Biolog-id and Genesis Growth Tech Acquisition Corp. Announce Execution of Business Combination Agreement for Proposed Merger to Create Publicly Listed Digital Health Solutions Company Focused on Value Chain Optimization
BERNAY, France and NIDWALDEN, Switzerland, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Biolog-id, a digital health solution provider focusing on value-chain optimization, and Genesis Growth Tech Acquisition Corp. (Nasdaq: GGAA) (“GGAA” or “Genesis”), a special purpose acquisition company, have executed the business combination agreement (the “BCA”) in relation to their proposed merger.
The boards of directors of both Biolog-id and Genesis have unanimously approved the BCA.
"It took creativity, patience, and persistence to take Biolog-id from an innovative idea to a functioning solution to a viable global business," said Jean-Claude Mongrenier, founder, shareholder, and Chairman of the Biolog-id Board of Directors. "And it took the partnership and support of the Xerys team to allow us the time and resources we needed to get to this exciting phase in our evolution.”
"As we advance our journey in the digital health space we continue to uncover significant opportunities to optimize the manufacturing, distribution, and utilization of sensitive health products," said Troy L. Hilsenroth, CEO of Biolog-id. "We see great value in our proposed merger with Genesis, both in ensuring the resources needed to further fuel our progress, and in propagating Biolog-id’s vision of value-chain optimization."
Upon closing of the proposed transaction, anticipated to occur in the first quarter of 2023, the combined company will continue to operate under the name “Biolog-id”, and its ADSs are expected to be listed on Nasdaq under the new ticker symbol “BGID”.
The transaction reflects an equity value of $312 million for Biolog-id with GGAA currently having approximately $257.1 million in trust. The anticipated cash resources available to the combined company after redemptions will be used to advance Biolog-id’s value chain optimization platform for blood products and other biologics.
Completion of the transaction is subject to approval of Biolog-id’s and GGAA’s shareholders and the satisfaction or waiver of certain other closing conditions.
Additional information about the transaction are provided in Current Reports on Form 8-K filed by GGAA with the SEC and available at the SEC’s website at www.sec.gov. In addition, as described below, Biolog-id and Genesis intend to file a registration statement on Form F-4 with the SEC, which will include a proxy statement for GGAA and a prospectus for Biolog-id, and will file other documents regarding the proposed transaction with the SEC.
Biolog-id designs, deploys and supports integrated traceability solutions, including hardware, real-time data collection, visualization and data analysis, based on radio frequency identification, or RFID, technology, to handle sensitive health products. Biolog-id uses high frequency RFID technology to transform lifesaving and sensitive therapeutic products into connected devices. Its proprietary Biolog Data System (the “BDS”) software module provides configurable, easy-to-view and easy-to-implement dashboards to help healthcare decision-makers manage their operations based on data generated or collected by Biolog-id’s databases. At every stage, healthcare professionals have access to the key indicators of RFID-tagged vital products, through a secure and reliable IT infrastructure that are intended to comply with medical and personal data protection regulations. By connecting healthcare professionals to information they need the most, Biolog-id supports value-chain optimization for sensitive products used in medical treatments, such as labile blood products, plasma for fractionation, injectable chemotherapy and parenteral nutrition. Many medical professionals utilize Biolog-id’s intelligent infrastructure to harness the power of data and analytics, as well as leverage Biolog-id’s expertise in the storage and distribution of high-valu and high-impact medical products. Biolog-id currently provides its solutions to customers in the United States, Europe, the Middle East, India and Asia Pacific.
About Genesis Growth Tech Acquisition Corporation
Genesis Growth Tech Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. Genesis Growth Tech Acquisition Corp. intends to focus its search for a target in the high growth technology and tech-enabled businesses in Europe, Israel, the United Arab Emirates and the United States in the consumer internet and software industries.
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Company URL: www.biolog-id.com
Media Contact: Diane Muller, [email protected]
Biolog-id Investor Contact: Steven Halper, [email protected]
Genesis Growth Tech Acquisition Corp. Contact: Eyal Perez, Chairman & CEO, Genesis Growth Tech Acquisition Corp., [email protected]
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