Singapore, July 2 -- ALR Technologies SG has entered into a Letter of Intent (LOI) to acquire 100% equity of CGM Medical Technology Singapore and assets of CGM Medical Technology Shenzhen for an aggregate purchase price of 200 million ordinary shares and $45 million, payable upon certain conditions being met.

Under the terms of the LOI, ALRT has agreed to purchase CGM Medical Singapore for 200 million ordinary shares of ALRT to be issued upon completion of a definitive agreement, and an aggregate of $40,000,000 in the form of an unsecured, non-interest-bearing promissory note payable as an earn out as described below.

Utilising the licenses, intellectual property, personnel, and expertise of CGM Medical Singapore, ALRT will seek to buil...