MDGS - Xylo: Gix Internet Signed MOU for Investment and Merger with an AI- Robotics Company | Benzinga
TEL AVIV, Israel, June 06, 2024 (GLOBE NEWSWIRE) -- Xylo Technologies Ltd. (NASDAQ:XYLO) ("Xylo"), a technology-based company engaged in advanced innovative technologies, announced today that Gix Internet Ltd. ("Gix") (45.75% owned by Xylo) (TASE: GIX), signed a non-binding memorandum of understanding (MOU) with the shareholders of a robotics company specializing in artificial intelligence (AI) autonomous robotics solutions, mainly for logistics distributions in certain medical centers ("Robotics Company").
Pursuant to the MOU, subject to the negotiation and execution of a definitive agreement, Gix will execute a share exchange transaction with Robotics Company. Subject and upon completion of the contemplated transaction, the Robotics Company is set to become a wholly owned subsidiary of Gix. Gix expects the contemplated transaction, once consummated, to allow Gix to execute on additional growth opportunities and technological advancements in the field of AI and robotics.
Pursuant to the MOU and subject to the fulfillment of customary closing conditions in the forthcoming definitive agreement, the shareholders of the Robotics Company will transfer all their shares to Gix in ...