Pacgen Announces New Management Structure and Reports on P113 Commercial Progress

Pacgen Announces New Management Structure and Reports on P113 Commercial

VANCOUVER, British Columbia, March  28, 2018 (GLOBE  NEWSWIRE) -- Pacgen  Life 
Science Corporation  (“Pacgen” or  the “Company”)  (TSX-V:PBS) is  pleased  to 
announce that  its  board of  directors  (the  “Board”) has  appointed  a  new 
management team to  support its  corporate growth.  The  Company also  reports 
that its sublicensed P113-based personal care products have gained traction in
Taiwan and expects its royalty income to rise.

New Management Structure

Ms. Christina Yip, Mr. Ivan Wong, Mr.  Sudhir Sharma and Ms. Andrea Chan  have 
been  appointed  as  Chief   Executive  Officer,  Executive  Vice   President, 
Operations, Executive Vice President, Business Development, and Interim  Chief 
Financial Officer, respectively.  Mr.  Chung Yu Wang,  Chairman of the  Board, 
has resigned from his interim CEO position to focus his leadership role at the
Board level.  The new management  appointments are part of Pacgen’s  continued 
efforts to  build an  international commercial  platform to  sell, market  and 
distribute innovative  consumer health  products developed  by small  business 
enterprises.  It has recently created  distribution hubs in Taipei and  Delhi, 
and signed collaborative agreements  with companies based  in South Korea  and 
Hong Kong toward upcoming  product launches.  The  Company currently has  sale 
and distribution rights to four distinctive brands with over seventy  personal 
care products. 

“We are very pleased to have our  new executives, Mr. Sharma and Mr. Wong,  on 
board,” said Chairman  Wang.  “Their  experience adds  depth to  our team  and 
allows us  to  accelerate our  business  development progress.   We  are  also 
delighted to announce  the promotions of  Ms. Yip  and Ms. Chan.   As we  have 
worked together  over  the years,  I  have come  to  know them  as  dedicated, 
passionate,  persistent  and  energetic  executives.   Their  promotions   are 
well-earned and well-deserved.” 

Mr. Sharma brings to Pacgen over 25 years of international business experience
gained in  multiple  sectors.   Armed  with  a  mechanical  and  manufacturing 
engineering background, he  has built a  solid track record  in all phases  of 
product development. Prior to joining Pacgen, Mr. Sharma held senior  engineer 
positions with multinational companies headquartered in Japan, India, Germany,
USA and  Canada.   Mr.  Sharma currently  also  serves  as a  director  of  3A 
International Technology  Inc., where  he oversees  and provides  guidance  to 
multiple start-up  ventures in  business development  and product  penetration 
into the South Asian markets.  Mr. Sharma holds an MBA Degree and a Master  of 
Engineering Degree.

Mr. Wong has more than 15 years of experience in leading and managing customer
support operations  in  the  healthcare IT  sector,  primarily  with  McKesson 
Corporation (“McKesson”), following an entrepreneurial experience in his early
career.  At  McKesson,  he  has  led many  change  management  and  continuous 
improvement projects.   He  brings a  track  record  of running  a  sound  and 
efficient operation, coupled with  a high level  of customer satisfaction  and 
employee engagement.   Mr. Wong  holds an  MBA  degree and  a B.Sc  Degree  in 
Mechanical Engineering. 

The Company also announced today that  it has granted incentive stock  options 
(“Options”) to  executives and  employees  of the  Company  for the  right  to 
purchase up to an aggregate of 1,775,000 common shares of the Company.   These 
Options are exercisable at  a price of  $0.08 per share, for  a term of  eight 
years.  Ten percent of the Options  vest immediately and the remaining  ninety 
percent of the Options will vest  over three years in three equal  instalments 
commencing on March 27, 2019.  The terms  of the stock options granted are  in 
accordance with the Company's Stock Option Plan.

P113 Commercial Developments

The Company’s  P113  sub-licensing partner,  General  Biologicals  Corporation 
(“GBC”), announced  earlier in  March 2018  that it  has achieved  significant 
commercial traction  with  P113-based  oral care  products.   These  products, 
marketed under  the  Oh-Care  brand,  have  contributed  to  growth  in  GBC’s 
consolidated  revenue.   In   addition,  GBC  has   launched  new   P113-based 
toothpastes for children and  arranged to work  closely with Chlitina  Holding 
Limited, a leading skincare company in  Greater China regions, to develop  new 
P113-based skin care products.   Based on the recent  quarterly sales by  GBC, 
Pacgen expects its royalty income from GBC to rise. 

About Pacgen
Pacgen is a  life sciences  company focused  on building  a global  commercial 
platform to market innovative  consumer health products  developed by SMEs  in 
North  America.   Currently,  the  Company   has  marketing  rights  to   four 
distinctive brands  with over  seventy different  products in  two  reportable 
market segments, including oral care  and skin care.  These products  marketed 
under the tradenames of P113+™, DermaMed™, DermaSoleil™ and Deserving  Health™ 
have reached markets in Asia  and North America.  For additional  information, 
please visit


Forward looking Statements

Certain  statements  included  in  this   press  release  may  be   considered 
forward-looking.  Pacgen disclaims  any intention or  obligation to update  or 
revise any forward-looking statements, whether as a result of new information,
future  events   or  otherwise,   except  as   required  by   law.   For   all 
forward-looking statements, Pacgen claims the safe harbour for forward-looking
statements within the meaning of the Private Securities Litigation Reform  Act 
of 1995.

For further information, please contact:
Christina Yip
President and Chief Executive Officer
Tel: 778-389-4323

Primary Logo
Press spacebar to pause and continue. Press esc to stop.