AiBtl BioPharma Inc. Acquired TT Life Company, Valued at $8.33M, With 1.66M AiBtl Shares at $5 per Share

FREMONT, CA, April 18, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire — ABVC BioPharma, Inc. (NASDAQ: ABVC) ("Company"), a clinical-stage biopharmaceutical company developing therapeutic solutions in ophthalmology, CNS (central nervous systems), and Oncology/Hematology, announced today that the Company's subsidiary AiBtl BioPharma Inc. acquired TT Life Company, an established player in the precision medicine industry. The acquisition includes Malaysian Import Trading Company, Direct Sales Company, and Taiwanese Direct Sales Company, which are estimated to be approximately equivalent to $8.33M. AiBtl purchased 100% shares of TT Life by swapping its 1.66M shares at $5 per share. This strategic move positions AiBtl to expand its portfolio further and accelerate innovation in the rapidly growing precision medicine market while consolidating the financials, including the revenue, profit, and cash flow, with TT Life.

The acquisition of TT Life Company brings together AiBtl's global development and scaling business expertise with TT Life's recognized design and manufacturing capabilities in precision medicine. Through this synergy, AiBtl aims to deliver groundbreaking products integrating AI intelligence with everyday life, enhancing consumers' convenience, efficiency, and wellness worldwide.

"We are thrilled about the opportunities that have opened up after this acquisition," said Russman Jaimes, CEO of AiBtl. "This acquisition strengthens our team and product pipeline in the precision medicine market. By combining our strengths, we demonstrate our commitment to driving innovation while incorporating new technologies into healthcare and improving patient care."

The acquisition is expected to bring about synergies in research and development, manufacturing, distribution, and financial strength, enabling AiBtl to introduce a diverse range of AI-powered precision medicine tailored to various consumer needs. Leveraging TT Life Company's product design and manufacturing expertise, AiBtl aims to accelerate the development and commercialization of next-generation precision medicine AI solutions that redefine how people interact with treatment.

"We are excited about the opportunities ahead as part of AiBtl. ABVC currently holds 59% consolidated shares of AiBtl. The revenue and profit, as well as the financial resources that AiBtl brings in from TT Life, will, in turn, benefit ABVC's financial statements," said Dr. Uttam Patil, ABVC's Chief Executive Officer. "By joining forces, we can leverage our strengths to create innovative products that enrich and simplify consumers' lives worldwide. Together, we will shape the future of precision medicine AI solutions. We look forward to seeing the opportunities AiBtl and TT Life created."