PreveCeutical Announces Debt Settlement and Conversion of Debt

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Vancouver, British Columbia--(Newsfile Corp. - May 22, 2020) -  PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H) (the "Company" or "PreveCeutical")  announces that it has issued 95,600,253 common shares without par value in its capital (each, a "Share") to various arm's length creditors of the Company at a deemed issuance price of $0.023 per Share.

The Company has entered into a shares for debt settlement agreement with an arm's length supplier (the "Supplier"), whereby the Company agreed to issue to the Supplier, and the Supplier agreed to accept 8,643,731 Shares as full and final payment of the Company's indebtedness to the Supplier in the total amount of $198,805.82 (the "Debt Settlement"). All Shares issued pursuant to the Debt Settlement are subject to a hold period of four months and one day in Canada.

The Company also entered into two assignment and assumption agreements, whereby certain arm's length assignees (the "Assignees") acquired all of Stephen Van Deventer and Kimberly Van Deventer's right, title, interests and obligations in and under a convertible credit facility agreement dated effective December 9, 2016, as amended, as to the aggregate principal amount of $1,728,810.75 and the accrued interest thereon in the aggregate amount of $271,189.25 (the "Assigned Amounts"). The Assignees have elected to convert the Assigned Amounts into an aggregate of 86,956,522 Shares (the "Assignment Conversion"). The Shares issued in connection with the Assignment Conversion will not be subject to a hold period in Canada.

None of the foregoing securities have been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About PreveCeutical

PreveCeutical is a health sciences company that develops innovative options for preventive and curative therapies utilizing organic and nature identical products.

PreveCeutical aims to be a leader in preventive health sciences and currently has five research and development programs, including: dual gene therapy for curative and prevention therapies for type 2 diabetes and obesity; a soluble gel drug delivery program; Nature IdenticalTM peptides for the treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).

For more information about PreveCeutical, please visit www.PreveCeutical.com, or follow us on Twitter and Facebook.

On Behalf of the Board of Directors

"Stephen Van Deventer"
Chairman, President & CEO

For further information, please contact:

Stephen Van Deventer
Chairman, President & CEO
+1-604-306-9669
Or Investor Relations at ir@preveceutical.com

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans and expectations regarding the future, including, but not limited to, the anticipated business plans and timing of future business activities of the Company. Often, but not always, forward-looking statements can be identified by words such as "will", "pro forma", "plans", "expects", "may", "should", "budget", "schedules", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements are based on certain assumptions regarding PreveCeutical, including expected growth, results of operations, including PreveCeutical's research and development activities, performance, industry trends, growth opportunities, and that PreveCeutical will be able to obtain the financing required to retain and attract qualified research personnel and obtain and/or maintain the necessary intellectual property rights needed to carry out future business activities.

Actual results could differ from those projected in any forward-looking statements due to numerous factors including risks and uncertainties relating to: complexities and delays in connection with research and development activities and the actual results of research and development activities, the ability of the Company to, among other things, protect its respective intellectual property, obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required, including Canadian Securities Exchange acceptance of any planned future activities, complete its research programs as planned, and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the biotechnology, pharmaceutical or cannabis industry, may also adversely affect the future results or performance of the Company. Although the Company believes that the statements, beliefs, plans, expectations, and intentions contained in this news release are reasonable, there can be no assurance that those statements, beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to other periodic reports provided by the Company from time-to-time. These reports and the Company's Canadian continuous disclosure filings are available at www.sedar.com.

Readers are cautioned not to put undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56425

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