Thyroid Nodule

Baird Medical agreed to subject 30% of its shares to be received in the transaction to an earnout at a $12.50 trading price Minimum cash condition of $15 million has been waived, cementing certainty and expediency to our transaction close Upon closing, Baird Medical is expected to trade on Nasdaq under the ticker symbol "BDMD" FORT MILL, S.C., March 12, 2024 /PRNewswire/ -- Betters Medical Investment Holdings Limited ("Baird Medical" or the "Company"), a leading microwave ablation ("MWA") medical device developer and provider in China and the United States, and ExcelFin Acquisition Corp. ("ExcelFin") (NASDAQ: XFIN), a publicly traded special purpose acquisition company, today announced a strategic update to their previously announced business combination agreement. Baird Medical and ExcelFin believe the revised terms reinforce the long-term value creation opportunity for shareholders. In December 2021, China's National Medical Products Administration ("NMPA") announced that it would no longer apply Class II certifications for medical devices intended for human body insertion, but would subject such devices which include MWA devices, to the more stringent Class III certification, effective immediately. Baird Medical's Class II certificate expired during March 2023, and its new Class III certificate was approved in July 2023, after Baird Medical spent four years to obtain its Class III certificate. Baird Medical is one of only four entities to hold Class III certificates for MWA devices for thyroids, with other competitors who previously relied on Class II certificates locked out of the market until they upgrade to Class III certificates. Given the high demand for the Company's products, and in anticipation of the nationwide transition to Class III licenses, Baird Medical's distributors and hospitals built up substantial stocks of its needles during 2022. This accumulated inventory was then utilized during 2023, leading to a subsequent decline in sales of the Company's needles. At the same time, the Company faced administrative delays in re-registering its Class III product, with significant delays in certain provinces causing extended sales pipelines. The combination of these factors, coupled with the prevailing macro environment in China, resulted in Baird Medical recording 2023 revenues 29% below its previously disclosed projections. The updated transaction terms were in part driven by Baird Medical's lower than expected 2023 results. To facilitate broader acceptance of its MWA procedure, the Company is in active discussions with local Chinese authorities to include the treatment in a greater number of provincial medical insurance policies. These efforts have resulted in fourteen provinces in China providing partial reimbursement for the procedure as of the end of 2023, up from nine at the end of 2022. Beijing, Shanghai, Hubei, Henan and Shaanxi are the important regional markets that currently include Baird Medical products in their insurance coverage. Furthermore, Baird Medical aims to increase the percentage of the procedure's expenses eligible for reimbursement under Chinese provincial health insurance schemes. At the same time, the Company is engaged in collaborative initiatives with distributors and medical professionals to educate patients on the necessity of undergoing the procedure at an early stage. Ms. Haimei Wu, Founder and CEO of Baird Medical, commented, "The updated business combination terms signal our confidence in our positive free cash flow generation capabilities and our ability to resiliently navigate through macro headwinds while generating revenue and profitability growth. Notably, we have agreed to subject 30% of the Baird Medical shares to an earnout, with vesting achieved if the volume-weighted average price is greater than or equal to $12.50 over any 20 trading days within a 30-day trading period, demonstrating our confidence in Baird Medical's long-term prospects In addition, we have made the strategic decision to waive the previously agreed upon minimum cash condition of $15 million. Today's announcement is a testament to our commitment to delivering significant upside potential and long-term value for both current ExcelFin shareholders as well as future shareholders of Baird Medical." Baird Medical remains optimistic regarding its significant upside potential and long-term value creation. "Baird has completed a series of pilot MWA procedures in the U.S. and is engaged in discussions with six major medical institutions," Ms. Wu noted. "These include Tulane Medical Center, Weill Cornell Medicine, Stanford Medicine, Johns Hopkins Medicine, NYU School of Medicine, and Columbia University, as well as private clinic doctors. With our proven technology adaptable to a range of indications, our expanded geographical footprint, and a sizable total addressable market, we are optimistic that Baird Medical is well-positioned to deliver long-term sustainable value for shareholders." Additional Information and Where to Find It On June 26, 2023, ExcelFin, Betters Medical, Baird Medical Investment Holdings Limited ("PubCo"), Betters Medical Merger Sub, Inc. ("Merger Sub") and Tycoon Choice Global Limited ("Tycoon"), entered into a Business Combination Agreement (the "Business Combination Agreement"). In connection with the transactions contemplated by the Business Combination Agreement (the "Transactions"), PubCo has filed with the SEC a registration statement on Form F-4 (Registration No. 333-274114), which includes a proxy statement/prospectus and other relevant documents, which will be both the proxy statement to be distributed to ExcelFin's stockholders in connection with ExcelFin's solicitation of proxies for the vote by ExcelFin's stockholders with respect to the proposed business combination and other matters as may be described