Acquisition of Units of SQI Diagnostics Inc.

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

TORONTO, July 15, 2019 /CNW/ - Mr. Wilmot L. Matthews ("Mr. Matthews") announces that he has acquired 3,846,154 common shares and 3,846,154 common share purchase warrants of SQI Diagnostics Inc. ("SQI"), representing an increase of approximately 0.42% of the issued and outstanding common shares of SQI on a non-diluted basis and an increase of approximately 0.76% of the issued and outstanding common shares of SQI, assuming the exercise of all common share purchase warrants of SQI that Mr. Matthews beneficially owns or exercises control or direction over. The securities were acquired by Mr. Matthews in connection with a private placement offering of units of SQI ("Units") at a price of $0.13 per Unit for aggregate consideration of $500,000. Mr. Matthews has been a director of SQI since April 8, 2015.

Immediately prior to the acquisition, Mr. Matthews beneficially owned or exercised control or direction over 41,610,197 common shares, 33,251,983 common share purchase warrants and $1,000,000 principal amount of 10% secured debentures due January 30, 2020 of SQI, representing approximately 22.30% of the issued and outstanding common shares of SQI on a non-diluted basis and representing approximately 34.05% of the issued and outstanding shares of SQI, assuming the full exercise of all common share purchase warrants of SQI that Mr. Matthews beneficially owns or exercises control or direction over.

Immediately after the acquisition, Mr. Matthews beneficially owns or exercises control or direction over 45,456,351 common shares, 37,098,137 common share purchase warrants and $1,000,000 principal amount of 10% secured debentures due January 30, 2020 of SQI, representing approximately 22.72% of the issued and outstanding shares of SQI on a non-diluted basis and representing approximately 34.81% of the issued and outstanding shares of SQI, assuming the full exercise of all common share purchase warrants of SQI that Mr. Matthews beneficially owns or exercises control or direction over.

The securities described herein were acquired for investment purposes. 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.

SOURCE Wilmot L. Matthews