Medigus Announces Details of Planned Spin-Off and Subsequent Merger of its EV Wireless Charging Business
Charging Robotics signs LOI to complete reverse merger on OTC Markets
Tel Aviv, Israel, March 11, 2022 (GLOBE NEWSWIRE) -- Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle and charging solutions, announced today that the Company and its wholly owned subsidiary, Charging Robotics Ltd., signed a non-binding letter of intent for a planned securities exchange agreement with Fuel Doctor, Inc. (OTC: FDOC), a Delaware corporation traded on the OTC Markets. The securities exchange agreement, if signed, will be subject to customary closing conditions.
The transaction will result in Charging Robotics becoming a wholly owned subsidiary of Fuel Doctor, and in exchange, Medigus will receive 80% of the issued and outstanding share capital of Fuel Doctor.
Upon closing, Medigus will appoint nominees as officers and directors of Fuel Doctor. As of the closing, FDOC shall have net cash in an amount of no less than $1.0 million, excluding Fuel Doctor’s expenses in connection with the contemplated transaction.
Charging Robotics is transforming the way electric vehicles are charged using its robotic platform to deliver automatic wireless charging. At the heart of the technology is a wireless power transfer module that uses resonance coils to transfer energy wirelessly from the robot to the vehicle.
The robotic platform is small enough to fit under vehicles, automatically positioning itself for maximum charging efficiency and returning to its docking station at the end of the charging operation. Once fully developed, Charging Robotics plans to install the system in public parking lots, providing a solution that dramatically lowers EV charging infrastructure installation costs relative to current alternatives.
About Charging Robotics
Charging Robotics is developing an automatic wireless charging system dedicated for public parking lots. The benefit of the robotic wireless charging system is that it will automatically align with high accuracy the energy transmitting device to the onboard energy receiving device thus allowing for very high charging efficiencies. The system will be fully automatic, thus eliminating the need for the driver to remove the car after charging is complete, which will increase the charger utilization and profits for the parking lot operator.
