High Tech NASDAQ Developer Making Key Advancements in Multiple Business Sectors: New Joint Venture to Trade NFT Assets, Investing up to $5M: Medigus Ltd. (NASDAQ: MDGS)
– Technology Developer with Partnerships Focused on Medical Solutions, Digital Commerce and the Electric Vehicle Markets.
– Affiliate Polyrizon Engaged Contract Research Organization to Oversee FDA Submission of Coronavirus & Allergen Preventative Products.
– Affiliate Eventer will Enable Customers to Originate, Monetize and Sell Digital Assets Through Safee’s NFT-Based Social Network Platform.
– Affiliate Gix Acquisition of Leading Media-Tech Company Cortex Group for Approximately $11 Million.
Based in Israel, Medigus Ltd. (NASDAQ: MDGS) is a technology company focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce and electric vehicle markets. MDGS affiliations in the medical solutions arena include ownership in ScoutCam Inc. and Polyzion Ltd. The MDGS affiliates in digital commerce include Gix Internet Ltd., Jeff’s Brands Ltd. and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics Ltd. and Revoltz are also part of the MDGS portfolio of technology solution providers
MDGS announced today that it has signed a non-binding memorandum of understanding (MOU) with Safee, a technology company focused on non-fungible tokens (NFTs). Per the agreement, the parties will embark on a joint venture to trade and monetize NFTs and other digital assets.
The JV will use Safee’s knowledge and platform to identify opportunities in the NFT field, and to buy, hold and monetize NFTs. Medigus will help fund the collaborative enterprise with a loan of up to $5 million for the purchase of NFTs and other digital assets. Medigus will also hold sway over management of the joint venture, appointing three of the four members of its board of directors, retaining hiring and firing rights of its CEO, and casting the decisive vote on budgetary and business planning matters.
In exchange for furnishing consulting services to the joint venture on the purchase and sale of NFTs and other digital assets, the non-binding MOU offers Safee an opportunity to buy Medigus stock. Over a period of three years, Safee may exercise the option to buy 200,000 shares of Medigus at the price of $10 per share.
Safee’s mission is to expand the reach of NFTs to mass market buyers and creators, digital artists, illustrators, photographers, musicians, regular consumer digital content creators and more. Safee’s social network allows creators and collectors to easily create, own, use, control and trade digital goods..
– MDGS Affiliate Polyrizon to Initiate Processes Towards FDA Submission of Coronavirus and Allergen Preventative Products
On October 22nd MDGS announced that Polyrizon Ltd., (37.01%) has engaged with a full-service Contract Research Organisation (CRO), to advise on the company’s pursuit of US Food and Drug Administration (FDA) submission for its products.
The CRO provides high-value advisory services through its worldwide base of top-tier expert consultants to support product development life cycle, from initial concept to marketing authorization. MDGS affiliate Polyrizon and the CRO will start working on a readiness plan for Polyrizon’s preventative products for SARS-CoV-2, coronavirus, influenza and allergens, in order to prepare for U.S FDA submission.
MDGS reports that Polyrizon, a clinical development biotech company, specializes in the development of innovative nasal gels to provide preventative treatment against a wide cross section of viruses, including COVID-19 and influenza, as well as bacteria, allergens, and other toxins. Polyrizon’s proprietary Capture and ContainTM (“C&C”) hydrogel platform is delivered in the form of nasal sprays, and forms a thin gel-based protective shield containment barrier in the nasal cavity.
In recent pre-clinical studies, Polyrizon products demonstrated their potential in capturing and containing human coronavirus 229E and H1N1 influenza from interacting with epithelial host cells and by inhibiting cell death. Polyrizon recently submitted a patent application for its products preventing of pathogens such as coronavirus and allergens from affecting nasal tissue.
– MDGS Affiliate Eventer and Safee Will Enable Artists and Producers to Create and Sell NFTs
On October 20th MDGS announced that its affiliate Eventer Technologies Ltd (47.69%), a smart ticketing platform enabling producers and venues to create virtual conferences and events, signed a memorandum of understanding (MOU) with Safee Cyber Technologies Ltd., a non-fungible token (NFT) technology company.
MDGS affiliate Eventer is a developer of advanced technology solutions for creating, marketing and managing events, including virtual events and conferences. By joining forces, Eventer will provide its customers, including original content creators and artists, with the ability to create and sell NFTs related to digital events, content and digital assets across Safee’s platform. Per the MOU, Eventer’s customers will have the opportunity to distribute their digital assets on a recurring revenue basis. Eventer and Safee will work in a revenue share model, based on Safee’s commission from NFT sales.
Safee’s social network allows creators and collectors to easily create, own, engage, control and trade digital goods. Safee’s mission is to expand the reach of NFTs to mass market buyers, creators, digital artists, illustrators, photographers, musicians, regular consumer digital content creators and more.
At a time when everyday users have become digital media producers, creators and artists, the intellectual property rights of digital creations (art, photos, videos, news, etc.) are rarely clear since the basic ownership model of the physical world does not translate to the virtual one. Connecting the two platforms of MDGS and Safee will pave the way for creators to create content on Eventer’s smart platform and upload it to Safee’s NFT platform, allowing them to retain ownership and monetize their original creations. Moreover, as part of the MOU, each partner will share a stake in the other’s success.
Upon the signing of a definitive agreement, MDGS will allocate to Safee ordinary shares of Eventer, and Safee will allocate to MDGS / Eventer ordinary shares of Safee. The respective amounts will reflect Safee’s valuation of approximately. $35 million and Eventer’s valuation of approximately. $30 million.
– MDGS Affiliate Gix Completed Acquisition of Leading Media-Tech Company Cortex Group for Approximately $11 Million
On October 14th MDGS announced that its affiliate Gix Internet (38.01% on a fully diluted bases) (TASE: GIX), a global marketing technology (MarTech) solutions company for online performance-based-marketing, completed the acquisition of 70% of Cortex Group, an innovative media-tech company that has developed expertise in turning original content into a profit center through user traffic acquisition.
The MDGS acquisition was based on a Cortex pre-money valuation of approximately $15.6 million (NIS 50 million), out of which Gix Media’s 70% stake constituting approximately $ 11 million (NIS 35 million).
Cortex was established in 2017 and has since been operating with remarkable success in the field of online advertising. Cortex is an innovative media-tech company that has developed capabilities that enable the conversion of original content into a profit center by acquiring user traffic. Cortex’s business model is based on purchasing advertising space from publishers such as YAHOO, Outbrain, Verizon-Oath, Google and more. Cortex employs about 19 people in its offices in Tel Aviv.
MDGS and Gix reported that according to Cortex’s financial statements for the first half of 2021, its revenues amounted to approximately $13.5 (NIS 43 million), an increase of 53% compared to its revenues in the first half of 2020, and Cortex’s operating profit for the first half of 2021 amounted to approximately $1.3 (NIS 4.2 million), an increase of 121% compared to the first half of 2020.
During the third quarter of 2021, Cortex continued to present an impressive growth, with revenues amounting to approximately $12.5 million (NIS 40 million), an increase of 92% compared with revenues in the corresponding quarter last year. Operating profit in the third quarter of 2021 amounted to approximately $1.4 million (NIS 4.5 million), an increase of 44% compared to the operating profit of the third quarter of 2020.
Cortex’s financial results will be consolidated with MDGS affiliate Gix’s financial statements, as of the acquisition date and are expected to contribute significantly to consolidated results for 2021.
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