Innovative MedTech, Inc. (OTC:IMTH), traditionally a provider of health and wellness services, has announced a significant strategic shift by acquiring certain assets of Ticketbash, a ticket servicing company with a focus on live events. This move signifies the company's bold entry into the sports, entertainment, and media sectors, leveraging Ticketbash's proprietary AI software designed to enhance transparency and cost efficiency in the ticketing industry.
Michael Friedman, CEO of Innovative MedTech, highlighted the acquisition as a pivotal step towards exploring new growth opportunities in AI sports and entertainment platforms. The company is also considering divesting its healthcare-related subsidiaries, including SarahCare and the Oral Thrush product, to align with its new strategic direction. The integration of Ticketbash's AI technology is expected to open new markets and create innovative business models, with ongoing negotiations for service deals in the sports industry.
The transaction involves an initial cash payment of $1,000,000 to Ticketbash, with additional payments and royalties based on future revenue milestones. This acquisition not only marks a significant transformation for Innovative MedTech but also positions the company at the forefront of applying AI in the ticketing sector, promising to bring about a new era of efficiency and transparency in live event ticketing.
