Tel Aviv, Israel, Oct. 21, 2022 (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 Jeffs' Brands Ltd. ("Jeffs' Brands"), a data-driven e-commerce company operating on the Amazon Marketplace, announced that it has entered into a non-binding letter of intent for the purchase of an Amazon Marketplace brand ("the brand") for $2.5 million in cash.
The acquisition is subject to, among other matters, a due diligence review by the Jeffs' Brands and the negotiation and the signing of a binding definitive agreement. There can be no assurances that any component of the acquisition will proceed, nor can there be any assurance as to the final definitive terms thereof.
The brand offers nutritional supplements, focusing on consumers' health, wellness, and longevity throughout their life. The brand's mission is to create premium quality supplements using safe, naturally sourced, proven ingredients combined with the best methods available in nature and science and manufactured in the United States.
With estimated annualized revenues of approximately $2.7 million in 2022, the brand has more than 22,000 positive individual product reviews.
"Acquiring new brands is a key component of our plan for continued growth. As a result of our advanced technological tools, we can identify trending categories, popular products, and high potential brands on Amazon Marketplace. It is our intention to expand the brand's activity and improve its results by utilizing our technology, experienced team, and high capabilities," said Viki Hakmon, Chief Executive Officer of Jeffs' Brands. "It is our first planned acquisition since our initial public offering, and we plan to examine other acquisition targets in the future."
About Jeffs’ Brands Ltd
Jeffs' Brands is transforming the world of e-commerce by creating and acquiring products and turning them into market leaders, tapping into vast, unrealized growth potential. Through our stellar team’s insight into the FBA Amazon business model, we’re using both human capability and advanced technology to take products to the next level. For more information on Jeffs’ Brands Ltd visit https://jeffsbrands.com.
About Medigus
Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is a technology company focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce and electric vehicle markets. Medigus' affiliations in the medical solutions arena include ownership in Polyrizon Ltd. and ownership in industry 4.0 company, ScoutCam Inc. The Company’s affiliates in digital commerce include Gix Internet Ltd., Jeffs' Brands Ltd. and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics Ltd. and Revoltz Ltd. are also part of the Company’s portfolio of technology solution providers. To learn more about Medigus’ advanced technologies, please visit http://www.medigus.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Medigus’ current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements could differ materially from those described in or implied by the statements in this press release.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the SEC. Except as otherwise required by law, Medigus undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Medigus is not responsible for the contents of third-party websites.
Company Contact:
Tali Dinar
Chief Financial Officer
+972-8-6466-880
ir@medigus.com
Investor Relations Contact:
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
MDGS@redchip.com
