TORONTO, ON / ACCESSWIRE / September 15, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD) (the "Company") is pleased to announce that it has made an application to the TSX Venture Exchange (the "TSXV") to extend the expiry date and reduce the exercise price of an aggregate of 7,500,000 outstanding common share purchase warrants of the Company (the "Warrants") which were originally issued in connection with the private placement of subscription receipts of the Company on December 30, 2020.

The private placement of subscription receipts was a brokered private placement pursuant to which the Warrants to purchase an aggregate of 7,500,000 common shares of the Company at an exercise price of $0.70 per common share until September 30, 2022 were issued upon the subsequent conversion of such subscription receipts following the satisfaction of escrow release conditions in connection with the completion of the Qualifying Transaction of the Company with BuzBuz Capital Corp. on October 19, 2021 (see press releases on September 30, 2021 and October 19, 2021).

The Company is seeking to extend the expiry term of the Warrants for an additional 12 months to September 30, 2023 and to amend the exercise price of the Warrants from $0.70 per Warrant to $0.40 per Warrant. All other provisions of the Warrants will remain the same.

The application to extend the expiry date and amend the exercise price of the Warrants is subject to acceptance by the TSXV.

About NuGen Medical Devices

NuGen is an emerging specialty medical device company developing the next generation of needle-free technologies and other innovative medical delivery products. The company's products, which include the InsuJet™ and PetJet™ needle-free injection systems, are designed to improve the lives of millions of people and animals. NuGen continues to receive approval in numerous countries, including Canada. NuGen's products are designed for use in several important fields including, but not limited to, diabetes, veterinary medicine, and vaccines.

For further information, please visit:

Website: www.nugenmd.com
Twitter: @NuGenMD
LinkedIn: https://www.linkedin.com/company/nugenmd/

For further information, please contact:

Michael Wright
President and CEO
NuGen Medical Devices Inc.
mw@nugenmd.com
1-833-285-2666

Investor Relations Contact:

Kin Communications Inc.
NGMD@kincommunications.com
(604) 684-6730

Notice Regarding Forward-Looking Information:

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: NuGen Medical Devices