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

TORONTO, Dec. 2, 2022 /CNW/ - On December 1, 2022, Mr. Wilmot Matthews acquired 5,555,556 units ("Units") of SQI Diagnostics Inc. ("SQI" or the "issuer") at a price of $0.09 per Unit or an aggregate purchase price of $500,000.04 pursuant to the closing of a non-brokered private placement (the "Transaction") of Units that was announced by the issuer on December 2, 2022. Each Unit is comprised of one common share (each a "Common Share") and one common share purchases warrant (each, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.12 for a period of five years from the date of issuance.

As a result of the closing of the Transaction, Mr. Matthews beneficially owns or exercises control or direction over 105,905,044 Shares, 47,900,735 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 26.17% of the issued and outstanding Common Shares on a non-diluted basis or approximately 38.89% assuming the full exercise of all Warrants that Mr. Matthews beneficially owns or exercises control or direction over.

Prior to the closing of the Transaction, Mr. Matthews beneficially owned or exercised 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 Common Shares on a non-diluted basis or approximately 32.73% assuming the full exercise of all Warrants which Mr. Matthews beneficially owned or exercised control or direction over.

In addition to the transactions described herein, 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

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