GNI Group Ltd. announced that it has signed a binding MOU to form a joint venture (JV) with a unit of EPS Group. Through the existing medical device representation services provided for offshore companies, this JV will focus on introducing foreign medical device products, including biomaterials into the Japanese market. The new JV will be 60% owned by the Group.

The JV will be based in Tokyo with 9 staff and is projected to expand its staffing and customer base over time. The JV is expected to have a modest, but positive impact on the Group's financial performance and will be included accordingly under the Medical Device segment of reported financials. The company expects final details to be concluded by the end of this year or First Quarter 2023.

This JV represents the Group's small, but first significant step to establish an operating presence in Japan. Over time the company expects to expand the JV's business and customer base to take advantage of strong presence in the US and China. The medical device/biomaterial business has been a profitable cornerstone of the Group since 2017.