Engaged in advancing innovative solutions for large-scale market applications
el Aviv, Israel, Jan. 09, 2023 (GLOBE NEWSWIRE) — Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies, and electric vehicle and charging solutions, announced today that its 46.21% owned subsidiary, Eventer Technologies Ltd. (“Eventer”), a software company engaged in the development of platforms enabling producers and venues to create virtual conferences and events including a smart ticketing solution, signed a definitive agreement (“Agreement”) for a planned securities exchange with AI Conversation Systems Ltd. (TASE: AICS) (“AI Conversation Systems”), an Israeli company traded on the Tel-Aviv Stock Exchange.
According to the Agreement, Eventer will become a wholly owned subsidiary of AI Conversation Systems, and in exchange, Eventer shareholders will receive 74.99% of the issued and outstanding share capital of AI Conversation Systems.
“We are thrilled to announce that Eventer, a subsidiary of Medigus, will become a public company on the Tel-Aviv Stock Exchange. This is a major milestone for both Eventer and Medigus, and we are confident that this move will allow Eventer to continue to grow and thrive as it brings innovative solutions to the conferences and events industry.” said Liron Carmel, CEO of Medigus.
The securities exchange agreement will be subject to certain closing conditions, including the completion of mutual due diligence; Eventer having at least $700,000 in cash; AI Conversation Systems accruing no debt (except as otherwise determined in the Agreement); and other customary closing conditions. The transaction will only be completed if Eventer is valued at a minimum of $5.7 million (NIS 20 million), as determined by an independent appraiser.
Eventer has developed a unique event management system that allows its customers to increase sales volume and reduce the resources invested in marketing tools solely intended to increase exposure and sales. Eventer has an exclusive license to use the Screenz.live platform that offers high-quality video conferencing for thousands of participants.