PROPOSED DISPOSITION OF COMMON SHARES AND EXERCISE OF WARRANTS OF SQI DIAGNOSTICS INC.

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

TORONTO, March 27, 2023 /CNW/ - Mr. Wilmot L. Matthews ("Mr. Matthews") announces that he has filed a Form 45-102F1 – Notice of Intention to Distribute Securities under Section 2.8 of NI 45-102 Resale of Securities (the "Sales Notice") in connection with the proposed disposition of up to 15,000,000 common shares ("Shares") in the capital of SQI Diagnostics Inc. (the "issuer" or "SQI") which is expected to be completed through a combination of private and over the market trades during the duration of the sales period contemplated in the Sales Notice. Mr. Matthews intends to use the proceeds of such sales (net of commissions, taxes and other selling costs) to re-invest in the issuer by way of the exercise of common share purchase warrants ("Warrants") held by Mr. Matthews at exercise prices ranging from $0.12 to $0.21. Mr. Matthews currently holds 47,900,735 Warrants and intends to continue to fund the Company through the exercise of Warrants from time to time with proceeds raised from the sale of Shares pursuant to Sales Notices. There are no assurances as to the timing of the transactions contemplated in the Sales Notice nor whether any such transactions will occur..

As at the date of the Sales Notice described herein, Mr. Matthews beneficially owned or exercised control or direction over 105,199,894 Shares, 47,900,735 Warrants and $1,100,000 principal amount of 10% secured debentures of the issuer due January 30, 2025 and $1,350,000 principal amount of 8% debentures of the issuer due June 17, 2024, representing approximately 25.55% of the issued and outstanding Shares on a non-diluted basis and representing approximately 37.18% 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 SQI has not changed as compared to the foregoing as at the time of the filing of this News Release.

Mr. Matthews will file one or more Early Warning Reports on Form 62-103F1, and related press releases, in connection with the completion of the transactions described herein in accordance with applicable securities laws.

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 Wilmot L. Matthews