the Ending Date. GOXD and AiHD further announce a commitment to collaborate on joint development opportunities specifically in the application of artificial intelligence technology into future new products.