Izmedia Acquires 2 Billion KRW of Treasury Shares... "Confidence in New Business and Enhancing Shareholder Value"

[Asia Economy Reporter Hyunseok Yoo] Izmedia announced on the 23rd through its board of directors that it has decided to repurchase its own shares worth 2 billion KRW. Accordingly, Izmedia plans to repurchase its shares over a total period of six months from today until December 22.

A company official stated, “We highly evaluated the future growth potential of the new business being promoted after the appointment of new management,” adding, “It is also part of enhancing shareholder value considering the recently sluggish stock price.”

In March, Izmedia announced a change in its largest shareholder and an addition to its business objectives, entering the blockchain business. It also recruited professional personnel as new management, including appointing Randy Zuckerberg, who has experience at multiple Silicon Valley companies including Facebook, as an outside director.

Along with this, the new management established business plans and thoroughly prepared, and has been actively advancing the new business since May. For the NFT (Non-Fungible Token) business, it has built cooperative relationships with Nasdaq-listed company Greenbox POS, MetaLab which counts Google and Apple among its clients, and Ground X, a subsidiary of Kakao.

An Izmedia official explained, “We are steadily progressing the blockchain business based on partnerships with globally competitive companies,” and added, “We are also considering additional measures to enhance shareholder and corporate value.”

They particularly emphasized that the sales for the first half of this year are expected to surpass last year’s full-year sales, and that the business conditions of existing operations are also improving. Additionally, through the largest shareholder TPA Retail, which operates a comprehensive distribution business, they plan to generate smooth cash flow and enhance financial stability.

The company stated, “We are in discussions with domestic and international entertainment, gaming, and sports IP (Intellectual Property) companies for NFT content,” emphasizing, “We will devote all efforts to building a global NFT and DeFi (Decentralized Finance) ecosystem.”

This content was produced with the assistance of AI translation services.