Benzinga | Jan 4, 2022 08:29AM EST

IMTE To Divest Lamination Glass Operation In China; Terms Not Disclosed

Integrated Media Technology Limited ("IMTE" or "Company") (NASDAQ:IMTE), informs that today its Board of Directors approved a plan to divest its China lamination glass operation.

IMTE intends to divest from its China electronic glass business by either selling the business unit or undertaking a spin off the business unit into a stand-alone, publicly traded listed company. As this operation is capital intensive, it will require direct access to the capital markets. This operation will maximize the infrastructure's value, as the resulting entity will be independent from IMTE, with their own management and personnel, exclusively focused in developing, and building the electronic glass business in China.

The execution of the reorganization plan will comply with applicable requirements under the laws, and will be subject to obtaining required regulatory approvals and any shareholders approval required.

IMTE expects to implement the reorganization during 2022.