Innowearable is in continuing negotiations with Tekmovil, which has drawn up a budget and proposal for a company name

Innowearable plans to adopt a new name in connection with the reverse acquisition. The operating business is planned to be placed in a subsidiary which will sell mobile phones under the Samsung brand and brandless products (so-called white-label mobiles). The Company will sell its products to leading mobile operators in Mexico, Colombia, Peru, Chile and Ecuador. The products will also be sold through direct marketing on the above markets.

The company is expected to have sales of SEK 200 million in 2024 and SEK 2.4 billion in 2025, based on indicative estimates from leading mobile operators in the markets mentioned above. The market potential is over 20 million potential end-users based on the current footprint in Latin America. The day-to-day management of the business will be run by the co-founders Oscar Rojas, Luis Cobo and Claudia Rodriquez. Rojas has previous experience from LATAM Brightstar Corporation, CVP.com and Motorola LATAM. Cobo has previous experience with Samsung Electronics LATAM and Claudia Rodriguez has previous experience with Motorola Solutions and Motorola Devices.

For further information, please contact:
Ben Hedenberg, CEO, Raytelligence AB
E-mail: ben.hedenberg@raytelligence.com
Phone: +46 (0)8-551 160 90

Erik Forsell, IR, Raytelligence AB
E-mail: erik@brcf.se
Phone: +46 (0)73-417 50 90

About Raytelligence
The Company's key strategy is to identify and complete a business combination in any of the following sectors. Automotive, Financial Services, Food Technology, Healthcare, Cutting-Edge Technology and Media sectors in Europe and Asia. The Company will seek to benefit from its management team's extensive experience and operational skills, and it reserves the right to exercise potential acquisition opportunities in any company or industry.