Nexalin Technology, Inc. announced it has formalized a joint venture arrangement (JV) with Wider Come Limited (Wider). The JV, to be conducted through a company newly-formed under the laws of Hong Kong, will be engaged in the clinical development, marketing, sale and distribution of Nexalin's second generation transcranial Alternating Current Stimulation ("tACS") devices ("Gen-2 devices") in China and the greater Asia Pacific region. In addition, Wider is contractually obligated to fund, have conducted, and have published the results of four separate clinical trials evaluating the treatment of patients with insomnia, depression, and other indications, utilizing Nexalin's Gen-2 devices.

Previously, Wider served as an authorized distributor of the Company's Gen-2 devices in Asia. Wider's role is expanded under the newly-formalized JV to include the funding of all operations of the JV for the next 12 months, after which Nexalin and Wider plan to jointly fund the JV's operating expenses in accordance with their pro rata ownership. Wider and Nexalin will own 52% and 48% of the JV, respectively.