Mira VII Acquisition Corp. and HLS Therapeutics Inc. announce expiry of letter of intent

TORONTO, March 4, 2016 /CNW/ - Mira VII Acquisition Corp. ("Mira VII") (TSXV: MVA.P) and HLS Therapeutics Inc. ("HLS") announce that the previously announced letter of intent (the "LOI") dated January 26, 2016, as amended, between Mira VII and HLS has expired, and as a result Mira VII's proposed qualifying transaction with HLS will not be proceeding.

Mira VII did not advance any funds to HLS in connection with the proposed qualifying transaction.

Mira VII will continue to pursue and evaluate other businesses and assets with a view to completing a qualifying transaction. Mira VII cannot offer any assurances that a qualifying transaction will be completed.

HLS will continue to focus on its core Clozaril business acquired from Novartis in July 2015 and to pursue other opportunities in the specialty pharma sector. The HLS board of directors and management remain committed to taking HLS public when market conditions improve.

The common shares of Mira VII are expected to resume trading on the TSX Venture Exchange (the "TSXV") on March 8, 2016.

Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

The TSXV has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.

ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.

Notice on forward-looking statements:

This release includes forward-looking information within the meaning of Canadian securities laws. Often but not always, forward-looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of management of HLS or Mira (as applicable), and are based on assumptions and subject to risks and uncertainties. Although management of the respective entities believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties, including risks regarding market conditions and economic factors. Although Mira VII and HLS have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and neither Mira VII nor HLS undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Mira VII is a capital pool company governed by the policies of the TSXV. The principal business of Mira VII is the identification and evaluation of assets or businesses with a view to completing a qualifying transaction.

SOURCE Mira VII Acquisition Corp.

Mira VII Acquisition Corp.: Ronald D. Schmeichel, Chairman, [phone]; HLS Therapeutics Inc.: Greg Gubitz, Chief Executive Officer, [phone], ext. 201