NewGenIvf provides update on status of potential reverse merger with COVIRIX

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 that the Company is continuing to actively evaluate the terms of the proposed reverse merger (the “Proposed Transaction”) with COVIRIX Medical Pty Ltd (“COVIRIX”). NewGen and COVIRIX (collectively, the “Parties”) have conducted due diligence on each other’s business and are continuing to make solid progress towards satisfying the preconditions for completion of the Proposed Transaction. The Parties are targeting completion of the non-binding term sheet (the “Term Sheet”) for the Proposed Transaction by the end of August 2024. Mr. Siu Wing Fung Alfred, Founder, Chairman, and CEO of NewGen commented, “We are pleased to announce our positive progress on the potential reverse merger with COVIRIX. During the due diligence process for the proposed transaction, COVIRIX informed us that its treasury holds a crypto asset with significant market value, almost equivalent to NewGenIvf’s current market capitalization. This crypto asset could provide valuable financing to support COVIRIX’s drug development program moving forward. Operationally, we also have an exciting new development with the signing of a contract under which a channel dealer will order a very healthy amount of our IVF treatments and surrogacy services between now and the end of 2025. This commitment from a leading channel dealer represents a tremendous vote of confidence in our capabilities. As we explore strategic opportunities, we remain firmly committed to maximizing value for our shareholders. We will carefully evaluate all potential paths, including the proposed COVIRIX reverse merger, to determine the optimal route to drive long-term growth.”