SQI Diagnostics Inc. Announces Warrant Exercise by Insiders

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TORONTO, July 3, 2020 /CNW/ - SQI Diagnostics Inc. ("SQI" or the "Company") (TSX-V: SQD) (OTCQB: SQIDF), a life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics, today announced that 29,011,117 common share purchase warrants of the Company (the "Warrants") have been exercised by certain insiders, who are control persons of the Company, for aggregate gross proceeds of approximately $3,111,000.

Of the Warrants exercised, 25,000,005 Warrants exercised at a price of $0.11 per common share were issued pursuant to a private placement of units of the Company on March 1, 2019 and 4,011,112 Warrants exercised at a price of $0.09 per common share were issued on January 30, 2020 pursuant to an extension of 10% secured non-convertible debentures of the Company and the advance of additional debt financing by such insiders.

About SQI Diagnostics

SQI Diagnostics is a life sciences and diagnostics company that develops clinical grade multiplexed microarray and molecular assays run on its automated instrumentation for the pharmaceutical research, animal health, and clinical diagnostics markets. SQI develops custom research and diagnostic assays that are multiplexed; meaning the simplification, consolidation and automation of many individual tests into one. This increases sample throughput, reduces time, cost and chance for human error, and provides excellent data quality. For more information, please visit www.sqidiagnostics.com.

Contact:

Interim Chief Executive Officer
Eric Brouwer
416.674.9500 ext. 242
[email protected]

Chief Financial Officer
Morlan Reddock
416.674.9500 ext. 277
[email protected]

FORWARD-LOOKING INFORMATION

This press release contains certain words and statements, which may constitute "forward-looking statements" within the meaning of applicable securities laws. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties detailed in the Company's ongoing filings with the securities regulatory authorities, available to the public at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE SQI Diagnostics Inc.