PRESS RELEASE - 9 November 2022; Limassol, Cyprus, and Warsaw, Poland

ASBISc Enterprises Plc (WSE: ASB), a leading Value-Added Distributor, developer and supplier of IT and IoT products, solutions and services in the growing markets of Europe, Middle East and Africa, invested EUR 800 thousand in the Promed Bioscience Ltd, a biotechnology company that is working on developing advanced collagen biomaterials for research and clinical applications. 

The funds will be used to expand the company’s production capacity, accelerate its further expansion in the United States as well as in the European and Middle East region, and contribute to furthering Promed Bioscience's position as a major player in the global regenerative medicine market, currently valued at over USD 5 billion. 

This is yet another investment by ASBIS in a company from the biotechnology sector. The first was EMBIO Diagnostics company in which ASBIS invested EUR 1 million in December 2021. 

Promed Bioscience is a Cypriot biotechnology company founded in 2017 by a multidisciplinary team of scientists and entrepreneurs, that produces collagen-based biomaterials, including highly purified medical-grade atelocollagen from animal tissues, can be used in various formulations to replace the body’s native collagen and serve as the biomaterial of choice in advanced clinical applications such as 3D bioprinting, tissue engineering, organ regeneration and novel drug delivery systems. 

Serhei Kostevitch, CEO of ASBIS Group,commented: “ASBIS has long talked about diversifying its business, and biotechnology is one of those segments that we are interested in. Scientific innovation is the path to a healthier society, so we are investing in a company that can play an important role in such a future-oriented and rapidly evolving field as regenerative medicine. We are also glad that Promed Bioscience joins our High Tech Cluster in Limassol. I am convinced that this will foster even greater innovation and will initiate new ways of thinking that can lead to novel discoveries with a global impact."

Collagen is a protein found in connective tissue, skin, tendon, bone and cartilage. It provides structural support to tissues to combat the breakdown and loss of connective tissue from daily wear and tear, injury or disease. Scientists also use collagen in routine cell culture applications as it provides a natural scaffold for cells to grow under conditions like those found within the human body. 

Costas Pitsillides, Co-founder and CEO of Promed Bioscience, commented: “We are pleased that ASBIS is joining us as an investor and strategic partner who will help us further develop not only our already established commercial activity in the USA, but also expand our sales network in Europe and the Middle East. The development of state-of-the-art laboratories, which are housed in the brand new ASBIS High-Tech Cluster, will accelerate our plans for producing collagen for R&D and clinical applications under GMP and ISO conditions. More importantly, this partnership will bring us even closer to becoming one of the world's premier suppliers of innovative biomaterials in the rapidly expanding space of regenerative medicine.”  

About ASBISc Enterprises Plc 

ASBIS Group is a leading Value Add Distributor, developer and provider of IT, IoT products, solutions and services to the markets of Europe, the Middle East and Africa (EMEA) with local operations in Central and Eastern Europe, the Baltic republics, the former Soviet Union, the Middle East and North Africa. 

The business of ASBIS is based on three pillars:
1. Distribution of hardware and software for Client Computing and Data Centers, consumer electronics thru:
    a.   Retail chains and e-tailers
    b.   Resellers to small and medium business
    c.   Large enterprises.
2. Full stack in creation of world class products. From scientific research and development to design and engineering, firmware and software, production and marketing of IT and IoT products and solutions via own brands:
    a.      Aeno (small home appliances).
    b.     Canyon (smart watches, power banks, accessories for computers and mobile devices)
    c.     Perenio (IoT platform, IoT routers, applications and peripherals for smart office/ home, smart health).
    d.     Prestigio (smart devices and accessories, innovative solutions for business and education, etc.)
    e.     Lorgar (accessories for gaming and streaming)
3.     Complex solutions sales projects to large enterprises via extensive networks of System Integrators and Value Add Resellers. 

ASBIS was founded in 1990, since 1995 operates from Cyprus. Company has two master distribution centers located in the Czech Republic and in the United Arab Emirates, subsidiaries in 27 countries, more than 2,200 employees and about, 20 000 active customers in 56 countries worldwide. In 2021, the Group delivered sales of close to USD 3.1 billion. 

The Company’s stock has been listed on the Warsaw Stock Exchange since October 2007 under the ticker symbol “ASB” (ASBIS). 

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About Promed Bioscience 

Promed Bioscience, founded in 2017 by a multidisciplinary team of scientists and entrepreneurs, is a biotech company that produces collagen-based biomaterials, including highly purified medical-grade atelocollagen, to address emergent needs in the research and medical fields. Promed Bioscience aims to provide science-based solutions as the aging of the population presents new challenges to health and wellbeing by developing high quality collagen products from animal tissue and distributing them internationally for a wide range of research, clinical and cosmeceutical applications. 

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