Press release

Nanox is Scaling up Semiconductor Fabrication Plant in South Korea in light of Increased Demand

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NANO-X IMAGING LTD (www.nanox.vision) (“Nanox” or the “Company”), the innovative medical imaging technology company democratizing healthcare, announced the scaling up of its semiconductor fabrication plant in South Korea. Construction ramp-up comes as a result of increased demand for the Nanox.ARC systems.

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Illustration of Nanox semiconductor fabrication plant in South Korea (Photo: Nanox)

Illustration of Nanox semiconductor fabrication plant in South Korea (Photo: Nanox)

The FAB site is 12,000 sqm, including a 1200 sqm MEMS Clean Room. Overall costs are estimated at $40M and the plant is expected to be operational in Q1 2022.

The FAB, currently in the planning stage, will be the main production site of the Nanox.ARC Digital Source component and will be built next to the SK hynix semiconductor cluster in Yongin, South Korea, the world’s largest semiconductor cluster.

SK hynix, the world’s second-largest memory chip provider has announced an investment of $106.65 billion to build four fabrication lines at the semiconductor industrial complex at the heart of Yongin.

According to Ran Poliakine, CEO and Chairman of Nanox, “The growing interest in demand for our systems has required us to ramp up our plans and timeline for the Nanox Digital Source fabrication. We are undergoing a smooth transition from development to manufacturing, underpinned by the production excellence of the Korean semiconductor industry. No doubt, we are experiencing the exceptional synergy between the Start-Up Nation, and Scale-Up nation.”

“It is part of our strategic mission to be near the technology cluster of SK hynix, which facilitates research and development centers and production facilities for chipmakers,” says Dr. Ilung (IU) Kim, Chairman of Nano-X Korean Inc. “Scaling up the production line to meet market demand is one of our main priorities, as we would like to see the Nanox.ARC systems tested and operating globally as soon as possible”.

About NANO-X:

Nano-X, founded by the serial entrepreneur Ran Poliakine is an Israeli corporation developing a commercial-grade digital X-ray source designed to be used in real-world medical imaging applications. Nano-X believes that its novel technology could significantly reduce the costs of medical imaging systems and plans to seek collaborations with world-leading healthcare organizations and companies to provide affordable, early detection imaging service for all. For more information, please visit www.nanox.vision.

Forward-Looking Statements:

This press release may contain forward-looking statements that are subject to risks and uncertainties. All statements that are not historical facts contained in this press release are forward-looking statements. Such statements include, but are not limited to, any statements relating to the initiation, timing, progress, and results of Nanox’s research and development, manufacturing, and commercialization activities with respect to its X-ray source technology and the Nanox.Arc. In some cases, you can identify forward-looking statements by terminology such as “can,” “might,” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “should,” “could,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. Forward-looking statements are based on information Nanox has when those statements are made or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause actual results to differ materially from those currently anticipated include: risks related to business interruptions resulting from the COVID-19 pandemic or similar public health crises could cause a disruption of the development, deployment or regulatory clearance of the Nanox System and adversely impact our business; Nanox’s ability to successfully demonstrate the feasibility of its technology for commercial applications; Nanox’s expectations regarding the necessity of, timing of filing for, and receipt and maintenance of, regulatory clearances or approvals regarding its X-ray source technology and the Nanox.Arc from regulatory agencies worldwide and its ongoing compliance with applicable quality standards and regulatory requirements; Nanox’s ability to enter into and maintain commercially reasonable arrangements with third-party manufacturers and suppliers to manufacture the Nanox.Arc; the market acceptance of the Nanox.Arc and the proposed pay-per-scan business model; Nanox’s expectations regarding collaborations with third-parties and their potential benefits; and Nanox’s ability to conduct business globally, among others. Except as required by law, Nanox undertakes no obligation to update publicly any forward-looking statements after the date of this press release to conform these statements to actual results or to changes in Nanox’s expectations.