in the registration statement, as well as the prospectus relating to the offer and sale of the securities of PubCo to be issued in connection with the business combination. STOCKHOLDERS OF EXCELFIN ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTIONS THAT PUBCO AND EXCELFIN WILL FILE WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS AND THE PARTIES TO THE PROPOSED TRANSACTIONS. Stockholders and investors may obtain free copies of the proxy statement/prospectus and other relevant materials and other documents filed by PubCo and ExcelFin at the SEC's website at . Copies of the proxy statement/prospectus and the filings incorporated by reference therein may also be obtained, without charge, on ExcelFin's website at or by directing a request to: ExcelFin Acquisition Corp., 100 Kingsley Park Drive, Fort Mill, South Carolina 29715. Participants in Solicitation Each of PubCo, ExcelFin and Baird Medical and their respective directors, executive officers and certain employees, may be deemed, under SEC rules, to be participants in the solicitation of proxies in respect of the proposed Transactions. Information regarding ExcelFin's directors and executive officers, PubCo, Baird Medical and the other participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in PubCo registration statement described and other relevant materials filed with the SEC. These documents can be obtained free of charge from the sources indicated above. Non-Solicitation This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Transactions and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of ExcelFin, Baird Medical, PubCo, or Tycoon, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. About Baird Medical Established in 2012 and headquartered in Guangzhou, China, Baird Medical is a leading microwave ablation (MWA) medical device manufacturer and provider in China and the United States. Baird Medical's proprietary medical devices are used for the treatment of benign and malignant tumors including thyroid nodules, liver cancer, lung cancer and breast lumps. Baird Medical is the first company to obtain a Class III medical devices registration certificate for MWA medical devices specifically indicated for thyroid nodules in China. For more information, please visit . About ExcelFin ExcelFin is a blank check company formed as a Delaware corporation for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. ExcelFin's sponsors include Grand Fortune Capital, LLC ("GFC") and Fin Venture Capital ("Fin"). GFC is an affiliate of an investment group that completed a series of significant M&A transactions and investments in FinTech, TMT and Healthcare. Fin is a private equity firm focused on FinTech software. Forward-Looking Statements This press release (including certain of the exhibits hereto) includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or ExcelFin's, Baird Medical's or PubCo's future financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as "may", "could", "should", "expect", "intend", "might", "will", "estimate", "anticipate", "believe", "budget", "forecast", "intend", "plan", "potential", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. Forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by ExcelFin and its management, and Baird Medical and its management, as the case may be, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. None of PubCo, ExcelFin, or Baird Medical undertakes any duty to update these forward-looking statements. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, including, without limitation: (1) risks related to the consummation of the proposed Transactions, including the risks that (a) the proposed Transactions may not be consummated within the anticipated time period, or at all; (b) ExcelFin may fail to obtain stockholder approval of the proposed business combination; (c) the Parties may fail to secure required regulatory approvals under applicable laws; and (d) other conditions to the consummation of the proposed Transactions under the Business Combination Agreement may not be satisfied; (2) the effects that any termination of the Business Combination Agreement may have on ExcelFin or Baird Medical or their respective business, including the risks that ExcelFin's share price may decline significantly if the proposed Transactions are not completed; (3) the risk that Baird Medical may not be successful in expanding its business in China or the United States; (4) the effects that the announcement or pendency of the proposed Transactions may have on Baird Medical's and its business, including the risks that as a result (a) ExcelFin's business, operating results or stock price may suffer or (b) PubCo's, ExcelFin's or Baird Medical's current plans and operations may be disrupted; (5) the inability to recognize the anticipated benefits of the proposed Transactions; (6) unexpected costs resulting from the proposed Transactions; (7) changes in general economic conditions; (8) regulatory conditions and developments; (9) changes in applicable laws or regulations; (10) the nature, cost and outcome of pending and future litigation and other legal proceedings, including any such proceedings related to the proposed Transactions and instituted against PubCo, ExcelFin, Baird Medical and others; and (11) other risks and uncertainties indicated from time to time in the registration and proxy statement relating to the proposed Transactions, including those under "Risk Factors" therein, and in ExcelFin's other filings with the SEC. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in ExcelFin's most recent filings with the SEC and in the registration statement described above filed by PubCo in connection with the proposed Transactions. All subsequent written and oral forward-looking statements concerning ExcelFin, Baird Medical, PubCo or Tycoon, the Transactions described herein or other matters attributable to ExcelFin, Baird Medical, PubCo, Tycoon or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of ExcelFin, Baird Medical, PubCo and Tycoon expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Contacts Investor Relations Robin Yang, Partner ICR, LLC Phone: +1 (646) 308-1475 Email: [email protected] Public Relations Brad Burgess, Senior Vice President ICR, LLC Phone: +1 (646) 588-0383 Email: [email protected] SOURCE Betters Medical Investment Holdings Limited; ExcelFin Acquisition Corp

