George Christodoulou Discloses Corrected Ownership of Securities of MCI Onehealth Technologies Inc. Following IPO and Public Listing

TORONTO, ON, Jan. 8, 2021 /CNW/ - This press release is being issued to update and amend the press release issued by George Christodoulou, ("Dr. Christodoulou") Co-Executive Chair of MCI on January 7, 2021. Pursuant to the public listing of MCI Onehealth Technologies Inc.'s ("MCI") Class A Subordinate Voting Shares (the "Class A Shares") on the Toronto Stock Exchange and the closing of MCI's initial public offering (the "Offering"), which closed on January 6, 2021, Dr. Christodoulou controls 16,333,334 Class A Shares, 15,933,334 Class B Multiple Voting Shares (the "Class B Shares") and 570,000 options for Class A Shares (the "Options") following the completion of the Offering.

Dr. Christodoulou acquired control over 400,000 Class A Shares at the Offering price of $5.00 per Class A Share for a total purchase price of $2,000,000.00. Dr. Christodoulou's Class A shareholding percentage decreased by 4.32% as a result of the Offering and the Offering had no effect on Dr. Christodoulou's Class B shareholding percentage.

Prior to the Offering, Dr. Christodoulou had control over 15,933,334 Class A Shares, representing approximately 39.83% of the then issued and outstanding Class A Shares, and 15,933,334 Class B Shares, representing approximately 44.26% of the then issued and outstanding Class B Shares, and had ownership of 570,000 Options. If the Options had been exercised, Dr. Christodoulou would have had ownership or control over 16,503,334 Class A Shares and 15,933,334 Class B Shares, representing approximately 40.68% of the then issued and outstanding Class A Shares and 44.26% of the then issued and outstanding Class B Shares, on a partially diluted basis.

Following the Offering, Dr. Christodoulou has control over 16,333,334 Class A Shares, representing approximately 35.51% of the currently issued and outstanding Class A Shares, and 15,933,334 Class B Shares, representing approximately 44.26% of the currently issued and outstanding Class B Shares, and has ownership of 570,000 Options. If the Options are exercised, Dr. Christodoulou will have ownership or control over 16,903,334 Class A Shares and 15,933,334 Class B Shares, representing approximately 36.30% of the currently issued and outstanding Class A Shares and 44.26% of the currently issued and outstanding Class B Shares, on a partially diluted basis.

In accordance with applicable securities laws and subject to MCI's articles, Dr. Christodoulou may, from time to time and at any time, acquire additional Class A Shares and/or other equity, debt or other securities or instruments of MCI in the open market or otherwise, and Dr. Christodoulou reserves the right to dispose of any or all of its Class A Shares and Options in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Class A Shares and/or other equity, debt or other securities or instruments of MCI, the whole depending on market conditions, the business and prospects of MCI and other relevant factors. For a description of MCI's capital structure, see "Description of Share Capital" in MCI's final prospectus dated December 29, 2020, which is available on the SEDAR profile of MCI at www.sedar.com.

MCI is located at 1 Yorkdale Road, Suite 209, Toronto, Ontario, M6A 3A1. Dr. Christodoulou is located at 1 Yorkdale Road, Suite 209, Toronto, Ontario, M6A 3A1. A copy of the early warning report to which this news release relates will be available on the SEDAR profile of MCI at www.sedar.com.

SOURCE George Christodoulou