BEIJING (dpa-AFX) - Dogness (International) Corporation (DOGZ), a Chinese maker of pet-related products, said on Monday that it has inked a deal with a shareholder of Dogness Intelligent Technology Co., Ltd., or DITC, to acquire a 19.5% stake in DITC in exchange for Dogness's Class A shares and warrants to purchase Class A shares.
Founded in 2018, DITC is focused on the research and development of Internet of Things and app platforms in the pet industry.
Silong Chen, CEO of Dogness, said: 'We are pleased to invest and acquire a strategic stake in DITC, an emerging player in petcare technology. With the growing focus on pet health and wellness, and advancements in IoT, AI, and data analytics driving demand for pet tech products that monitor activity and track vitals, DITC's innovative approach and commitment to developing a user-centered intelligent pet ecosystem align well with our strategic goals.'
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