MANTOLOKING, NJ–(Marketwired – Oct 29, 2015) – Image Technology Laboratories, Inc. ( OTC PINK : IMTL ) a provider of medical images and information management solutions, announced today that it has executed a Letter of Intent to acquire Image Protect, www.imageprotect.com, a leading copyright enforcement company focused on monetizing digital content. Image Protect has proprietary technologies that track and monetize copyrighted images across all forms of media, working in conjunction with attorneys and other collection officials in over 15 countries.
Lawrence Adams has been appointed the new CEO of the combined Company, while the former CEO, Valerie McDowell, will remain an active board member and secretary to the company. Mr. Adams had historically worked with the Company over the past few years in an advisory capacity and will now take on the CEO role to assist IMTL through this transition period. Ms. McDowell stated that “Having the background of 25 years in M&A, it’s only fitting he assumes this role to ensure the closing of this transaction.” Blackbridge Capital, LLC, (www.bbridgecapital.com), has come on board to support and oversee the proposed acquisition of Image Protect, while providing bridge capital to Image Technology Laboratories. Blackbridge is a leading alternative investment fund in the small cap and micro-cap public market. “I have enjoyed great success working with Mr. Adams in the past and look forward to continuing in that tradition,” said Alexander Dillon, CEO of Blackbridge. “We are putting our full support behind this project; the market has never been more saturated with the mishandling of digital content and the theft of copyrighted property. We believe Image Protect has the technology and the leadership to execute their business plan.”
“The proposed merger is expected to be completed within 30 days and we plan on having many new events to report on the Company’s progress to report once the transaction is completed.” stated Mr. Adams, the new CEO. “Image Protect is a strong company in a growing space with unique proprietary technology and search algorithms that has a footprint globally. The business backlog is substantial and Image Protect is on pace for a profitable 2015. With the guidance and financial support of Blackbridge, along with our new infrastructure, Image Technology Laboratories is poised for explosive top and bottom line growth.”
Image Technology Laboratories, Inc. (IMTL) has retained the services of Eilers Law Group, to consummate the transaction, and guide the company through the capital raise.