![]() ![]() 29, 2020 (GLOBE NEWSWIRE) - International Display Advertising, Inc.An Over View of Treasure Construction Engineering Limited The whole story of TCEL to be affiliated to CSCD (OTCPINK: IDAD) announced today its successful completion of a share exchange transaction with I.R Med Ltd., an Israeli company, pursuant to which I.R Med Ltd became a wholly-owned subsidiary of the Company. The combined entity will focus on the business of I.R Med, a development stage company currently focused on the development of Infra-Red (IR) and Artificial Intelligence (AI) technologies to address the diagnosis of common medical ailments. Initially, I.R Med’s technologies are designed to address the early detection of pressure injuries and the detection and diagnosis of ear infection, primarily in children. The Company also announced today that it has consummated closing of a private placement with gross proceeds of approximately $2.2 million for the issuance and sale of 3,446,875 units of Company securities, where each unit is comprised of two shares of the Company’s common stock and one common stock purchase warrant for an additional share of common stock. The warrant is exercisable for a three year period at a per share exercise price of $0.64. Proceeds from the private placement will be used primarily to advance the combined company’s proprietary product portfolio and for general corporate purposes. The Company issued to the former shareholders of IR Med 31,043,945 shares of common stock in exchange for the outstanding capital stock of I.R Med. ![]() The Company will also be issuing to the investors in the closing of the Private Placement 6,893,750 shares of common stock and three year warrants for the purchase of an aggregate of 3,446,875 additional shares of common stock. The Company has applied to the Financial Industry Regulatory Authority (FINRA) to have its corporate name changed to IR-Med, Inc. ![]() “IR Med is developing a revolutionary diagnostic platform addressing some of the most common medical challenges, and I am honored to have been selected to lead the company” said Limor Davidson Mund, the Company’s newly appointed Chief Executive Officer. "While we will need to raise additional funds to realize our business plan, the Private Placement proceeds provides the capital to commence our business plan and further the development of our initial medical devices." Davidson Mund served as CEO, COO and marketing executive in various medical and ICT startups, including Wiser Market, Perytons, OZ Recovery Technologies and Biomedicom. Davidson Mund holds B.A in Computer Science and Economics with honors and M.B.A with honors, both from Tel Aviv University. Davidson Mund as our new CEO, she has very significant business and technology experience and the drive to help us turn our unique technology into successful products.” “We are very excited about the completion of the reverse merger and securing the proceeds, which allows us to further develop I.R Med technology and bring it to the market” said Yoram Drucker, the Company President, “we are delighted to have Ms. ![]() The Company consummated the private placement following the completion of the share exchange transaction, pursuant to which I.R Med Ltd. Became a wholly-owned subsidiary of the Company. ![]()
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