HONG KONG, Nov. 13, 2018 /PRNewswire/ -- Union Bridge Holdings Limited (OTCQB: UGHL) ("Union Bridge" or the "Company"), through its subsidiary First Channel Limited ("First Channel"), has signed a Memorandum of Understanding ("MOU") with APrevent Medical Inc. ("APrevent") regarding a potential share swap between UGHL and APrevent.
APrevent Medical Inc., a medical device company designs, manufactures and distributes medical equipment and is currently developing two projects, Vocal Implant System (VOIS) and Intelligible Speak (AiSpeak).
VOIS is a laryngeal implant used for glottis insufficiency (vocal fold paralysis). Medialization thyroplasty Type I (MT) is the standard treatment for glottis insufficiency, by inserting artificial or transplanted materials into the paraglottic space to achieve glottis closure. In patients with a large glottis gap or high vagal lesions, a surgical procedure, arytenoid adduction (AA), can be performed to reduce the posterior glottis gap and correct the vertical height difference between the vocal folds. Unlike existing products, APrevent's VOIS implant combines the advantage of both MT and AA for optimized results.
The potential share swap is subject to the results of each party's due diligence, agreement on valuation (and therefore number of shares to be exchanged), negotiation of definitive agreements and approval of the of the board of directors of each party.
Subject to these conditions, when development of the VOIS and Aispeak technologies is complete, First Channel would have priority to assist in the promotion of, and be the exclusive distributor of, the VOIS and Aispeak products in China (including Hong Kong and Macao), India and Thailand; First Channel would be responsible for marketing, including providing volunteers to become VOIS testers and establishing Aispeak language identification system artificial language learning data. APrevent would be responsible for product development, branding, brand image, technology and support as requested by First Channel for its marketing efforts.
Mr. Joseph Ho, Chief Executive Officer of Union Bridge, said, "The proposed cooperation with APrevent would help us to further expand our operations in the heathcare business."
Forward Looking Statements
This Press Release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "would," "expect," "plan," "project," "anticipate," "estimate," "believe," or "think." Forward-looking statements involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. These risks and uncertainties include:
- Our due diligence review and valuation of Aprevent and Aprevent's two projects in VOIS and Aispeak may not be acceptable to us.
- APrevent's due diligence review and valuation of us may not be acceptable to them.
- We may not be able to successfully negotiate definitive agreements for the share exchange.
- APrevent may not be able to successfully develop the VOIS and Aispeak products.
- APrevent may not be able to obtain all necessary government licenses and permits for distribution of VOIS and Aispeak in China (including Hong Kong, Macao), India and Thailand.
Investors should carefully consider these risks and review the risk factor disclosure and other information, including the Company's financial statements and the notes thereto, set forth in the reports and other documents the Company files with the SEC available at www.sec.gov.
The Company assumes no duty to update or revise its forward-looking statements based on changes in plans or expectations or otherwise.
CONTACT: Jim Chim, +852-2468-3039, [email protected]
SOURCE Union Bridge Holdings Limited