International Display Advertising, Inc. (OTCPINK: IDAD) announced that it has entered into a Securities Exchange Agreement with an Israeli company IR Med Ltd., and IR Med’s shareholders in a bid to make IR Med a wholly owned subsidiary of IR Med.
On completeion of agreement IR Med’s shareholders wil receive IDAD’s total 31,043,945 common stock shares. Subject to closing conditions which also include the tax ruling from the Israeli tax authorities. All parties agreed for net proceeds on the closing of a private placement to IDAD of between $1.8 million and $5 million. After the transaction, IR Med shareholders will hold between 50% and 61% of IDAD share capital comprises of issued and outstanding shares this relies on the proceeds of the private placement.
Yoram Drucker, IDAD’s President and CEO, said, “I am delighted that we have executed the securities exchange agreement. This allows us to focus on closing the merger and executing the business plan that we have been working on collaboratively with IR Med.”
Aharon Klein, IR-Med’s founder said, “We took the strategic decision to access the public markets as we believe that this transaction with IDAD will provide us with greater exposure to potential customers, potential investors and additional opportunities. We believe that executing the business plan will result in significant growth for the post-merger company.”
The privately held medical device company IR Med designs and develops devices and utilizing the spectrographic analysis of Infra-Red light related to non-invasive detection of pressure injuries and diagnosis of ear infections, particularly in children.