NEW YORK, NY / ACCESSWIRE / May 23, 2024 / Logiq, Inc. (OTC Markets:LGIQ) ("Logiq" or "the Company"), a pioneering force in digital consumer acquisition solutions, today revealed the signing of a binding letter of intent (LOI) to acquire MedLab Essentials, LLC ("MedLab"), www.cgtmed.com a trailblazer in cell and gene therapy innovation, in which Logiq will acquire MedLab in a share exchange of newly issued shares of LGIQ shares for 100%of of the shareholder interests of MedLab. MedLab will become wholly owned subsidiary of the Company and is expected to place executives in senior management positions.
This acquisition, valued at an estimated $100 million, marks a significant milestone for Logiq as it diversifies into the burgeoning biotech sector.
Strategic Acquisition Highlights:
- Valuation and Shareholder Interest: The preliminary target valuation of MedLab is set at $100 million, with Logiq shareholders poised to retain 15% post-transaction.
- Nasdaq/NYSE Uplisting: Post-transaction, the combined entity aims to meet listing qualifications for Nasdaq, CBOE or NYSE and complete a substantial capital raise by Q3 of 2024.
- Biotech Portfolio Expansion: This acquisition represents the first in a series targeting a cumulative value exceeding $750 million, focusing on BIOTECH and cell and gene therapy/ CGT assets.
About the Transaction: Logiq will acquire MedLab through a share exchange, issuing new Logiq shares for 100% of MedLab's shareholder interests. MedLab will integrate as a wholly-owned subsidiary of Logiq, with key MedLab executives joining the senior management team. Upon the closing of the transaction, Mr. Suen will be stepping down as CEO. As the transactions proceed, the management and board of directors will be changed to reflect expertise and focus around the Cell Therapy sector.
CEO Brent Suen on the Acquisition: "The union with MedLab propels us into the lucrative biotech domain, enabling the development of groundbreaking treatments for serious illnesses and to bring to the market medicines directed against targets in a wide range of diseases across longevity and rejuvenation core therapeutic areas. MedLab's CELL-BASED BIOCARRIER PLATFORM will provide capabilities and could potentially give us arsenal with versatile therapeutic building blocks, fostering innovation in Multi-specific and bispecific medicines, In addition, access to proprietary laboratory technology will allow us to broaden our capabilities generating new ways to treat patients, enable customization of cell and gene therapy for longevity, anti-aging and life extensions." stated Brent Suen, CEO of Logiq.
MedLab COO Daniel Vinokur on the Merger: "This merger is a pivotal moment for MedLab. Aligning with Logiq grants us access to capital markets essential for delivering cell and gene therapies for longevity and life extension on a global scale. Our integrated approach from R&D to commercialization ensures we address the intricate demands of this complex field," expressed Daniel Vinokur, COO of MedLab.
Anticipated Outcomes:
- Capital Raise: The combined entity plans to secure a significant capital infusion in line with the transaction.
- Uplisting Goals: Logiq intends to transition from OTC Markets to a Nasdaq or NYSE listing by the end of 2024.
MedLab's Unique Positioning:
- Valuation: MedLab has agreed to a preliminary gross valuation of $100 million for the transaction.
- Innovation in Cell-Based Therapy: MedLab excels in developing cell-based therapy products for various medical conditions, including challenging cancers and age-related diseases.
- Advanced Treatment Platform: Utilizing autologous adipose-derived mesenchymal stem cells, MedLab's platform carries oncolytic viruses and therapeutic components, offering a novel approach to treatment.
About MedLab Essentials: MedLab Essentials - Harness the Power of Cell & Gene Therapy to treat Human disease. MedLab Bio is an advanced biotechnology company with a unique approach to the development of cell-based therapy products for various human indications. Unique expertise in the development and manufacturing of cell-based products to treat unmet medical needs such as hard-to-treat cancer, osteoarthritis as well as currently focusing on longevity, anti-aging and life extension, and other indications. The company's expertise aligns with the industry's shift towards more accessible "off-the-shelf" therapies and expansion into life extensions.
The transaction is slated for completion by July 31, 2024, subject to standard closing conditions. This acquisition is the first of three biotech-focused companies, with subsequent acquisitions already in the LOI stage.
About Logiq: Logiq Inc., headquartered in the United States, revolutionizes e-commerce and digital customer acquisition by streamlining digital advertising. The company offers comprehensive, data-driven marketing solutions and software to engage customers across various channels.
Regarding Forward Looking Statements This press release contains certain forward-looking statements and information, as defined 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, and is subject to the Safe Harbor created by those sections. This press release also contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation that relate to Logiq's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon.
These statements speak only as of the date of this press release. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Logiq's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward-looking statements regarding our ability to consummate a transaction with Medlabs and subsequent ability to meet the listing requirements on either Nasdaq or NYSE, our ability to raise sufficient operating capital to adequately operate, our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, potential strategic transactions, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, and the valuation and success of the businesses after completion of the transaction, if any, and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K and any subsequent public filings. Logiq undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Logiq to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
Media & Investor Contact ir@logiq.com
SOURCE: Logiq, Inc.
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