AITHER ANNOUNCES PROPOSED DISTRIBUTION TO SHAREHOLDERS AND VOLUNTARY DISSOLUTION

CALGARY, AB, Aug. 24, 2023 /CNW/ - Aither Ingredient Corp. ("Aither" or the "Company") (formerly 51st Parallel Inc.) announces that the Company has completed the sale its property in Lethbridge, which represented substantially all of the Company's assets, and intends to proceed with the voluntary liquidation and dissolution of the Company. The Company has filed a Statement of Intent to Dissolve with the Registrar of Corporations (Alberta) ("Registrar") and a Certificate of Intent to Dissolve has been issued by the Registrar pursuant to Subsection 212(5) of the Business Corporations Act (Alberta). The Certificate of Intent to Dissolve requires the Company to cease to carry on business except to the extent necessary for its liquidation.

The Company intends to make an initial distribution of cash on hand to shareholders of $0.03 per Common Share in connection with the winding up of the Company (the "Initial Distribution"). The Initial Distribution will be made by way of a reduction of stated capital of the Common Shares to shareholders of records at the close of business on August 24, 2023 (the "Shareholders"), and the stated capital of the Company will be reduced accordingly.

The Canada Revenue Agency is currently completing a routine payroll audit of the Company (the "Payroll Audit"). The Alberta Treasury Board is currently completing a GST audit of the Company (the "Tax Audit" and together with the Payroll Audit, the "Audits"). Upon completion of the Audits, the Company intends to make a final distribution of cash on hand to the Shareholders in connection with the winding up of the Company (the "Final Distribution" and together with the Initial Distribution, the "Distributions").

A letter of transmittal (the "Letter of Transmittal") regarding the Distributions will be mailed the Shareholders at their last known registered address. All Shareholders will be required to return a duly executed Letter of Transmittal to the Company's paying agent, Odyssey Trust Company ("Odyssey"), in accordance with the instructions provided in the Letter of Transmittal. Any Shareholder that does not receive a Letter of Transmittal by September 15, 2023 should immediately contact Odyssey.

Upon conclusion of the liquidation and winding-up process, the Company intends to apply for a Certificate of Dissolution from the Registrar.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This news release may include forward-looking statements including opinions, assumptions, estimates and, more particularly, statements concerning the distribution and voluntary dissolution of Aither.

When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Aither. Forward-looking statements are subject to a wide range of risks and uncertainties and, although Aither believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: regulatory and third party approvals not being obtained in the manner or timing anticipated and potential disputes with outstanding creditors.

Except as required by applicable laws, Aither does not undertake any obligation to publicly update or revise any forward-looking statements.

SOURCE Aither Ingredient Corp.

AITHER CONTACT INFO: Ron Hozjan, Director, Aither Ingredient Corp., [email protected]; Christine Hrudka, Director, Aither Ingredient Corp., [email protected]; ODYSSEY CONTACT INFO: Victor Tran, Managing Director, Corporate Actions, Odyssey Trust Company, 647.207.9113, [email protected]