Mountain Valley MD Holdings Inc. planned to Introduce Soluvec 1% Coated Fish Feed in Bangladesh by May of 2024. The Company has applied its Quicksol solubilization technology to the drug Ivermectin to create its Soluvec 1% product formulation, which was designed to provide a safer and more effective solution that can be administered broadly across the husbandry animal and aquatic species marketplace. The Company previously disclosed positive outcomes of multiple pharmacokinetic trials that were conducted under the supervision of The People's Republic of Bangladesh?s Ministry of Fisheries & Livestock for an injectable Soluvec 1% solubilized Ivermectin technology, and Soluvec 1% coated standard fish feed across farmed fish species.

The trials indicated that Soluvec 1% is 2,500 times more soluble than standard Ivermectin, enhancing its efficacy and its ability to be absorbed. In aquaculture, Soluvec 1% treated feed led to enhanced growth and survivability outcomes in species like Indian Catfish and Tilapia, indicating potentially substantial benefits for biomass production. The Company entered a license agreement with a privately held Ontario corporation (the ?Licensee?) for its Soluvec 1% animal husbandry applications for the territory of the People's Republic of Bangladesh.

In exchange for a royalty percentage against net sales, the agreement provides the Licensee with the exclusive rights, within Bangladesh, to work through its partners inside the territory to coordinate Soluvec 1% manufacturing and distribution of related Soluvec 1% products, both in injectable and food coating applications. Management has been advised by the Licensee that the Licensee has received necessary government approvals and completed the manufacturing agreements that enable the Licensee to commence manufacturing of the Soluvec 1% coated standard fish feed for farmed fish species within Bangladesh. The Licensee has confirmed it is working with its manufacturing partner to commence production and finalizing plans to introduce Soluvec 1% coated standard fish feed in Bangladesh by May of 2024.

The Company continues to evaluate the opportunity to license its Soluvec 1% product in territories outside of Bangladesh. Management?s belief is that the government product approval from Bangladesh granted to the Licensee for farmed fisheries enables the Company to look at strategic business development initiatives outside of Bangladesh in line with anticipated product production in Bangladesh in the 2024 calendar year. The Company believes that sending commercially manufactured samples of the Soluvec 1% product will reduce costs and enable several independent evaluation trials to happen simultaneously with potential key partners in a variety of territories.

To safeguard its intellectual property and the Company?s licensing royalty model, the Company has initially filed for Quicksol patent protection in key markets it has deemed strategically important at this time for expansion outside of Bangladesh. MVMD has filed for Soluvec protection in 12 additional markets outside of the United States, including Canada, China, India, Mexico, Sri Lanka, Thailand, Philippines, Malaysia, Brazil, Peru, Argentina, and Chile.