CIMG Inc. Enters MoU with FLock for Privacy Preserving AI Solutions and FLOCK Treasury Strategy
Rhea-AI Summary
CIMG Inc. (NASDAQ: IMG) has signed a non-binding Memorandum of Understanding (MoU) with FLock Technology Holdings to develop AI-assisted wellness solutions and explore FLOCK token acquisition. The collaboration focuses on developing LifeNode, an AI-assisted wellness monitoring and recommendation product, leveraging FLock's privacy-preserving AI technology.
FLock, creator of the decentralized AI training platform FLock.io, combines federated learning and blockchain technology for secure AI development. The partnership aims to expand FLock's privacy-preserving AI capabilities from healthcare to consumer wellness while exploring potential FLOCK token acquisition as part of CIMG's treasury strategy.
Positive
- Strategic partnership with FLock for AI-powered wellness product development
- Access to FLock's proven privacy-preserving AI technology and blockchain expertise
- Potential expansion into digital asset sector through FLOCK token acquisition
- Development of LifeNode product for personalized wellness recommendations
Negative
- MoU is non-binding and subject to definitive agreement
- No financial terms or investment amounts disclosed
- Uncertain timeline for product development and token acquisition
News Market Reaction
On the day this news was published, IMG gained 3.64%, reflecting a moderate positive market reaction. Argus tracked a peak move of +44.9% during that session. Argus tracked a trough of -12.5% from its starting point during tracking. Our momentum scanner triggered 36 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $490K to the company's valuation, bringing the market cap to $14M at that time.
Data tracked by StockTitan Argus on the day of publication.
FLock created the first decentralized AI training platform, FLock.io, combining federated learning and blockchain to revolutionize AI development with its platform native utility token FLOCK. It enables secure, privacy-preserving training without centralizing data, allowing for collaboratively creating, training, and owning AI models. FLock also provides its clients with privacy-preserving, end-to-end AI solutions, including local model deployment, data anonymization, fine-tuning, co-training with federated learning, and application building.
The signing of the MoU marks an important step in the CIMG's strategic growth. As part of this initiative, CIMG will conduct a thorough assessment of the security and value of FLOCK.
Mr. Jiahao Sun, Chief Executive Officer of FLock, stated, "Our partnership with CIMG Inc. marks a strategic step forward in expanding our privacy-preserving AI capabilities from clinical and institutional healthcare into the consumer health and wellness space. As CIMG continues to pioneer high-impact personal health products, our collaboration will seek to enable the development of next-generation AI solutions that are both personalized and privacy-centric."
Ms. Jianshang Wang, the Chairwoman of the Board of Directors and Chief Executive Officer of CIMG, commented, "We are pleased to enter this collaboration with FLock, a company with extensive expertise in blockchain and privacy-preserving AI technologies. FLock has also been added as the AI strategic partner for a major global intergovernmental organization, proving their technological integrity. The Company expects LifeNode, which the Company will begin developing jointly with FLock, will provide customers with tailored AI-assisted wellness recommendations using privacy-preserving AI and blockchain technologies. We believe that the product may further combine the liquidity benefits of tokenization with the practical requirements of our business, opening new possibilities for transforming global asset management and trading."
"As virtual assets and blockchain technology continue to gain traction in mainstream business, we see significant growth potential in the digital asset and cryptocurrency sector and are evaluating the acquisition of FLOCK tokens," Ms. Jianshang Wang, the Chairwoman of the Board of Directors and Chief Executive Officer of CIMG added.
About CIMG Inc.
CIMG Inc. is a global business group specializing in digital health and sales development. Utilizing technology and marketing (including MarTech and Multi-Channel Network), the Company enhances its partners' sales growth and commercial value.
The company's brands include Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango.
Forward-Looking Statements
This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary for its operations, and its ability to protect its intellectual property. There cannot be any assurance that the Company and Flock well enter into a definitive agreement. The Company encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.
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SOURCE CIMG Inc.
FAQ
What is the purpose of CIMG's partnership with FLock Technology Holdings?
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