Innovative MedTech, Inc. (the “Company”) (OTC: IMTH), a provider of health and wellness services, today announced that it has signed a share exchange agreement to acquire RX Vitality, Inc. (“RX Vitality”), a media and financial advisory company, in a stock transaction.
“The Company remains committed to its strategy of growing its health and wellness services, as well as its healthcare digital wallet under development. We believe that this acquisition is a crucial step in our anticipated expansion, prior to going live with our digital wallet and mobile application, as the management of RX Vitality has a combined 100+ years experience in media, finance, and technology,” said Michael Friedman, President, and CEO of the Company.
He continued, “We are confident that the seasoned RX Vitality management team can leverage their operational expertise and extensive business networks to help us achieve our long-term growth strategies to become a leading health and wellness service provider and provide users with a leading health care digital wallet. This acquisition deepens our bench of seasoned advisors with the goal of allowing us to take advantage of opportunities as we target new markets with the intention of launching and expanding our businesses. We plan to announce some new additions to our Board of Advisors as a result of this acquisition, who we believe can add great value and insight into how to gain traction and exposure for our products and our company overall.”
Key Transaction Terms and Details
Pursuant to the Share Exchange Agreement, the shareholders of RX Vitality sold 100% of their outstanding shares of RX Vitality to the Company in exchange for receiving 5,500,000 shares of Company common stock and 50,000 shares of Series A Convertible Preferred Stock (which preferred stock is convertible into 5,000,000 shares of common stock).
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
The description of the transaction contained here is only a summary and is qualified in its entirety by reference to the Current Report on Form 8-K filed with the SEC, as well as the Exchange Agreement, relating to the transaction, filed by the Company with the SEC on April 28, 2022.
Source: Biospace