TAMPA, Fla., March 5, 2024 /PRNewswire/ -- The Hospital for Endocrine Surgery, renowned for its expertise in specialized surgery of the thyroid, parathyroid and adrenal glands, proudly announces a significant milestone in its journey of healing and innovation: the treatment of its 10,000th surgical patient just two years after its opening in January 2022. The hospital has established itself as a world-wide destination for endocrine surgery, performing more than 5 times the number of endocrine operations as any other hospital in the U.S. Continue Reading "We are deeply honored to have reached this significant milestone of treating our 10,000th patient." Post this Dr. Clayman and Dr. Roy pictured with the Hospital for Endocrine Surgery’s 10,000th patient, Ari Fischer, and his family, who traveled from Ecuador to have surgery at the Clayman Thyroid Center. The Clayman Thyroid Center, the world's highest-volume thyroid surgery practice, had the honor of treating the 10,000th patient on February 27, 2024. Like 60% of patients at the Hospital for Endocrine Surgery, Ari Fischer, 51, lives outside of Florida, traveling from Ecuador seeking expert thyroid surgical care. Diagnosed with papillary thyroid cancer, he embarked on a quest for the finest care available. "I'm friends with a few fantastic doctors, and they all recommended the Clayman Thyroid Center at the Hospital for Endocrine Surgery," he said, "it kept coming up again and again." Other than the very high-volume expertise of the surgeons, one of the things that convinced Mr. Fischer to journey to Tampa was how seamless and stress-free they make the process for traveling patients. The Center offers a unique one-day evaluation and surgery process, allowing patients to undergo a comprehensive thyroid assessment and thyroid surgery within a single day. Following their operation, patients can rest comfortably overnight at their hotel before traveling back home the next day. The surgeons will work closely with Mr. Fischer's local healthcare providers to coordinate ongoing care, eliminating the need for additional travel back to Tampa. Additionally, the Center has established partnerships with four nearby hotels, ensuring convenient accommodation options for our patients. A private shuttle service efficiently transports patients to and from the airport and the hospital, eliminating the need for them to rent a car or worry about transportation logistics. "We are deeply honored to have reached this significant milestone of treating our 10,000th patient," remarked Dr. Gary Clayman, founder of the Clayman Thyroid Center. "Each patient represents a unique journey, and it is our privilege to guide them towards healing and recovery. Mr. Fischer's decision to travel across continents to seek treatment at our facility speaks volumes about the trust and confidence patients place in our expertise." The Clayman Thyroid Center's commitment to excellence extends beyond thyroid surgical expertise. From diagnosis to treatment and post-operative support, the center's multidisciplinary approach ensures that patients receive the highest standard of care every step of the way. "Our mission goes beyond surgical success; it is about empowering patients to reclaim their health and well-being," added Dr. Rashmi Roy, Director of Thyroid Surgical Services and Senior Surgeon at the Clayman Thyroid Center. "We strive to create a supportive environment where patients feel heard, valued, and empowered throughout their treatment journey. Mr. Fischer's journey is a testament to the transformative impact of compassionate, patient-centered care." As the Clayman Thyroid Center celebrates this momentous occasion, it reaffirms its commitment to advancing the field of endocrine surgery, driving innovation, and improving outcomes for patients worldwide. "We never stop striving to innovate and offer our patients the latest in technological and treatment advancements," said Dr. Hyunsuk Suh, Founder of the Suh Scarless Thyroid Center. "We perform more scarless robotic thyroid operations than anyone else in the country, and we are pleased to begin offering radiofrequency ablation (RFA) for benign thyroid nodules within the next month." The Clayman Thyroid Center operates at the Hospital for Endocrine Surgery alongside the Norman Parathyroid Center and the Carling Adrenal Center. Together, they make up the highest volume endocrine surgery practice in the world. About the Clayman Thyroid Center: Founded by one of the nation's best-known thyroid surgeons, the Clayman Thyroid Center is the highest volume thyroid cancer referral center in the United States. The Center boasts the most experienced thyroid surgeons in the US who provide personalized care allowing the greatest opportunity for cancer cure, wellness, and cosmetic, and functional, outcomes via all types of thyroid surgery from minimal incision to scarless thyroid surgery to advanced cancer care. | (813) 940-3130 About the Hospital for Endocrine Surgery The Hospital for Endocrine Surgery is a campus of HCA Florida South Tampa Hospital focused on compassionate patient care and highly specialized treatment of endocrine tumors. We provide a wide array of services necessary for the diagnosis and surgical treatment of tumors of the thyroid, parathyroid, and adrenal glands. Our team includes doctors, surgeons, nurses, and technicians who have dedicated their careers to delivering the highest cure rates using the most advanced techniques available. HCA's Hospital for Endocrine Surgery is the nation's highest-volume hospital for thyroid, parathyroid, and adrenal tumors and cancers. Media Contact: Julie Canan, Director of Marketing 941.468.3002 | [email protected] SOURCE Clayman Thyroid Center

