The Board of Directors of Bioalpha announced that Bioalpha (Hainan) Health Biotechnology Limited on 17 September 2021 entered into a joint venture agreement ("JVA") with Suzhou Medicalsystem Technology Co. Ltd. to formalize and set out the basic terms of their relationship with each other via their respective investment participation in the joint venture through a joint venture company ("JVCO") to be incorporated to carry out the business of the joint venture in Suzhou Industrial Park, Jiangsu Province, China. Based in Suzhou, Jiangsu, China, MEDIC provides total solutions in clinical informatics and digitalization of hospital processes, be it administrative or otherwise. The target is to improve and enhance the level of healthcare informatics industry in China. As a leader of Clinical Informative System ("CIS"), its products were initially concentrated in anaesthesia clinical informative system and the ICU information system, after which they have extended to providing the "Intelligent Clinic" total solutions that included operation theatre, specialist ICU center, emergency center, hemodialysis center, wards and many other features. Its products are now in operation in hospitals from more than 32 provinces in China and gain the majority of market for the field of CIS. It also has connections to 80% of hospitals that are of triple-A grade in China, as well as pharmacies nationwide. The Proposed Joint Venture is to capitalize on the regional expertise of MEDIC in China as they are well-known across many hospitals within China and has its own hospital, Haikou Mary Hospital Co., Ltd. in Hainan, China that specializes in fertility treatment. MEDIC would aid in the registration of products to be commercialized after its knowhow and formulations have been transferred to the JVCO, that would considerably shorten the time required due to its familiarity with the necessary processes. In addition, MEDIC would also be able to recommend suppliers and contract manufacturers in the surrounding region to accelerate operation commencement date. Barring any unforeseen circumstances, the Proposed Joint Venture is expected to benefit the Bioalpha Group.