NuGen Medical Appoints Industry Leader Ian Heynen as CEO

Toronto, Ontario--(Newsfile Corp. - October 12, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the "Company" or "NuGen") a leading developer of needle free devices to administer therapeutics subcutaneously, is pleased to announce it has appointed Mr. Ian Heynen as the Company's new Chief Executive Officer, effective November 1, 2023.

Mr. Heynen is recognized in the med-tech industry as a top-performing industry executive with over decades of experience leading technology-driven organizations including operational start-ups, turnaround situations, and accelerated growth companies. Mr. Heynen has experience leading and managing P&Ls for North American and International businesses with multi-site divisions and gross revenues of up to $600+ million. He holds exceptional med-tech commercial execution expertise in creating and implementing compelling strategic plans by building and aligning the organization towards strategic growth objectives to deliver bottom-line results.

Most notably, Mr. Heynen was integral to the launch and growth of the start-up Sentinelle Medical, attracting the multinational buyer Hologic Inc. At Hologic Inc., he held multiple positions, culminating in the role of acting President where he was responsible for Europe, Middle East and Africa, Canada, Latin America and the Asia Pacific regions, leading an international business with multi-site divisions and over 1,000 key associates, generating gross revenues of $600+ million.

Mr. Heynen holds a CMA-MBA combined program (Graduate Gold Medalist) from Wilfrid Laurier University (Toronto, Ontario), and a Master's in Applied Sciences in Chemical Engineering from the University of British Columbia (Vancouver, British Columbia). He also holds a Bachelor of Applied Science in Chemical Engineering from the University of Waterloo (Waterloo, Ontario).

Mr. Heynen lives in Toronto, Canada with his wife and is a father of 3. He has been a Board Committee Member of Kingsway College School since 2017.

"I saw an incredible opportunity with NuGen to quickly grow the Company globally. My experience and expertise fit perfectly with the trajectory of NuGen and its management team. As a seasoned med-tech company builder of over 20+ years, I am excited to make a difference and fired up with the opportunities ahead!" commented Ian Heynen.

"On behalf of the Company and the Board of Directors, I would like to welcome Ian to his new role as NuGen's CEO," commented Tony Di Benedetto, Executive Chairman. "Ian's expertise and appointment come at a perfect time as we build upon our turnaround successes achieved in 2023. NuGen has assembled the key ingredients for success which Ian's industry expertise fits perfectly with."

"The Board and I would also like to thank Richard Buzbuzian for his tireless devotion as CEO in what was a very difficult task. As we look ahead to 2023/2024 and beyond, we are excited to be working with Ian as we build NuGen into the next great med-tech story," added Di Benedetto.

Richard Buzbuzian remains President and a Director of NuGen and will continue to focus on capital markets, corporate finance and investor relations initiatives. Mr. Heynen will focus his attention on fully commercializing the Company with sales and manufacturing capabilities that drive growth, while effectively managing the P&L.

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
[phone]
[e-mail]

Richard Buzbuzian
President & CEO
[phone]
[e-mail]

To arrange a media interview with NuGen, please contact:

Morna Gorman
[phone]
[e-mail]

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.

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