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BANGKOK, March 31, 2025 (GLOBE NEWSWIRE) -- NewGenIvf Group Limited (NASDAQ: NIVF) (“NewGen” or the “Company”), a comprehensive fertility services provider in Asia helping couples and individuals obtain access to fertility treatments, today announced that it has terminated the binding term sheet with healthcare company European Wellness Investment Holdings Limited (“EWIHL”) regarding their previously announced reverse merger transaction.
On December 11, 2024, the Company announced its entry into a binding term sheet with EWIHL for a reverse merger, in which EWIHL would on completion hold approximately 61.6% of the Company’s equity (the “EWIHL Proposed Transaction"). The completion of the EWIHL Proposed Transaction was subject to, among other matters, the completion of due diligence, the delivery of draft audited financials for the years ending 2023 and 2024 (the “Draft Financials”) of EWIHL by March 31, 2025, and the negotiation of a definitive agreement. As of the March 31 deadline, EWIHL had not delivered the required draft audited financial statements. Consequently, in accordance with the terms of the binding term sheet, the Company has exercised its right to terminate the proposed transaction at no cost to the Company.
Mr. Siu Wing Fung Alfred, Founder, Chairman, and CEO of NewGen, commented, “While the proposed transaction with EWIHL will not move forward as planned, we remain confident in our ability to drive success through other avenues in the market. Throughout this process, our management team has remained focused on executing our core business strategy and exploring various opportunities to create shareholder value. We continue to see promising growth prospects in our existing business lines, including our recent Microsort acquisition and our lifetime egg-freezing service, and we remain open to strategic alternatives that align with our long-term vision and objectives."
About NewGen
NewGen is a comprehensive fertility services provider in Asia helping couples and individuals obtain access to fertility treatments. With a mission to aid couples and individuals in building families regardless of fertility challenges, NewGen has dedicated itself to creating increased access to infertility treatment and providing comprehensive fertility services for its customers. NewGen’s management team collectively has over a decade of experience in the fertility industry. NewGen’s clinics are located in Thailand, Cambodia, and Kyrgyzstan, and present a full suite of services for its patients, including comprehensive infertility and assisted reproductive technology treatments, egg and sperm donation, and surrogacy, in the appropriate jurisdictions, respectively. To learn more, visit www.newgenivf.com. The information contained on, or accessible through, NewGen’s website is not incorporated by reference into this press release, and you should not consider it a part of this press release.