NEW YORK, NY, Oct. 05, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Image Protect Inc. (OTC:IMTL) (Imageprotect.com) ("Image Protect" or the "Company"), is pleased to announce that it has now executed a Letter of Intent (LOI) for the acquisition of its new subsidiary.
All parties have agreed to fast-track the joint venture operating agreement and move to complete all remaining legal documentation to close the acquisition. The Company anticipates concluding contractual and final closing steps within the next week. At that time the Company will announce details of the acquisition, including additional information regarding the new subsidiary.
The Company fully intends to provide all needed resources to help its new business line to grow rapidly and effectively. As a five-year-old, established firm with popular products and services, this new subsidiary anticipates the immediate expansion of its customer base and revenues. The resources of Image Protect, Inc. will enable the Company to introduce additional new services in the first quarter of operations after the acquisition is completed.
CEO James Ballas states: "In my opinion this is the single most significant development in the history of Image Protect, and we are looking forward to this next announcement and growing the Company's revenues. In addition, I firmly believe that current and future shareholders will be very excited about the new direction the Company is now taking."
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About Image Protect
Image Protect (IMTL) is a tech and media company with a focus on digital assets. The Company's unique digital asset library and proprietary technology was developed by company subsidiary Fotofy. The Company owns and operates www.legendNFTs.io which is an auction for NFTs of Hip Hop Artist and major Sports figures. The Company has been developing Tokentunz as a site for Music NFTs.
Safe Harbor Provision
Cautionary statement for purposes of the 'Safe Harbor' provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties, and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties, and assumptions include the execution and performance of contracts by the Company and its customers, suppliers, and partners.
The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise.
Investor Relations
IR@imageprotectcorporation.com
SOURCE: Image Protect, Inc.
