• Nature's Emporium installation represents first of up to seven potential locations across southwestern Ontario
• Full roll-out to both of Greco's Fresh Market locations in Ontario
• Contracts demonstrate further market share capture within the retail foods vertical

Toronto, Ontario--(Newsfile Corp. - May 17, 2023) - Danavation Technologies Corp. (CSE: DVN) (OTCQB: DVNCF) ("Danavation" or the "Company"), the only North American-founded and headquartered technology company providing micro e-paper displays, today announces two new contract signings for a total of three installations due to be complete by end of summer.

"We're very pleased to confirm that Danavation has secured two new brands in the retail food market and in particular, high-quality and family-owned businesses such as Nature's Emporium and Greco's Fresh Market," said John Ricci, CEO of Danavation. "Once outfitted with our Digital Smart Labels, we believe both retailers will benefit from reduced time spent on tedious labelling tasks, positively impacting operational efficiencies as well as the financial performance of each location. We are also excited about the prospect of potentially expanding our relationship with Nature's Emporium to secure further installations into their remaining six locations in the future."

Nature's Emporium Installation

Danavation is pleased to be outfitting the first of up to seven Nature's Emporium locations in Ontario with its Digital Smart Labels, building on the Company's previous installations within the retail foods segment that includes brands such as Sobeys, Cataldi, Palma Pasta, Colemans Foods, and Rabba, to name a few. This first Nature's Emporium installation is expected to be completed by the end of summer and depending on success, could lead to Natures Emporium outfitting an additional six locations with Danavation's Digital Smart Labels.

Founded in 1993, Nature's Emporium is a leading health food market with four locations in Ontario, Canada and two more opening before the end of 2023. As part of its mission to offer customers a wide variety of natural health foods, products, and essentials, Nature's Emporium stocks a vast array of SKUs (stock keeping units) that includeincluding natural and organic foods, vitamins, supplements, gluten-free offerings, traditionally raised grass-fed meats, natural skin care, cosmetics, home supplies and sustainable, eco friendly clothing. With Danavation's Digital Smart Labels, Nature's Emporium anticipates benefitting from being able to redirect staffing efforts from manual price updates at the shelf, to engaging with customers and enhancing the overall shopping experience. Further, by deploying Danavation's Digital Smart Labels, Nature's Emporium can leverage instantaneous updating of products and pricing which enables more frequent product specials and promotions to serve their thousands of new and existing daily customers more efficiently.

Greco's Fresh Market Installations

The Company is pleased to confirm a full roll-out of Digital Smart Labels for both locations of Greco's Fresh Market in Thornhill and Richmond Hill, Ontario, further expanding Danavation's reach into the retail food segment. Greco's Fresh Market offers a wide selection of high-quality fresh meat, produce, deli, bakery, and prepared foods, with each department offering a wide selection that caters to the conventional and natural food shopper. The first location is expected to be outfitted with Danavation's Digital Smart Labels by mid to late summer 2023, followed by the second.

Behind Greco's success lies tradition, quality, and freshness that was built on a legacy of providing the highest calibre produce. After nearly 100 years and four generations, this commitment to quality remains a core philosophy for the Greco family, who continues to handle all of their own product selection, ensuring the continued success of the family business by refusing to sacrifice on quality.

About Danavation

Danavation Technologies Corp. is the only North American-founded and headquartered technology company providing Digital Smart Labels and a software Platform-as-a-Service (PaaS) solution that enables companies across various sectors to automate labelling, price, product, and promotions in real-time. Danavation's Digital Smart Labels enhance data accuracy and improve performance by removing high labour costs and low productivity typically associated with traditional labour-intensive workflows. Our goal is to create a sustainable and profitable business for shareholders while advancing sound environmental, social and governance practices, including by significantly reducing paper usage. Danavation has introduced its solution to retailers across North America, including big box and boutique grocers, while also targeting new markets including healthcare providers, manufacturing, and logistics companies. Learn more about the background of Danavation and our vision for the future on our website. As well, follow us on LinkedIn, Instagram, Twitter and YouTube for more updates on how we are transforming the retail landscape.

For further information, please contact:

John Ricci
President & Chief Executive Officer
hello@danavation.com

Kyle Nazareth
Chief Financial Officer
Tel: 289-892-3974 | investors@danavation.com

Forward-Looking Information

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. More particularly and without limitation, this news release contains forward‐looking statements and information relating, the future business of the Company, potential roll outs of the Company's products and services, further business from the Company's clients, industry outlook and potential and other matters. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

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