November 7, 2018 – Batavia, New York – First Wave Technologies, Inc. (“First Wave” and “company”), announces that the company has agreed to merge its two subsidiaries, Medical Conservation Devices, LLC, (MCD) and First Wave Products Group, LLC (FWPG) into one company – First Wave Technologies, Inc., with two product lines.  The rationale for merging the subsidiaries is to streamline First Wave’s corporate, operational, and financial structure; support the company’s efforts to further develop each subsidiary’s respective products; and provide the best outcome in the interest of its shareholders. All necessary approvals have been received for the merger.

The merger has resulted in three key takeaways:

  1. Ownership – First Wave Technologies, Inc. will now own ~100% of each subsidiary. Previously, First Wave owned a majority position (55-60%) of each subsidiary.
  2. Equity Investment – The merger will provide an additional $1M in equity financing to First Wave. Proceeds will be primarily used to achieve regulatory approval for Clarity-IA®, an inhaled sedation device.
  3. Debt Reduction – The merger will eliminate $7M of debt in the subsidiaries, which has now been converted to equity in First Wave.

“After assessing what solutions would create the best outcomes for our shareholders, it was determined that a corporate restructuring would be the best course of action. As First Wave’s businesses continue to grow and further evolve, it was important for the capital structure to be as simple and straight forward as possible. We feel that we have achieved this goal with our new capital restructuring and are pleased that both the board and shareholders of First Wave share the same vision. Moving forward, we feel that First Wave will be in a better position to attract new investors and form other financial and strategic relationships that will further enhance shareholder value.”

About First Wave Technologies, Inc.
First Wave Technologies, Inc. is a medical device company developing products for the acute care and long-term care market. The focus is to disrupt areas of healthcare with innovative products which have not seen meaningful change historically for the improvement of patient care. Current products are centered around improving the ease and accuracy of pharmaceutical delivery. For more information, please visit and

Corporate Contact:
Brian Bell
Chief Executive Officer and Director
First Wave Technologies, Inc.
99 MedTech Dr.
Batavia, New York 14020
Phone: +1.877.784.0269

Investor Contact:
Jennifer K. Zimmons, Ph.D.
Investor Relations
Zimmons International Communications
Phone: +1.917.214.3514

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