BLUE ISLAND, Ill., April 28, 2022 (GLOBE NEWSWIRE) -- 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 finance 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 a 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 intentions 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).
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.
About Innovative MedTech, Inc.
Innovative MedTech, Inc. is a provider of health and wellness services, and has two divisions: RX Vitality digital wallet and health care app under development, and its wholly owned subsidiary SarahCare, an adult day care center franchisor with 2 corporate owned centers and 26 franchise locations across the United States. SarahCare offers seniors daytime care and activities ranging from exercise and medical needs daily to nursing care and salon services. For more information, please visit: https://innovativemedtechinc.com, and https://sarahcare.com.
Safe Harbor Statement
Statements in this press release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and are not guarantees of future performance and are based on certain assumptions and reflect management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations and are subject to change at any time. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify, develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. These and other important factors may cause the Company’s actual results, performance, or achievements to differ materially from any future results, performance, achievements or plans expressed or implied by these forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media inquiries:
Michael Friedman
708-925-9424
ir@innovativemedtechinc.com
