Pursuant to the signing of a Letter of Intent (LOI) in December 2022, Seaspring W.L.L. (“Seaspring”) and Asep Medical Holdings Inc. (“Asep Inc.” or the “Company”) have signed a definitive agreement (“agreement”) for a joint venture to advance regulatory approval and commercialization of the Company’s sepsis diagnosis technology (SepsetER TM) in the Kingdom of Bahrain and the Middle East and North Africa (MENA). The terms of the definitive agreement include the formation of a 50/50 joint venture (name to be determined) whereby Seaspring will contribute the capital required (a near-term estimate of USD $5 million that is open-ended
and subject to change) by the joint venture to conduct its business operations (regulatory approval, sales and distribution) and Asep Inc. through its subsidiary Sepset Biosciences Inc., will provide the licensing rights for the use of the SepsetER technology in the Kingdom of Bahrain, Algeria, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates and Yemen.
