DISPOSITION OF COMMON SHARES OF SQI DIAGNOSTICS INC.

/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES/

TORONTO, Nov. 24, 2022 /CNW/ - On November 21, 2022, Mr. Matthews disposed (the "Sale Transaction") of 47,000 common shares ("Shares") in the capital of SQI Diagnostics Inc. ("SQI" or the "issuer"). Since the date of the last early report filed by Mr. Matthews on February 10, 2021 (the "Prior Report") with respect to his securities of the issuer, Mr. Matthews has disposed of an aggregate of 554,333 Shares by way of over the market trades qualified through the filing of two Form 45-102F1s – Notice of Intention to Distribute Securities under Section 2.8 of NI 45-102 Resale of Securities (the "Sales Notice") dated February 9, 2021 and October 25, 2022, for aggregate consideration of $215,060.66 or an average price of approximately $0.39 per Share, exercised 6,562,502 common share purchase warrants ("Warrants") of the issuer and purchased 7,017,543 units comprised of one Warrant and one Share pursuant to a private placement of the issuer that closed on November 1, 2021.

As a result of the Sale Transaction, Mr. Matthews beneficially owns or exercises control or direction over 100,349,488 Shares, 42,345,179 Warrants, $1,100,000 principal amount of 10% secured debentures due January 30, 2025 and $1,350,000 principal amount of 8% secured debentures due June 10, 2024 of SQI, representing approximately 25.49% of the issued and outstanding shares of SQI on a non-diluted basis and representing approximately 32.73% of the issued and outstanding shares of SQI, assuming the full exercise of all Warrants that Mr. Matthews beneficially owns or exercises control or direction over.

At the time of the filing of the Prior Report, Mr. Matthews beneficially owned or exercised control or direction over 87,069,775 Shares, 41,890,137 Warrants and $1,100,000 principal amount of 10% secured debentures due January 30, 2025 of the issuer, representing approximately 26.43% of the issued and outstanding Shares on a non-diluted basis and representing approximately 34.73% of the issued and outstanding Shares, assuming the full exercise of all Warrants that Mr. Matthews beneficially owns or exercises control or direction over. Mr. Matthews' ownership of securities of the issuer has not changed as compared to the foregoing as at the time of the filing of this report.

In addition to the transactions described herein and disclosed in the Sales Notice, Mr. Matthews may increase or decrease his investment, directly or indirectly, in securities of SQI from time to time, depending on market conditions or any other relevant factors.

A copy of the report relating to this acquisition may be found on SQI's profile at www.SEDAR.com or may be obtained from Mr. Matthews at 416-214-2226 or at Mr. Matthews' address: 200 King Street West, Suite 1702, Toronto, Ontario M5H 3T4. SQI's head office is located at 36 Meteor Drive, Toronto, Ontario M9W 1A4.

SOURCE SQI Diagnostics Inc.