OMER, Israel, Sep 28, 2021 (GLOBE NEWSWIRE via COMTEX) -- Jeff Brands will develop dedicated software for managing inventory and logistics warehouses to support e-commerce businesses
OMER, Israel, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Medigus Ltd. /zigman2/quotes/209045065/composite MDGS +5.26% , a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle and charging solutions, announced today that Jeff Brands Ltd. (50.03%), a fast-growing consumer products goods (CPG) company, operating primarily on Amazon.com, will expand its business into e-commerce logistics warehouses. Jeff Brands signed a non-binding collaboration agreement with iFulfillYou LLC, a U.S.-based warehousing logistics services company under which the parties intend to collaborate for the establishment of logistics warehouses in the U.S. through a newly created company.
Inventory and logistics centers are becoming an increasingly important necessity, as use of Fulfillment By Merchant (FBM) is expanding throughout Amazon, as well as other leading e-Commerce platforms including eBay, Etsy, and others. Jeff Brands desires to extend its business by utilizing its vast knowledge in logistics to support sellers, online stores and brands.
As part of the collaboration, iFulfillYou will be responsible for setting up, consulting and managing the logistics warehouses. Jeff Brands and iFulfillYou will also develop and design a proprietary A.I.-based software for warehouse logistics management, real-time inventory tracking and automated shipping certifications.
Jeff Brands will hold up to 79% of the new company (on a fully diluted basis) and will be responsible to finance it with up to US $3.5 million through loans in accordance with milestones to be agreed upon in the binding agreement.
The new logistics warehouses in the U.S. are designed to facilitate Jeff Brands expansion in North America and will also provide services to all of its brands.
Based in Israel, Medigus Ltd. /zigman2/quotes/209045065/composite MDGS +5.26% is a technologies company that is focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce, and electric vehicle markets. Medigus' affiliations in the medical solutions arena consist of ownership in ScoutCam Inc. (otcqb:SCTC) and Polyzion Ltd. The Company's affiliates in digital commerce include Gix Internet Ltd. (tase:GIX), Jeff's Brands and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics Ltd. and Revoltz Ltd. are also part of the Company's portfolio of technology solution providers. Medigus is traded on the Nasdaq Capital Market. To learn more about Medigus' advanced technologies, please visit http://www.medigus.com/investor-relations .
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Chief Financial Officer
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