Global Automax, an Israeli vehicle importer, will have exclusive distribution rights in Israel and Greece
OMER, Israel, March 16, 2021 (GLOBE NEWSWIRE) -- Medigus Ltd. (NASDAQ:MDGS), a technology company engaged in advanced medical solutions and innovative internet technologies, announced today that Charging Robotics Ltd., a wholly owned subsidiary of the company, signed a non-binding MOU with Global Automax Ltd., an Israeli vehicle importer for an exclusive distribution in Israel and Greece. Global Automax will market the wireless robotic charging pad for electric vehicles, once developed by Charging Robotics.
As part of the MOU, Global Automax will pay Charging Robotics a one-time payment of $50,000 for its appointment as an exclusive distributor in Israel and Greece. Additionally, Global Automax will have the option to purchase up to 5% of Charging Robotics' ordinary shares at a $30 million pre-money valuation on a fully diluted basis, upon completion of Charging Robotics' first financing round of no less than $1 million. Furthermore, Global Automax will have an additional option to purchase ordinary shares of up to 5% of the amount of shares that Charging Robotics will issue in any subsequent round of no less than $1 million following the first financing round at a price per share to be determined in any such round.
Global Automax, an Israeli private company engaged in parallel import of a variety of leading automobile brands into Israel, will be in charge of obtaining the necessary regulatory approvals and licenses for the import, export and marketing of Charging Robotics products for the relevant territories.
Global Automax has seven sales offices in Israel, a vehicle preparation and licensing facility, logistics centers in Israel and overseas, a license to import spare parts for vehicles and post-sales service network. Medigus was informed that Global Automax sold approximately 3,000 vehicles in 2019, with a turnover of approximately $100 million.
Charging Robotics is developing an on-demand autonomous charging system to be used anywhere, anytime. The wireless charging system being developed is intended to be self-aligning to electric vehicle battery chargers. The state-of-the-art autonomous Wireless Power Transfer (WPT) technology, once developed, is intended to seamlessly and efficiently charge the vehicle upon demand, it will carry the Wireless Power Transfer from a charging station or charging truck, to a customer's vehicle that needs electric charging.