Toronto, Ontario--(Newsfile Corp. - September 11, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the "Company" or "NuGen") is pleased to report it has received $1,302,000 through the exercise of 25,290,000 warrants having an exercise price of $0.05 expiring February 14, 2025, and 750,000 options at $0.05 expiring December 13, 2027.

"The early exercise of the 5-cent option and warrants has improved the capitalization table considerably while providing additional working capital to the Company," reported Veronique Laberge, CFO. "NuGen would like to thank those shareholders who elected to exercise early."

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
This email address is being protected from spambots. You need JavaScript enabled to view it.

Richard Buzbuzian
President & CEO
(647) 501-3290
This email address is being protected from spambots. You need JavaScript enabled to view it.

To arrange a media interview with NuGen, please contact:

Morna Gorman
(416) 553-1732
This email address is being protected from spambots. You need JavaScript enabled to view it.

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.