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Integrated Media Technology Limited Announces Registered Direct Offering of Ordinary Shares and Warrants

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SYDNEY, Australia and NEW YORK, Feb. 25, 2020 (GLOBE NEWSWIRE) -- Integrated Media Technology Limited (IMTE) (“IMTE” or the “Company”), announces today that it has entered into a Securities Purchase Agreement with an accredited investor for the issuance and sale in a registered direct offering of 158,730 ordinary shares of the Company (“Ordinary Shares”) at a price of US$6.30 per share (the “Cash Offering”) totaling US$1 million, which will generate a net cash proceeds of approximately US$920,000 after deducting estimated expenses in connection with the offering. The transaction was closed on February 24, 2020.

Under the Securities Purchase Agreement, warrants were issued to purchase up to 126,984 ordinary shares exercisable for a period of 12 months from the date of issuance.

The Company intends to use the net cash proceeds for partially paying off debts to a bondholder and general corporate purposes.

Mr. Con Unerkov, Chairman of IMTE, stated, “This is a positive move to strengthen the capital base of the Company as the proceeds from the sale of the shares and warrants will primarily be used to pay off some of the debts owed to a bondholder.”

The Offering is being made pursuant to the Company’s “shelf” Registration Statement on Form F-3 (File No. 333-227741), as filed with the Securities and Exchange Commission (“SEC”) on October 9, 2018 and declared effective by the SEC on October 19, 2018. The Ordinary Shares and the warrants are being offered only in the United States by the means of a prospectus supplement. The prospectus supplement and the accompanying prospectus relating to the registered direct offering were filed with the SEC on February 24, 2020. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained, when available, at the SEC’s website at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities are being offered only by means of a prospectus, including a prospectus supplement and accompanying base prospectus, forming a part of the effective registration statement.

The Company advises investors to review the full details of transaction in the report on Form 6-K to be filed with the SEC or the investor relations section of the Company’s website.

About Integrated Media Technology Limited (“IMTE”)

IMTE is engaged in the business of distribution of switchable glass and the investment, development, and commercialization of Internet of Things (IoT) and visual technology with a focus on glasses-free 3D (also known as autostereoscopic 3D) display technology. IMTE designs and sells glasses-free 3D products and solutions to the industrial market, including glasses-free 3D digital signage and video wall, 3D conversion equipment, adverting platform and software for the film/video production industry, and the consumer markets, for electronic products and services such as glasses-free 3D digital photo frame, smartphone, tablet, and TV on a cloud-bases platform connecting users anytime anywhere worldwide. IMTE is headquartered in Hong Kong with regional offices in Australia and China. IMTE is traded on the Nasdaq under the symbol "IMTE". For more information, please visit www.imtechltd.com.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations Contact:
Email: info@imtechltd.com