Xylo Technologies says Gix Internet signs MOU with AI robotics company

Xylo Technologies announced that Gix Internet signed a non-binding memorandum of understanding with the shareholders of a robotics company specializing in artificial intelligence autonomous robotics solutions, mainly for logistics distributions in certain medical centers. 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 exchange for 30% of the issued and outstanding ordinary shares of Gix. The shareholders of the Robotics Company will have the option to increase their holdings to 37.5% and 45% of the issued and outstanding shares of Gix upon completion of two separate commercial milestones.