Correction: Medigus Signs MOU to Enter Electric Vehicles and Electric Charging Market
OMER, Israel, Nov. 19, 2020 - Medigus Ltd. (NASDAQ:MDGS) (TASE:MDGS), a technology company engaged in advanced medical solutions and innovative technology, today announced its intention to enter into the electric vehicle and electric charging markets. Medigus signed a non-binding memorandum of understanding with the founders of EMuze (a privately held company that designs and develops electric mobility micro vehicles), to invest in a joint venture, NewCo, for the commercialization of EV micro-mobility vehicles for individual urban use, “last mile” and cargo delivery.
EMuze's unique EVs are characterized by the ability to operate full days on a single charge, heavy duty design suitable for rigid operation, tailored mission-specific designs, Hop on - Hop off modes, available off-road versions and low cost of operation.
EMuze has already signed a manufacturing agreement with Ningbo Beijing Shen Jian Machinery Technology, which manufactures high-end scooters, E-mobility and skiing machines. Ningbo is equipped with advanced machining and inspection facilities, an R&D center, and a training institute. As part of the agreement, Ningbo will receive first manufacturing rights for NewCo products.
If the MOU materializes into a definitive agreement, Medigus shall initially hold 19.99% of NewCo’s share capital on a fully diluted basis in consideration for an initial investment of US$250,000, and may increase its holdings to up to 50.1% by investing up to an additional US$1,100,000 subject to NewCo’s achievement of the milestones as set forth in the MOU.
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.