Engaged in advancing innovative solutions for large-scale market applications
Tel Aviv, Israel, April 18, 2023 — 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 subsidiary, Charging Robotics Ltd. (“Charging Robotics”) has completed a share exchange transaction with Fuel Doctor, Inc., (“FDOC”) a Delaware corporation, listed on the OTC Market. Medigus currently holds 60% of the common stock of FDOC.
As part of the exchange agreement, FDOC acquired all of the issued and outstanding shares of Charging Robotics on a fully diluted basis. As a result Charging Robotics became a wholly owned subsidiary of FDOC. At the closing Medigus received, in exchange for all of its shares in Charging Robotics, such number of newly issues shares of FDOC common stock equal to 60% of the total number of shares of FDOC common stock issued and outstanding as of the closing on a fully diluted basis. Subject to several pre-determined milestones, Medigus has the option to increase its holdings in FDOC up to 71%.
At closing, FDOC had $1 million in cash. Charging Robotics is currently in the process of changing FDOC’s name and stock symbol.
Charging Robotics develops a unique system aimed to be installed on a dedicated robot that will reside under the vehicle and automatically and wirelessly recharge the battery. The system is designed to be installed in public parking lots in a manner that will lower the infrastructure installation costs compared to other available systems. Charging Robotics has successfully demonstrated its ability to wirelessly charge at low power. The system will work at about 12kW which is the standard for type-1 chargers found in residential use today.
About Charging Robotics
Charging Robotics is developing an automatic wireless charging system dedicated for public parking lots. The benefit of the robotic wireless charging system is that it will automatically align with high accuracy the energy transmitting device to the onboard energy receiving device thus allowing for very high charging efficiencies. The system will be fully automatic, thus eliminating the need for the driver to remove the car after charging is complete, which will increase the charger utilization and profits for the parking lot operator.