Forwardly, Inc. Provides Shareholder Update

Rhea-AI Summary

Forwardly, Inc. (OTCMKT: FORW) CEO George Sharp reported significant updates for shareholders. Ligand Innovation Global’s application for Emergency Use Authorization of the LifeAir Portable Ventilator was rejected by the FDA due to a decrease in perceived emergency status. Ligand plans to pursue full FDA approval and seeks international opportunities. Meanwhile, Forwardly's $200,000 convertible loan to Maverick Energy Group is in default, prompting litigation to recover funds. Additionally, Forwardly has invested $200,000 in Worldwide NFT, Inc., acquiring a warrant to buy shares in the future.

Positive

• Forwardly is pursuing international opportunities for Ligand's ventilator in Ghana and Saudi Arabia.
• Forwardly invested $200,000 in Worldwide NFT, Inc., indicating a strategic move into the NFT market.

Negative

• FDA rejection of Ligand's ventilator application signifies a setback in product development.
• Maverick Energy Group's loan default could result in financial losses and legal expenses for Forwardly.

Henderson, NV, July 07, 2022 (GLOBE NEWSWIRE) -- George Sharp, CEO of Forwardly, Inc. (OTCMKT: FORW), provided the following updates to the company’s shareholders.

Ligand Innovation Global

The United States Food and Drug Administration (“FDA”) has informed Ligand Innovation Global ("Ligand") that it has rejected Ligand’s application for Emergency Use Authorization of the LifeAir Portable Ventilator, also known as the VitaCaeli Portable Ventilator, as the current situation is no longer adjudged to be an emergency. Ligand is a partially owned subsidiary and partner of Forwardly, Inc.

“In interpreting the feedback from the FDA, together with our FDA counsel at Hogan Lovells, it is our understanding that emergency approvals typically would involve a situational review and then an in-depth product review for safety and quality. In this case, we understand that the FDA only conducted a situational review and arrived at the conclusion that given the current situation with therapeutics and vaccines, ventilators are no longer considered critical. As such, the FDA is no longer issuing emergency approvals, and in fact, is now requiring those ventilator manufacturers who did receive emergency approvals, to file for a full approval,” stated Ligand CEO, Dr. Dayo Olakulehin. “Our prime focus is now the preparation of a full application to the FDA, while continuing to explore alternate jurisdictions. As we speak, our attorneys at Hogan Lovells are preparing for a pre-submission meeting with the FDA prior to submitting a 510k application for full approval.”

In the meantime, Ligand has fulfilled a request for a demo unit from the Food and Drug Authority of the nation of Ghana and the authority is now receiving video training from Ligand.

The Food and Drug Authority of the Kingdom of Saudi Arabia has invited Ligand to submit an application for approval its ventilator and the company is now preparing for that application. Preparation includes the requirement of electromagnetic interference testing for medical devices (“EMC testing”). Ligand is engaging TÜV SÜD to complete the required EMC testing and believes that the current version and subsequent iterations of the VitaCaeli Portable Ventilator will meet standards.

Maverick Energy Group

On April 15, 2021, Forwardly announced that it had issued a one year fixed rate convertible loan to Maverick Energy Group, Inc. (OTCMKT: MKGP) in the amount of $200,000. That loan is now default, and Forwardly has filed litigation in Nevada seeking to recover the principle, interest and attorney’s fees from Maverick. Forwardly’s CEO, George Sharp, is also party to that litigation as he is seeking recoverable damages that resulted from his own personal loan of $100,000 to Maverick.

Worldwide NFT, Inc.

On July 1, 2022, Forwardly agreed to provide seed capital to Worldwide NFT, Inc. (OTCMKT: WNFT) through the purchase of a WNFT warrant, upon FINRA’s execution of WNFT’s name change and forward split. That having been done, Forwardly has agreed to purchase a warrant from WNFT providing for the right to purchase 5 million WNFT warrant shares at $.32 per warrant share. The warrant must be exercised either in full or in part within two years of issuance. Forwardly will pay WNFT $200,000 for this warrant.

About Ligand Innovation Global, Inc.

Ligand IG continues development of the LifeAir G1 Emergency Portable Ventilator, also known as the VitaCaeli Portable Ventilator to address the expense of conventional ventilator systems which require the intubation and sedation of the patient. Ligand IG expects these units to become readily available, at a greatly reduced cost, to hospitals, nursing homes, and other sites where emergency, life-saving equipment, such as defibrillators are a necessity. Additional information regarding Ligand IG can be found at www.LigandGlobal.com.

About Worldwide NFT, Inc.

WNFT is now in discussions/negotiations to acquire assets in the NFT (Non-Fungible Tokens) and Blockchain space. NFTs can be exchanged or traded equivalently like other cryptographic assets as they are financial securities consisting of digital data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded.

About Forwardly, Inc.

Forwardly is an opportunity investor seeking to partner in fresh ideas. The company is headed by George Sharp, a longtime whistleblower, advocate against microcap fraud, and defender of shareholder rights. In addition to his continued participation in these activities, Mr. Sharp consults to public companies, attorneys and those associated with the financial markets. He is also a former consultant to OTC Markets Group, Inc. Further information about Forwardly, Inc. can be obtained through its website at www.ForwardlyPlaced.com

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.

CONTACT:

Forwardly, Inc.
3535 Executive Terminal Drive
Suite 110
Henderson, NV 89052
702-840-4433

FAQ

What was the FDA's decision regarding Ligand Innovation Global's ventilator application?

The FDA rejected Ligand's Emergency Use Authorization application for the LifeAir Portable Ventilator, indicating that it no longer considers ventilators critical.

What steps is Ligand taking after the FDA rejection?

Ligand plans to submit a full application for FDA approval and explore opportunities in alternate jurisdictions.

Why is Forwardly filing litigation against Maverick Energy Group?

Forwardly is seeking to recover funds from Maverick due to default on a $200,000 loan.

What investment did Forwardly make in Worldwide NFT, Inc.?

Forwardly agreed to invest $200,000 in Worldwide NFT, Inc. by purchasing a warrant to buy shares at a future date.