Strategic Investment Received
In connection with the placement, OliveX and Gym Aesthetics have entered into a nonbinding term sheet ("Term Sheet") for content, branding, sales and marketing collaboration.
If binding terms are ultimately agreed, it is hoped that the collaboration will advance the KARA Smart Fitness Mirror strategy - including product sales and after-sale monetisation - in Europe and the Asia Pacific region.
Gym Aesthetics is a German fitness-fashion retailer which sells high quality gym and fitness clothing. It has a substantial customer base and network, a significant online retail presence, an on-demand workout platform and it conducts regular global fitness events.
Under the Term Sheet, smart mirrors incorporating OliveX's advanced AI technology are proposed to be sold in the German market, to deliver immersive and customised fitness content using Gym Aesthetics trainers and coaches. Gym Aesthetics apparel and products would feature on OLX's platform.
Importantly, however, the Term Sheet is not legally binding, and there is no guarantee that the parties will ultimately enter into a legally binding agreement with respect to the collaboration it proposes.
"Our partnership with Gym Aesthetics will be a real game changer for us," said Keith Rumjahn, Chief Executive Officer at OliveX. "They've built a reputation for producing high quality clothing and motivating on-line workouts, so our KARA Mirror technology can potentially reach new markets and with new ways to leverage e-commerce opportunities.
But most importantly, we're hoping to have new and innovative ways to deliver workout experiences, making fitness truly personalised and fun."
Miranda Wong, Managing Director of Gym Aesthetics said, "Partnering with OliveX and benefitting from what really is highly innovative fitness technology is exciting for us. The KARA mirror and the unique AI technology behind it has the potential to completely change the at-home fitness landscape, and we're really looking forward to working with OliveX to do this."
About Gym Aesthetics
Gym Aesthetics is Germany's largest online fitness brand. The brand has attracted tens of thousands of fitness professionals in Europe, and has gained nearly one million fans on global social media platforms, creating a vast online fitness community and providing a foundation for the development of the "Full Fitness Interactive Platform" business model. At the same time, Gym Aesthetics has also launched the "GA-Omni Trainer" Global Recruitment Program to attract professional fitness coaches and senior fitness enthusiasts from all over the world to unite with the world's leading fitness training institutions, social media influencers and international health and fitness organizations. Through the "Full Fitness Interactive Platform", GA-Omni trainers are supported to acquire professional fitness skills and training and develop their skills to a new level in the field of fitness.
About OliveX Holdings Limited
OliveX (NSX:OLX) is a digital health and fitness company selling innovative products and applications to deliver a unique user experience using artificial intelligence, gamification and premium content. With its flagship product the KARA Smart Fitness Mirror and associated subscription-based applications, OliveX provides a platform that links and engages consumers with brands, influencers and fitness coaches and that enables any space to become a personal fitness studio. OliveX has a market reach that spans over 170 countries.
OliveX Holdings Limited