Toronto, Ontario--(Newsfile Corp. - January 26, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the "Company") announces that it has closed its previously announced non-brokered private placement of units as described in its press release dated December 28, 2022 for total aggregate proceeds of $125,000. No additional tranches will be completed. The proceeds will be used by the Company for corporate and general working capital purposes.

Further, the Company is pleased to announce a new non-brokered private placement financing (the "Offering") for up to 50,000,000 units (each a "Unit") of the Company at a price of $0.05 per Unit for gross proceeds of up to $2,500,000. Each Unit will be comprised of one (1) common share in the capital of the Company and one (1) common share purchase warrant exercisable at a price of $0.05 per common share for a period of 24 months from the date of issuance. Gross proceeds raised from the Offering will be used for working capital and general corporate purposes.

Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

The Offering is expected to close on February 7, 2023.

Subject to the closing of the Offering in the minimum amount of $2,250,000, the Company has agreed to appoint Richard Buzbuzian as President and Chief Executive Officer of the Company replacing Derek Lindsay who will resign as an officer and director of the Company upon such appointment. The Company intends to announce a director to fill the vacancy created by Mr. Lindsay's resignation should the minimum financing be closed as noted above.

Richard Buzbuzian is a capital markets executive with over 25 years of investment experience in Canada and Europe. Most recently, Mr. Buzbuzian was president of Drone Delivery Canada, which he co-founded and assisted with its going public transaction and financing activities in raising over $120M. Mr. Buzbuzian holds a degree from the University of Toronto.

Further, the Company would like to announce that William Cleman has resigned as a director of the Company and will be replaced by Philip Cortese and Veronique Laberge has decided to resign as CFO and Corporate Secretary of the Company effective January 31, 2023. The Board thanks both Mr. Cleman and Ms. Laberge for their contributions to the Company and wish them all the success in the future. The Company welcomes Mr. Philip Cortese to its board of directors and is actively searching for a CFO and Corporate Secretary to replace Ms. Laberge.

Mr. Cortese is a seasoned Banker with over 30 years of experience in the Financial Institution Industry and has held senior managerial positions at RBC, TD Bank and CIBC for over half of those years. In 2002, he was recruited by TD Bank to head the Quebec office of their Real Estate Financing Commercial Mortgage-Backed Securities (CMBS) origination group as Vice President for the Quebec region. The CMBS group originated close to a billion dollars of new commercial mortgages over a period of just 4 years. In October of 2012, he joined a local real estate Investor Mr. Kheng Ly and together, branded the development company now known as Brivia Group. Mr. Cortese is a former Canadian Securities Institute graduate and a licensed Commercial Real Estate Broker.

This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About NuGen Medical Devices

NuGen is an emerging specialty medical device company developing the next generation of needle-free technologies and other innovative medical delivery products. The company's products, which include the InsuJet™ and PetJet™ needle-free injection systems, are designed to improve the lives of millions of people and animals. NuGen continues to receive approval in numerous countries, including Canada. NuGen's products are designed for use in several important fields including, but not limited to, diabetes, veterinary medicine, and vaccines.

For further information, please visit:

Website: www.nugenmd.com
Twitter: @NuGenMD
LinkedIn: https://www.linkedin.com/company/nugenmd/

For further information, please contact:

Veronique Laberge
Chief Financial Officer
NuGen Medical Devices Inc.
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Investor Relations Contact:

Kin Communications Inc.
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(604) 684-6730
Twitter: @KinComm

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.