KUALA LUMPUR, 04 FEBRUARY 2021 – Ho Wah Genting Berhad’s (“HWGB” or the “Company”) (KLSE:9601) wholly-owned subsidiary, HWGB Biotech Sdn Bhd (“HWGB Biotech”), has today entered into a third supplemental joint venture agreement (“JVA”) with E-MO Biology Inc (“EBI”) in which HWGB Biotech has agreed to accept a 15% equity stake in EBI in exchange for the 40% net profit from EBI agreed upon from the earlier JVA entered into on 14 August 2020. Whilst HWGB Biotech shall continue to retain the exclusive license and rights to produce, distribute, market, sell, commercialize and any other activities relating to the vaccine and patents in South East Asia.
The supplemental JVA is conditional upon EBI consummating a business combination with a company listed on the OTC Market by 01 August 2021. Through the business combination, EBI intends to further list its shares on the NASDAQ Stock Market.
Chief Executive Officer of HWGB, Dato’ Aaron Lim said: “We deliberated and negotiated over the new JVA terms and believe that this new agreement is to the benefit of the Company going forward as we will be able to share in EBI’s success. This is the best way forward”.
“EBI continues to make progress into research and development (“R&D”) for vaccines, immunological treatment and diagnostic product development related to the COVID-19 virus. It has already signed a series of agreements to conduct clinical trials in accordance with US Food and Drug Administration (“FDA”) rules. We look forward to the findings of the clinical trials and a speedy approval of the vaccines given that infection rates continue to be high in Southeast Asia and had negatively impacted the economy”.
Earlier in January 2021, the Company announced its wholly-owned subsidiary HWG Capital Sdn Bhd (“HWG Capital”) will lead the Company’s investment projects moving forward which include the US$1 million investment in EBI to fund the R&D of vaccines, immunological treatment and diagnostic product development in relation to COVID-19 virus. The EBI’s vaccine clinical project was granted full approval from the FDA for the Phase IV clinical trial and the research is also officially published on the WHO official clinical research webpage.
ABOUT HO WAH GENTING BERHAD
Ho Wah Genting Berhad (“HWGB” or the “Company”) is principally engaged in investment holdings and the provision of management services to its subsidiaries. The Company had on 30 June 2020 diversified its existing businesses to include healthcare-related industry which mainly involved in Health Supplement, Biotechnology and Health Technology. In addition, the Company and its subsidiaries (“HWGB Group” or the “Group”) are also engaging in the businesses of Investment holdings; manufacturing of wires and cables and moulded power supply cord sets and cable assemblies for electrical and electronic devices and equipment; Trading of wires and cables; and travel agent and tour related services.
HWGB Biotech Sdn Bhd, was incorporated on 18 June 2012 under the Companies Act, 1965 under the former name of HWG Consortium Sdn Bhd and changed to its current name on 22 May 2020. HWGB Biotech is principally involved in the distribution of all kinds of biotechnology products, bioinformatics diagnostic tools, all medical engineering equipment along with software developments and tools as well as to patent all original products and by-products, technologies and software developed or sourced by the company.
For more information about HWGB Biotech, follow us on https://hwgbbiotech.com, http://subscription.hwgbbiotech.com, Facebook, LinkedIn, and Telegram to view the latest updates about our company ventures in the healthcare industry.
Please refer to the US Food and Drug Administration website for more information on EBI’s Phase IV clinical study: https://www.clinicaltrials.gov/ct2/show/NCT04639375
E-Mo Biology Inc (“EBI”) was incorporated in the state of California in the United States of America on 24 May 2020. It is principally involved in conducting biology research and development activities and is the sponsor of a study which indicates booster polio vaccine to reduce Covid-19 SARS-COV-2 infection and severity.
EBI is founded by Dr. Xie QiYi, who serves as its Managing Director of EBI. He has over 30 years of experience in areas of public health and infection disease control. He was also involved in the development of medical and diagnostic devices, with focus on Quality, Regulatory and Clinical Affairs for quality systems.