Acquisition of Units of SQI Diagnostics Inc.

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

TORONTO, March 5, 2020 /CNW/ - Mr. Wilmot L. Matthews ("Mr. Matthews") announces that he has acquired 14,814,814 common shares and 14,814,814 common share purchase warrants of SQI Diagnostics Inc. ("SQI"), representing an increase of approximately 4.22% of the issued and outstanding common shares of SQI on a non-diluted basis and an increase of approximately 5.81% 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 $0.09 per Unit for aggregate consideration of $1,333,333. 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 55,456,351 common shares, 48,209,248 common share purchase warrants and $1,100,000 principal amount of 10% secured debentures due January 30, 2025 of SQI, representing approximately 21.17% of the issued and outstanding shares of SQI on a non-diluted basis and representing approximately 33.42% 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 70,271,165 common shares, 63,024,062 common share purchase warrants and $1,100,000 principal amount of 10% secured debentures due January 30, 2025 of SQI, representing approximately 25.39% of the issued and outstanding shares of SQI on a non-diluted basis and representing approximately 39.23% 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.

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