JW Biotech "Baekoksaeng Korea to Participate in Paid-in Capital Increase and Appoint New Director"

GW Biotech announced on the 17th that it will appoint new directors following Baekoksaeng Korea's participation in a third-party allotment paid-in capital increase for management involvement.

On the same day, Baekoksaeng Korea officially confirmed its participation in the paid-in capital increase. Accordingly, GW Biotech held an emergency board meeting and decided to convene an extraordinary general meeting of shareholders. The agenda for the shareholders' meeting was finalized to appoint three directors recommended by Baekoksaeng Korea, including Lee Mi-young (currently a professor at Gyeongbuk Provincial College), consisting of two inside directors and one outside director.

Baekoksaeng Korea is a company that has led the globalization of herbal cosmetics by inheriting the spirit of the Baekoksaeng brand, which has been a pioneer in herbal cosmetics for 45 years. It was registered in the Guinness Book of Records for the world's first 'organic' product, is registered with the US FDA, and holds original technology for herbal cosmetics. It is a herbal cosmetics company with over 300 affiliated stores and sales networks nationwide, both franchised and non-franchised.

A GW Biotech official stated, “With Baekoksaeng Korea's declaration to participate in this paid-in capital increase and management involvement, our company's global scientific equipment distribution expansion and new business initiatives will gain momentum.” He added, “We plan to realize the scientific verification of the effects of Baekoksaeng Korea's herbal cosmetics expertise going forward.”