Benzinga | Feb 1, 2021 09:24AM EST

Integrated Media Technology Acquires Shenzhen Koala To Tap IoT Business

* Integrated Media Technology Limited (NASDAQ: IMTE) inks agreement to acquire a 70% stake in marketing and selling IoT solution provider Shenzhen Koala Wisdom Fire Engineering Co., Ltd to launch its newly formed IoT (Internet of Things) business unit.

* Shenzhen Koala's tracking solution for monitoring and identifying the location of the objects dropped from high rise buildings would help deter residents from throwing objects from such heights.

* "This is IMTE's first investment into the growing IoT sector and one we believe will grow very quickly. The IoT sector today is at the top of the agenda of most leading companies. Our strategy within this business sector is to aggressively grow through acquisitions that fit our acquisition/investment strategy," said IMTE CEO Con Unerkov.

* Price action: IMTE shares are up 40.3% at $7.17 in the pre-market session on the last check Monday.