Joint venture pairs MindWave's blockchain infrastructure and digital-asset-backed capital, in the form of staking, with Skalup's insurance expertise to build reinsurance capacity in one of the world's leading insurance markets

MATAWAN, N.J., Nov. 09, 2026 (GLOBE NEWSWIRE) -- via IBN - MindWave Innovations Inc. USA ("MindWave"), a wholly owned subsidiary of Apimeds Pharmaceuticals US, Inc. (NYSE American: APUS), has entered into a Shareholders' and Joint Venture Agreement with Singapore-based Skalup Capital Pte Ltd ("Skalup") to establish an insurance and technology business in Bermuda under the working brand Monaco Insurance, subject to final regulatory approval.

The agreement brings together MindWave's blockchain technology and digital infrastructure with Skalup's underwriting expertise and regulatory support. The proposed venture will pursue the necessary insurance licensing from the Bermuda Monetary Authority ("BMA"). Insurance operations and product launches will be subject to incorporation and applicable regulatory approvals.

"This agreement creates a pathway to apply MindWave's technology within a regulated insurance business," said Dr. Vin Menon, Chief Executive Officer of MindWave Innovations. "By combining our blockchain infrastructure and proposed digital-assetbacked capital, in the form of staking, with Skalup's insurance expertise, we aim to build a foundation for long-term growth in Bermuda."

Upon formation, MindWave will hold 75% of the venture's common equity and Skalup will hold 25%. MindWave will lead technology deployment and provide digital-assetbased capital, in the form of staking, for yield generation. Skalup will focus on building a disciplined underwriting business supported by dependable technology. It will support the licensing application through actuarial, underwriting and regulatory documentation and, once operations commence, will manage underwriting, draw on its group relationships and distribution channels, and work with MindWave to develop insurance products within the approved regulatory framework.

Insurance Expertise Meets Blockchain Infrastructure

The venture's planned business lines are life annuity products and general insurance, with detailed business plans, distribution strategies and regulatory milestones to be developed and approved by its board. The partners also intend to explore opportunities to develop reinsurance capacity through globally rated reinsurance markets, within the approved business and licensing framework.

MindWave will develop blockchain-based systems to support the digitization and management of insurance contracts, policies and claims processes. The platform is intended to improve transparency, traceability and operational efficiency and to integrate the MindChain ecosystem, with implementation details to be established through further technical arrangements and applicable regulatory requirements.

MindWave will retain ownership of its underlying technology and intellectual property and will license its use, powered by MindChain, to the venture. MindWave will appoint the Chief Technology Officer, while the parties will jointly appoint the Chief Financial Officer. Key strategic decisions will require both parties' consent under the agreement's governance provisions.

The initial phase will focus on Bermuda incorporation, development of the business plans, preparation of licensing applications and construction of the technology platform. The operational phase will begin once incorporation is complete and the required regulatory approvals have been obtained.

About MindWave Innovations Inc.

MindWave Innovations Inc. USA, a wholly owned subsidiary of Apimeds
Pharmaceuticals US, Inc. (NYSE American: APUS), develops technology infrastructure and digital solutions for blockchain-enabled applications, data-driven platforms and emerging commercial ecosystems.

Through projects such as Monaco Insurance, MindWave is expanding the application of its technology into regulated insurance, reinsurance capacity and on-chain policy management.

For more information, visit https://www.mindwaveinnovations.com/

About MindChain

MindChain is a blockchain infrastructure developed within the MindWave ecosystem to support transparent, traceable and verifiable digital transactions. It is designed to provide the underlying ledger capabilities required for applications involving digital assets, registries, tokenized ecosystems and decentralized services.

About Skalup Capital Pte Ltd

Skalup Capital Pte Ltd is a Singapore-based holding company whose team brings more than 20 years of insurance experience, operations across 18 countries and more than US$400 million in assets under management.

Forward-Looking Statements

This announcement contains forward-looking statements regarding the formation, licensing, capitalization and operation of the joint venture, its reinsurance capacity and revenue potential, the custody and staking of digital assets, the development of its technology platform, and its planned insurance products. These statements are subject to risks and uncertainties, including incorporation and regulatory approval in Bermuda, digital asset price volatility, custody and staking risks, development timelines, underwriting performance and market acceptance. Actual results may differ materially from those expressed or implied. The company undertakes no obligation to update these statements except as required by applicable law.

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