MedTech Industry Leader Ian Heynen Commences CEO Role at NuGen

Toronto, Ontario--(Newsfile Corp. - November 2, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the "Company" or "NuGen") a leading developer of needle-free devices to administer therapeutics subcutaneously, is pleased to report that Mr. Ian Heynen has commenced his role as the Company's new Chief Executive Officer focusing his attention on fully commercializing the Company with sales and manufacturing capabilities that drive growth while effectively managing the P&L.

Bio of Mr. Ian Heynen:

Mr. Heynen is recognized in the med-tech industry as a top-performing industry executive with decades of experience leading technology-driven organizations including operational start-ups, turnaround situations, and accelerated growth companies. Mr. Heynen has experience leading and managing P&Ls for North American and International businesses with multi-site divisions and gross revenues of up to $600+ million. He brings a track record of delivering high growth through product innovation & international expansion in both start-up and multinational firms.

Most notably, Mr. Heynen was integral to the launch and growth of the start-up Sentinelle Medical, attracting the multinational buyer Hologic Inc. At Hologic Inc., he held multiple positions, culminating in the role of acting President where he was responsible for Europe, Middle East and Africa, Canada, Latin America and the Asia Pacific regions, leading an international business with multi-site divisions and over 1,000 associates, generating gross revenues of $600+ million. Most recently, he led Sysmex Corporation's laboratory business in Canada and Latin America, becoming the market leader in both regions and delivering double-digit growth.

Mr. Heynen holds a CMA-MBA combined program (Graduate Gold Medalist) from Wilfrid Laurier University (Toronto, Ontario), and a Master's in Applied Sciences in Chemical Engineering from the University of British Columbia (Vancouver, British Columbia). He also holds a Bachelor of Applied Science in Chemical Engineering from the University of Waterloo (Waterloo, Ontario).

Mr. Heynen lives in Toronto, Canada with his wife and is a father of 3. He has been a Board Committee Member of Kingsway College School since 2017.

"In 2023 we built three incredible business verticals to monetize InsuJet™. Our B2b vertical, our B2c and our bio similar business that capture the Ozempic and the semaglutide possibilities which are global in every sense. 2023 so far has been our build year and it has been busy." commented Tony Di Benedetto, Executive Chairman. "Now looking ahead to 2024 and beyond, we are most excited to be working with Ian as we catapult further with these verticals and build NuGen into the next great med-tech story. The Board of Directors welcomes Ian to his new role while thanking Richard for his tireless work and for setting Nugen on this path of success that we have before us today."

Richard Buzbuzian remains President and a Director of NuGen and will continue to focus on capital markets, corporate finance, and investor relations initiatives.

BullVestor Renewal:

Further, the Company is pleased to announce that, further to its press releases dated February 28, 2023, and May 29, 2023, it has reached an agreement with bullVestor Medien GmbH ("bullVestor"), an arm's-length party to the Company, to extend their services until at least October 31, 2024, and thereafter on a month to month basis. bullVestor's services to the Company are provided under an amended and restated agreement dated October 31, 2023. The services will include the creation of content, strategic planning, digital marketing, digital advertisement placement, investor relations and promotional services, building awareness of the Company to a wider European audience and overseeing the progress and results of digital campaigns. In consideration for providing the services, the Company has agreed to pay bullVestor a fee of C$9,500 per month.

Consideration offered to bullVestor does not include any securities of the Company. Aside from this engagement, the Company does not have any relationship with bullVestor.

About NuGen

NuGen is a specialty medical device Company that is marketing and selling its next-generation InsuJet™ needle-free injection system designed to improve the lives of millions of diabetics. InsuJet™ is approved for sale in 42 countries around the world.

For further information, please visit:

Websites: www.insujet.com and www.nugenmd.com

Instagram: @NuGenMD

Twitter: @NuGenMD

LinkedIn: https://www.linkedin.com/company/nugenmd/

For further information, please contact:

Tony Di Benedetto
Executive Chairman
(416) 791-9399
tony@nugenmd.com

Richard Buzbuzian
President
(647) 501-3290
richard@nugenmd.com

To arrange a media interview with NuGen, please contact:

Morna Gorman
(416) 553-1732
morna@nugenmd.com

Notice Regarding Forward-Looking Information:

Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186138