International Display Advertising, Inc. (OTCPK:IDAD.D) entered into a non-binding letter of intent to acquire IR Med, Ltd. on February 28, 2020. International Display Advertising, Inc. entered into a Securities Exchange Agreement to acquire IR Med, Ltd. on September 3, 2020. IDAD has proposed to exchange all of IR MED's outstanding capital stock for common stock of IDAD. After the merger, IR MED shareholders will own between 43% and 59% of IDAD on a fully diluted basis, depending on the size of the private placement that IDAD intends to complete at the time of closing. At closing, IR-Med will become a wholly-owned Israeli subsidiary of IDAD, and IR MED’s' management will assume management of IDAD. A condition to closing is that IDAD will complete a private placement of its securities with net proceeds to the Company of at least $1.5 million (ILS 5.53 million). The consummation of the transaction will also be subject to, standard closing conditions, including satisfactory due diligence by the parties and the entry into a definitive merger agreement. The combined Company anticipates executing on its strategy involving significant growth in revenue and long-term profitability. As per the terms of Securities Exchange Agreement, the shareholders of IR Med, Ltd. would receive an aggregate of 31,043,945 shares of common stock of International Display Advertising, Inc. The transaction is subject to closing conditions, including obtaining a tax ruling from the Israeli tax authorities and the closing of a private placement with net proceeds to IDAD of between approximately $1.8 million and $5 million. The holdings of the IR Med shareholders following the transaction will be between approximately 50% and 61% of the issued and outstanding share capital of IDAD, depending on the proceeds of the private placement. Concurrently with the closing of the transaction, the Company intends to apply to FINRA to change its corporate name to IR Med Inc. and to obtain a new trading symbol. As of December 15, 2020 International Display Advertising, Inc. and IR Med, Ltd. have agreed to extend the outside date of the Securities Exchange Agreement until December 25, 2020 and continue to work as expeditiously as possible to complete the transaction on or prior to the amended outside date.