The Company Increased its Ownership in ScoutCam to 50.1% Following the Conversion of Credit into Equity
OMER, Israel, June 24, 2020 (GLOBE NEWSWIRE) -- Medigus Ltd. (NASDAQ:MDGS) (TASE:MDGS), a technology company developing minimally invasive tools and an innovator in direct visualization technology, today announced that it was issued additional shares of common stock and warrants in ScoutCam (OTC:SCTC), the Company’s subsidiary and a leading developer and manufacturer of customized visual solutions and supplementary technologies, following the conversion of outstanding credit in the amount of $381,136. Following the conversion, the Company now holds 50.1% in ScoutCam.
This conversion follows a recent investment of two million dollars in ScoutCam by Mori Arkin, a prominent life sciences and pharmaceuticals entrepreneur.
“As we continue to witness ScoutCam's great potential, we strongly believe it’s in Medigus’s best interest to maintain our majority stake. During recent months, ScoutCam has engaged lucrative new customers, strengthened its IP and revealed new and exciting developments to the public." said Liron Carmel, CEO of Medigus.
ScoutCam is a leading provider of customized visual solutions for organizations across a variety of industries in the form of highly resistant micro cameras and supplementary technologies. ScoutCam devices are used across the medical, aerospace, industrial, research and defense industries.