Neofect Approves All Agenda Items at Extraordinary Shareholders' Meeting... Accelerates Expansion into New Businesses

KOSDAQ-listed company Neofect announced on December 2 that key agenda items related to business diversification were approved as originally proposed at the extraordinary general meeting of shareholders held on December 1. As a result, the company will expand its portfolio from its existing rehabilitation and healthcare-focused business into the advanced materials and basic chemicals industries, thereby securing new growth drivers.

At this shareholders' meeting, new business objectives were added through amendments to the articles of incorporation. The new business areas include: ▲ manufacturing of other basic inorganic chemical substances ▲ manufacturing of aluminum, magnesium, strontium, barium oxides and peroxides ▲ manufacturing of organic mixed solvents. The company plans to create technological synergy with the bio and beauty sectors and establish a stable revenue structure that can respond to changes in the external environment.

Baek Myunghun, CEO of Neofect, stated, "With the passage of these agenda items, Neofect has taken its first step toward becoming an advanced materials technology company beyond healthcare. We will stabilize our financial structure by the end of the year and lay the foundation for a full-fledged growth transition next year."

Meanwhile, Neofect completed a paid-in capital increase on November 27, improving key financial indicators such as total equity, debt ratio, and current ratio. In the third quarter of this year, the company succeeded in turning a profit, thereby establishing a foundation for sustainable growth.