Proposed Disposition of Common Shares and Exercise of Warrants of SQI Diagnostics Inc.

/NOT FOR DISSEMINATION INTHE UNITED STATESOR OVERUNITED STATESNEWSWIRE SERVICES/

TORONTO,Feb. 10, 2021/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 5,000,000 common shares (“Shares”) in the capital SQI Diagnostics Inc. (“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, which will expire onMarch 11, 2021. Mr. Matthews intends to use the proceeds of such sales (net of commissions, taxes and other selling costs) to re-invest in SQI by way of the exercise of common share purchase warrants (“Warrants”) held by Mr. Matthews at exercise prices ranging from$0.12to$0.21. Mr. Mathews currently holds 41,890,137 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 future Sales Notices until his Warrant holdings are extinguished. There is no assurance 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 87,069,775 Shares, 41,890,137 Warrants and$1,100,000principal amount of 10% secured debentures dueJanuary 30, 2025of SQI, representing approximately 26.43% of the issued and outstanding shares of SQI on a non-diluted basis and representing approximately 34.73% 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. 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 atwww.SEDAR.comor may be obtained from Mr. Matthews at 416-214-2226 or at Mr. Matthews’ address: 200 King Street West, Suite 1702,Toronto, OntarioM5H 3T4. SQI’s head office is located at 36 Meteor Drive,Toronto, OntarioM9W 1A4.SOURCEWilmot L. MatthewsView original content:http://www.newswire.ca/en/releases/archive/February2021/10/c9545.html