Toronto, Ontario--(Newsfile Corp. - November 14, 2024) - NuGen Medical Devices Inc. (TSXV: NGMD) (the "Company" or "NuGen") a leading developer of needle-free devices to administer therapeutics subcutaneously, is pleased to announce that its shareholders have approved Sol-Millennium Medical HK Limited ("Sol-M") and Nature Health Development (Hong Kong) Co. Limited ("Nature Health") as new Control Persons (as defined in the policies of the TSX Venture Exchange) of the Company.
On September 20, 2024, Sol-M and Nature Health acquired an aggregate of C$10 million principal amount secured convertible debentures (the "Convertible Debentures") of the Company. Please refer to the Company's press release of September 20, 2024, for a description of the features of the Convertible Debentures. If and when Sol-M and/or Nature Health convert their Convertible Debentures and exercise their underlying securities, each would hold greater than 20% of the then-issued and outstanding common shares of the Company thereby potentially making them new Control Persons.
With an aggregate of 23,139,808 votes in favour (99.93%) and 15,244 votes against (0.07%), the shareholders of the Company approved Sol-M and Nature Health as Control Persons.
Concurrently, the shareholders approved the appointment of Arvind Rai, a nominee of Sol-M and Nature Health, as a director of the Company. Mr. Rai is a seasoned financial executive with over twenty years of experience in steering business and financial strategies within the global manufacturing and healthcare sectors. He possesses extensive international expertise in financial reporting, planning, internal controls, audits, and fraud investigations.
NuGen further announces the appointment of Louise Cresswell to its board of directors. Ms. Cresswell has been NuGen's Commercial and Clinical Lead since April 2023, leading commercial activities and successfully accelerating the growth of the Company's activities in the UK market. Ms. Cresswell has an extensive background working in the UK health sector both as a registered nurse and in commercial, sales and marketing roles with international manufacturers and suppliers of medical technologies.
Karen Dunlap, Interim Chief Executive Officer of NuGen, commented: "We are thrilled to announce the incorporation of Arvind Rai and Louise Cresswell to the board of directors. Their expertise and experience will be critical for the Company's business plans and commercial development as the Company works to open new distribution channels and markets."
The Company also wishes to announce the departure of Mr. Richard Buzbuzian as a director and president of the Company. Since his appointment, Mr. Buzbuzian played a key role in the Company's restructuring and strategic planning and has been instrumental in the Company's recent commercial success. The board of directors would like to thank him for his contributions. Mr. Buzbuzian remains active with NuGen in a consultant role.
About NuGen
NuGen is a leading developer of needle-free devices to administer therapeutics subcutaneously. The Company is marketing and selling its next-generation InsuJet™ needle-free injection system designed to improve the lives of millions of diabetics. InsuJet™ is approved for sale in 42 countries around the world.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
