Business
NewGenIvf Provides Update on Potential Reverse Merger with COVIRIX
BANGKOK, July 24, 2024 (GLOBE NEWSWIRE) -- NewGenIvf Group (NASDAQ: NIVF) (“NewGen” or the “Company”), a comprehensive fertility services provider in Asia
About this update from Newgenivf Group Limited
[{"type":"text","content":"BANGKOK, July 24, 2024 (GLOBE NEWSWIRE) -- NewGenIvf Group (NASDAQ: NIVF) (“NewGen” or the “Company”), a comprehensive fertility services provider in Asia helping couples and individuals obtain access to fertility treatments, today announced an update on its proposed reverse merger (the “Proposed Transaction”) with pharmaceutical company COVIRIX Medical Pty Ltd (\"COVIRIX\"). The Company reports steady progress in its due diligence efforts and, contingent upon meeting all regulatory requirements, anticipates completing the Proposed Transaction by the end of August 2024. Mr. Siu Wing Fung Alfred, Founder, Chairman, and CEO of NewGen, commented, \"We are very encouraged by the progress of our due diligence on COVIRIX. The ongoing antiviral research at a prominent U.S. university underscores COVIRIX's commitment to developing innovative therapies for respiratory diseases. This aligns well with our vision to expand our healthcare offerings beyond fertility treatments. Additionally, we've learned that COVIRIX holds 80,000 Zucoins crypto tokens in its treasury. These tokens are expected to be listed on the Zutopia Marketplace trading platform soon, with COVIRIX’s projections suggesting they could achieve approximately 20% of the Bitcoin market price. While we must emphasize that there's no guarantee this projection will be realized, if it does, this asset could potentially represent substantial value for our merged entity. This combination of cutting-edge medical research and forward-thinking asset management exemplifies the innovative approach of COVIRIX. We believe these developments further support our vision for creating a dynamic, multifaceted healthcare company that can deliver significant value to our shareholders. As we continue our due diligence process, we're increasingly excited about the potential synergies and opportunities this merger could bring to both companies and our stakeholders.\" Mr. Richard Li, Executive Director and Head of Corporate Development of COVIRIX Medical, commented, \"We are thrilled to announce that COVIRIX has officially engaged a prominent U.S. university to conduct an in vitro study of our primary patented antiviral drug candidate. This study will focus on several respiratory viruses, including various influenza strains and the rapidly spreading Avian influenza H5N1 in the United States, as well a...