FRISCO, Texas, Feb. 28, 2024 /PRNewswire/ -- Baird Medical Devices, Inc. ("Baird Medical" or the "Company"), a leading microwave ablation ("MWA") medical device developer and provider in China and the United States, today announced that it is accelerating its expansion in the United States through senior hires, key partnerships, and capacity building initiatives to support its business. The Company has experienced rapid momentum in the United States during the fourth quarter of 2023, in particular after receiving the U.S. FDA's clearance to market its MWA systems and technology on November 22, 2023. Christian Chilcott has been appointed as Chief Commercial Officer, Americas, to drive growth. A seasoned medical device executive with two decades of industry experience building and operating organizations focused on minimally invasive, interventional procedures in the field of Interventional Radiology, he brings extensive experience in the areas of soft tissue biopsy, oncology, and the peripheral vasculature. Mr. Chilcott is building a team across the U.S. to support business expansion including recent hires in New York, Louisiana, Texas, Florida, and California. "I am very excited to join Baird Medical at this critical time," said Christian Chilcott, Chief Commercial Officer, Americas, of Baird Medical. "It is essential that this market understands what makes MWA superior, safe, and the preferred choice of procedure for patients who have access. There is much work to do, but we're encouraged by the physician and patient feedback so far." Since the inaugural procedure was conducted on January 12th by Dr. Alizera Falahati, there has been a steady increase in the number of procedures successfully conducted in the U.S. by leaders in the field of thyroid disease, including Endocrine Surgeon and Director of Robotic Surgery, Dr. Rasa Zarnegar of Weill Cornell Medicine and Dr. Raymond Yung, an Otolaryngologist and the founder of three specialty clinics in New York City. Dr. Yung practices surgery at NYU Langone Health where he also trains surgical residents. Advocacy from these influential physicians offers a strong testament to the preferred procedural approach that MWA offers to both providers and patients alike. On February 2nd, Baird Medical hosted these luminaries and others during the North American Society of Interventional Thyroidology (NASIT) Annual Meeting. NASIT welcomed major medical institutions, including John Hopkins University School of Medicine, Stanford University Medical Center, Columbia University Medical Center, Tulane University Medical Center, Weill Cornell Medicine, and the NYU School of Medicine to deepen industry best practices and develop high-impact relationships. An important aspect of NASIT was convening medical professionals to offer education on employing the MWA procedure to both raise awareness and ensure safety as the technology becomes increasingly available. Baird Medical offers a rigorous medical education program to build industry capacity and safety as a critical part of its business development. Physician exchange programs have also received positive feedback and fostered high confidence in the new medical procedure. "We are so glad to receive such positive interest and feedback from our partner physicians who hail from both the Unites States and Europe," said Ms. Haimei Wu, Founder and CEO of Baird Medical. "Entering a mature medical market like the United States requires that we take our time to do it well. This means education and safety is the priority." Baird Medical will announce more initiatives in the coming months commensurate with its U.S. commercial expansion. About Baird Medical Established in 2012 and headquartered in Guangzhou, China, Baird Medical is a leading microwave ablation (MWA) medical device manufacturer and provider in China and the United States. Baird Medical's proprietary medical devices are used for the treatment of benign and malignant tumors including thyroid nodules, liver cancer, lung cancer and breast lumps. Baird Medical is the first company to obtain a Class III medical devices registration certificate for MWA medical devices specifically indicated for thyroid nodules in China. For more information, please visit . Forward-Looking Statements This communication contains "forward-looking statements." Such statements include statements concerning anticipated future events and expectations that are not historical facts. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements are typically identified by words such as "believe", "expect", "anticipate", "intend", "target", "estimate", "continue", "positions", "plan", "predict", "project", "forecast", "guidance", "goal", "objective", "prospects", "possible" or "potential" by future conditional verbs such as "assume", "will", "would", "should", "could" or "may" or by variations of such words or by similar expressions or the negative thereof. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Baird Medical does not assume any obligation to publicly update any forward-looking statement after it is made, whether as a result of new information, future events or otherwise, except as required by law. Contacts Investor Relations Robin Yang, Partner ICR, LLC Phone: +1 (646) 308-1475 Email: [email protected] Public Relations Brad Burgess, Senior Vice President ICR, LLC Phone: +1 (646) 588-0383 Email: [email protected] SOURCE Baird Medical Devices, Inc.