International Consolidated Companies (OTCMKTS:INCC), a firm focusing on acquisitions and growing businesses offering innovation and cost-efficient technologies, on July 22, 2021 announced acquisition of SoundTech AI, Inc. for $150 million of preferred X stock.
Under the transaction, Anthony Gallo, Chief Legal Officer of SoundTech AI and Eric Koenig, CEO of SoundTech AI, Inc will be joining the board of directors of the company immediately.
Anthony Gallo said that the company owns an important technology having capability to transmorph the manner in which music is done, heard and experienced. Gallo said that INCC hopes to realise the vision of SoundTech AI.”
SoundTech AI has developed a Next Generation 360 Immersive AudioExperiencegiven through its proprietary software bridging quantum computing and artificial intelligence.
The company’s flagship product, Holographic SoundField, is a huge achievement for all types of entertainment, including live concert performances, streaming, recorded music,films as well as gaming.
Mark Romeo, Chief Marketing Officer, SoundTech AI said that High Quality, Digital Audio enhances the quality of all best-in-class audio standards including Dolby Atmos, THX Sound, amongst others.
Antonio Uccello, Chairman of INCC said that the firm was impressed by SoundTech AI and instantly jumped in to this culturally transformational venture.
Uccello added that INCC is keen to work with SoundTech AI to deploy investment capital for becoming market leader in the fast growing enhanced audio market.
Market Reaction:
On Thursday, INCC stock jumped 16.67% at $0.0049 with more than 1.19 billion shares, compared to its average volume of 189.87 million shares. The stock had moved within a range of $0.0039 – 0.0056 after opening the trade at $0.0041. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0088.
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