Singapore, July 28 -- US-based OSR Holdings, Inc., a global healthcare company advancing biomedical and wellness innovation, has signed a term sheet with Woori IO Co., a South Korean medical device company developing next-generation noninvasive glucose monitoring technology. The agreement sets forth certain key terms for a strategic acquisition of WORIO by OSR Holdings' Korean affiliate, OSR Holdings Co. (OSRK)

Under the proposed structure,WORIO will become a wholly owned subsidiary of OSRK. Shareholders of WORIO will receive newly issued shares of OSRK through the share exchange and may be eligible to convert them into OSRH common stock traded on NASDAQ, subject to certain conditions including "$10per OSRH share" condition.

WORIO's pro...