WEST CALDWELL, N.J. and TORONTO, March 13, 2018 (Newswire.com) - EastGate Biotech Corp. (OTC PINK: ETBI), a pharmaceutical company that focuses on innovative technological developments specifically in insulin drug delivery for the treatment of type 2 diabetes, is pleased to announce that has signed a Memorandum of Understanding (MOU) with Genluiching Mining Corporation (Genluiching) and AAH & International Associates (AAH), Incorporated. Within the scope of the MOU, both parties, located in the Philippines, intend to invest between PHP 100,000,000 – PHP 300,000,000 (approximately $2 million USD to $5.8 million USD) either in full or in tranches. Similar to the recently announce BuPharco Joint Venture, Genluiching and AAH will pay for all expenses related to financing as well as the clinical trials, however, ETBI is expected to be the lead manager of the JV.
The purpose of the investment is to expedite the early filing and processing of the EastGate’s insulin mouth rinse for the local Philippines Health Association.
“After a successful meeting with our EastGate team, both Genluiching and AAH wanted to participate in what they believe is a project that could have significant impact in the Philippines,” stated Anna Gluskin, CEO of EastGate Biotech Corp., who added, “While their core businesses are in gold mining and engineering, they are looking to diversify their investment portfolio to include humanitarian type projects that will help the Filipino population. Our drug development project in the Philippines is gaining serious traction. With two Joint Ventures in play and little overlap between them, we feel that this multiplies our chances of success. The people of the Philippines have welcomed us with open arms. Our corporate ambassador William Abajian has returned to the Philippines ahead of expectations to finish the finer points of the definitive agreements and develop new relationships.”
“We are very impressed by the humanitarian initiatives that these two groups have committed themselves to in this market,” stated William Abajian, Global Business Development and Licensing for EastGate. “Genluiching and AAH have the foresight to correlate innovation and with humanitarian impact for the Philippines marketplace,” added Abajian.
“The diabetes crisis in the Philippines is taking a toll on the economy and workforce and something needs to be done about it,” commented Jet Tupas, CEO of Genluiching Mining Corporation. He went on to say “Over the years we have seen this disease slowly creep into our workforce and we cannot sit idly by. This is one of the best humanitarian projects we have seen recently. We are happy to invest in such a rewarding project and plan to follow the lead of EastGate.”
The MOU will allow for the parties to reserve the right to set up, register jointly, either a joint venture (JV) and/or holding company in order to oversee, manage and define each Party’s roles and responsibilities, while also stipulating the shares of the investment portfolio to include humanitarian type projects that will benefit the Filipino population. The establishment of the JV or management holding company with the investment could be completed by this summer.
About EastGate Biotech
EastGate Biotech focuses on innovative technological developments and produces and distributes innovative drug compounds and healthy nutraceuticals that are based on natural therapies absorbed by the body. We utilize advanced nanotechnologies and alternative delivery systems that take difficult to deliver compounds and deliver them using our nanotechnology platform which ultimately increase the bioavailability to the body. Using our methods of delivery, provides healthy alternatives to conventional pharmaceuticals that all-too-often create dangerous side-effects and unexpected consequences for those trying to attain and maintain a healthy lifestyle. EastGate’s wholly owned subsidiary Omni Surgery and Anti-Aging Centre is the first of many surgery centers to come under the Omni umbrella as we plan to roll up existing business under the Omni brand and expand our footprint globally.
About Genluiching Mining Corp.
Genluiching Mining Corporation is a mining and metal company based in Makati City, Philippines. The company is led by CEO Jet Tupas.
About AAH & International Associates
AAH & International Associates, led by Armando J. Honrada, is an engineering company based in Bacoor City, Philippines.
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws, including the provisions for "safe harbour" under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release.
The words "anticipates", "plans", "expects", "indicate", "intend", "scheduled", "estimates", "forecasts", "focus", "guidance", "initiative", "model", "methodology", "outlook", "potential", "projected", "pursue", "strategy", "study", "targets", or "believes", or variations of or similar such words and phrases or statements that certain actions, events or results "may", "could", "would", or "should", "might", or "way forward", "will be taken", "will occur" or "will be achieved" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. The risks, estimates, models and assumptions contained or incorporated by reference in this release, include those identified from time to time in the reports filed by EastGate with the SEC, which should be considered together with any forward-looking statement. EastGate undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: EastGate Biotech Corp.