KUALA LUMPUR (July 19): ConnectCounty Holdings Bhd has expressed its interest in investing in NetObjex Inc, a Delaware corporation specialising in Internet-of-Things (IoT) technology, for US$250,000 (RM1.07 million).

According to the group’s filing with the stock exchange today, ConnectCounty signed a letter of intent (LoI) with NetObjex on July 17 for the purchase of some 3.13 million shares of Series A Voting Common Stock (Series A stocks) in the California-based company.

The proposed purchase involves some 5.5% of NetObjex's issued share capital, comprising 44.18 million Series A stocks and 12.35 million Series B stocks.

NetObjex is principally involved in providing IoT solutions, including the operation of a blockchian software platform, ConnectCounty said.

The group added that the proposed subscription provides it with an attractive opportunity to further strengthen its participation and increase its interest in providing end-to-end set of platforms for implementing IoT solutions, which is changing the way smart devices operate.

Under the LOI, ConnectCounty will hold the securities for investment purposes and pay the purchase price within five days from the date of the subscription agreement to be determined later.

The LOI will not have any effect on ConnectCounty’s earnings per share, net assets, gearing, share capital, and shareholders for its financial year ending Dec 31, 2017, it said.

Shares in ConnectCountry closed unchanged at 28 sen today on some 464,400 shares traded. The group has a market capitalisation of RM90.94 million