Liberty Biopharma Inc. announced that it has entered into a letter of intent with HooXi, known as CTC Life Sciences Inc. dated June 28, 2018 whereby Liberty proposes to acquire 100% of the issued and outstanding shares of HooXi in an arm's length transaction with the shareholders of HooXi retaining an earnings before interest, taxes, depreciation and amortization royalty of 45% on the HooXi operations. It is proposed that at the completion of the Transaction, Liberty will appoint Dr. Bruno Wu and Avis Zhu as Directors, with Dr. Wu assuming the role of Chairman and Avis Zhu assuming the role of CEO. Liberty's current CEO, Norman Tsui will remain with the Company as President and Vice- President, Finance.

Alan Tam will remain as Liberty's CFO. In addition to being the CEO of HooXi, Dr. Wu is the Chairman and CEO of Seven Stars Cloud Group Inc. Ms. Avis Zhu is the Chairman and CEO of Sun Medical Group and has close to 20 years of successful experience in media, public relations and brand management. She served as the Vice President of Sun Media Group Holdings Limited responsible for brand PR and publication before joining Sun Seven Stars Entertainment & Media Group Ltd. At the close of the transaction, the new Liberty Board of Directors will consist of Dr. Bruno Wu, Bohdan Romaniuk, Avis Zhu, Dr. Michael McNamara, Dennis Nerland and Norman Tsui.

Dr. Peter Neweduk, meanwhile, will retire from the Board.