LexaGene Announces Filing of Financial Statements, Revocation of MCTO & the Granting of Incentive Equity Awards to Employees

BEVERLY, Mass., July 29, 2022 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc., (OTCQB: LXXGF; TSX-V: LXG) ("LexaGene" or the "Company"), a molecular diagnostics company that has commercialized the MiQLab® System for automated PCR-based syndromic testing in veterinary clinics, is pleased to announce that the Company has filed its Canadian audited financial statements for the year ended February 28, 2022 and the related management's discussion and analysis and certifications and the unaudited interim financial statements, management's discussion and analysis and related certifications for the three-months ended May 31, 2022 (the "Required Filings").

As a result, the management cease trade order ("MCTO") issued by the British Columbia Securities Commission on June 30, 2022 has been revoked and is no longer in effect.

The issuer Statements are available at www.sedar.com.

The Company also announces that, pursuant to its Omnibus Incentive Plan ("OIP"), 1,085,000 stock options and 1,525,000 restricted share units were granted to employees and to an officer of the Company. The Chief Executive Officer, Chief Financial Officer and the board of directors were excluded from this grant.

The stock options are exercisable at a price of CAD$0.20 and vest 10% on January 29, 2023 and 15% each of the 6 months thereafter. 935,000 stock options have an expiry date of July 29, 2027 and 150,000 stock options have an expiry date of July 29, 2032. On July 28, 2022, the last day that the Common Shares traded prior to the granting of the stock options, the closing price of the Common Shares on the TSX Venture Exchange was CAD$0.13 per share.

The restricted share units were granted to employees and to an officer of the Company with a vesting schedule of 10% on December 29, 2022, and 15% on May 29, 2023, October 29, 2023, March 29, 2024, August 29, 2024, December 29, 2024 and February 28, 2025, respectively, and expire on February 28, 2025.

The incentive stock options and restricted share unit awards were approved by the independent compensation committee of LexaGene's board of directors.

On Behalf of the Board of Directors
Dr. Jack Regan
Chief Executive Officer & Chairman

To learn more about LexaGene and the MiQLab System or subscribe to company updates, visit www.lexagene.com, or follow us on Twitter or LinkedIn.

For inquiries: 800.215.1824 | [email protected] or [email protected]

About LexaGene Holdings Inc.        
LexaGene is a molecular diagnostics company that has commercialized the MiQLab® System for fast and easy detection of pathogens and other molecular markers. The System is PCR-based, screens for 24 targets at once, and is designed for on-site usage. Our customers include veterinary hospitals and reference laboratories ? as well as contract biologic manufacturers. The MiQLab System delivers excellent sensitivity, specificity, and breadth of detection and returns results in approximately two hours. The MiQLab System is also open-access, which allows end-users to load their own PCR assays onto the System to target any genetic target of interest.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. 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.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors -- including the availability of funds, the results of financing efforts, the success of technology development efforts, the cost to procure critical parts, performance of the instrument, market acceptance of the technology, regulatory acceptance, and licensing issues -- that could cause actual results to differ materially from the Company's expectations as disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.