Medigus to Take a Controlling Interest in Leading Internet Company Gix
OMER, Israel, Oct. 14, 2020 - Medigus Ltd. (NASDAQ:MDGS) (TASE:MDGS), a technology company engaged in advanced medical solutions and innovative internet technologies, today announced its increase in stake in Gix Internet Ltd. (TASE:GIX), a global leading company in MarTech solutions. Following the increase, Medigus will hold approximately 33% in Gix Internet and will become its largest shareholder.
Gix Internet finished the second quarter of 2020 with approx. $18.5 million in revenues. As of October 14, 2020, Gix Internet's market cap was approximately $10 million. Gix Internet offers its technologies over the internet on globally leading platforms, such as Google, Verizon Media Group, Apple and others. Gix Internet operates through two major arms: Gix Apps, which is distributed free of charge (browser add-ons and desktop apps) to end users and drives revenues from advertisements and Gix Content, a solution platform for publishers, personalized content ads and banners per users' preferences, based on Gix's proprietary AI technologies.
Pursuant to the Securities Purchase Agreement between Medigus Ltd., Gix Interent Ltd., f/k/a Algomizer Ltd., and Linkury Ltd., dated as of June 19, 2019, Medigus exercised its right to convert its Linkury Shares into ordinary shares of Gix Internet. The company currently owns 793,448 Linkury Shares, all of which will be converted into 9,858,698 Ordinary Shares of Gix Internet. The issuance of Gix Internet shares as a result of the conversion is conditioned upon Gix Internet shareholder approval.
Medigus is traded on the Nasdaq Capital Market and the TASE (Tel Aviv Stock Exchange). To learn more about the company’s advanced technology, please visit www.medigus.com.