Pursuant to the signing of a Letter of Intent (LOI) in December 2022, Asep Medical Holdings Inc. is delighted to announce it has signed a definitive agreement ("agreement") for a joint venture with Bahrain-based international investment consultancy firm, Seaspring W.L.L. ("Seaspring"), to advance regulatory approval and commercialization of the Company's sepsis diagnosis technology (Sepset(ER TM)) in the Kingdom of Bahrain and the Middle East and North Africa (MENA). The terms of the definitive agreement include the formation of a 50/50 joint venture (name to be determined) whereby Seaspring will contribute the capital required (a near-term estimate of USD $5 million that is open-ended and subject to change) by the joint venture to conduct its business operations (regulatory approval, sales and distribution) and Asep Inc. through its subsidiary Sepset Biosciences Inc., will provide the licensing rights for the use of the Sepset(ER) technology in the Kingdom of Bahrain, Algeria, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates and Yemen. Subject to the receipt of all requisite approvals and the completion of all necessary formalities, the parties will endeavour to establish a joint venture entity in the Kingdom of Bahrain within six (6) months of the execution of the agreement, with a board of directors comprised of one (1) representative each of Asep Inc. and Seaspring.

The license is a sole, royalty-free license for each country within the territory for the term, to: a) use, develop and commercialize and otherwise exploit, in whole or in part, for clinical purposes, Sepset(ER) and related patents; b) copy, translate, modify, enhance, upgrade or add to Sepset(ER); c) practice or otherwise reduce to practice Sepset(ER) (including making improvements); and d) grant sublicenses on written terms and conditions in compliance with and not inconsistent with the terms and conditions set forth in the license agreement.