KUALA LUMPUR, 15 FEBRUARY 2021 – Ho Wah Genting Berhad (“HWGB” or the “Company”) (KLSE:9601) announced that the holding company of EBI, E-MO Biotech Holding Inc. (“E-MO Biotech”) and the shareholders of E-MO Biotech had entered into a Letter of Intent (“LOI”) with Fuse Biotech Inc. (Fuse Biotech), a wholly-owned subsidiary of Fuse Group Holding Inc. (OTCQB: FUST) (“Fuse”) for the acquisition of all equity interest of E-MO Biotech for a total purchase price of US$100million to be paid in the shares of common stock of Fuse, which should be valued at US$1.00 per share for the purpose of this transaction. Fuse is an OTC market listed company that is currently seeking business opportunities in the biotech area through its wholly-owned subsidiary, Fuse Biotech.
On 4 February 2021, HWGB’s wholly owned subsidiary, HWGB Biotech Sdn Bhd (“HWGB Biotech”) entered into a third supplemental joint venture agreement (“JVA”) with E-MO Biology Inc (“EBI”). Based on the supplemental JVA, EBI shall consummate a business combination with a company listed on the OTC Market prior to 1 August 2021. Upon the acquisition, EBI intends to further list its shares on the NASDAQ Stock Market.
Chief Executive Officer of HWGB, Dato’ Aaron Lim said: “We are delighted to have Fuse to join us on the vaccine research and development, as we believe they will provide a massive boost on EBI’s ventures. Through this business combination with Fuse, we are moving in the right direction towards EBI’s intention to list its shares on the NASDAQ Stock Market”.
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.
Fuse Group Holding Inc. ("Fuse") is incorporated in Nevada and currently it explores opportunities in mining investment and consulting services. Fuse Biotech Inc., a wholly owned subsidiary of the Company is currently seeking business opportunities in the biotech area.
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.