NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Medivolve Inc. ("Medivolve" or the "Company") (NEO:MEDV; FRA:4NC) is pleased to announce a non-brokered private placement offering of common shares ("Common Shares") at a price of $0.15 per Common Share for aggregate gross proceeds of up to $4 million (the "Offering").

All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one day. Completion of the Offering is subject to a number of conditions, including final approval of the Neo Stock Exchange.

The Company intends to use the net proceeds of the Offering to advance Medivolve's business, marketing, repayment of outstanding debt and payables and for general corporate purposes. The Offering is expected to close on or about January 31, 2023 and may close in tranches.

No finder fees are anticipated to be paid as part of the Offering.

About Medivolve, Inc.

Medivolve, Inc. (NEO: MEDV; OTC: MEDVF; FRA: 4NC) is a healthcare technology company that seeks to reinvent the US healthcare system by leveraging a bespoke telehealth platform, a clinical diagnostic network, and a data-driven AI framework to improve patient care.

The Company was born out of the healthcare crisis; to rethink, relearn and ultimately, reimagine a better way for the healthcare system to operate. Our network of retail collection sites play an important role in recovery by giving Americans access to fast, accurate, and inexpensive clinical services when and where they need it. These centers will also play a pivotal role in diagnostic testing, vaccinations, and other point-of-care services. We are building disruptive technologies to make it easier and faster to identify, treat, and prevent medical issues. In doing so, we are working to give patients a holistic and empowered view of their personal health.

Our long-term mission is to address systemic issues in the nation's fragmented, overly complex, and expensive healthcare system. Medivolve's next phase of growth is about pivoting the model and putting the pieces together to build a profitable health-tech company. We are developing a singular, streamlined technology network to provide data-driven physician consultations, clinical diagnostics, and prescription services. Our team is united by a powerful, singular purpose: harnessing the transformative power of technology to create healthier lives.

Underpinned by a bespoke, AI-driven platform, we're developing a system that constantly gets smarter, takes the guesswork out of diagnostics, and flags critical health issues to help physicians, delivering a high level of personalization for each patient.

For investing inquiries, please contact: David Preiner, CEO, info@medivolve.ca, 702-990-3737.

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Offering, and in particular the expected use of proceeds of the Offering, and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; accidents, labour disputes and shortages and other risks of the healthcare industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered in the Offering and in any subsequent conversions have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.