• Cosmetics Lab is a U.K.-based service provider to the cosmetics industry offering a full range of new product development support and advanced manufacturing services
  
• Broadens Britannia's already robust service offering for new and existing clients by further vertically integrating its expertise across the value chain
  
• Adds significant operational expertise in formulation, manufacturing, ingredient sourcing, and supply chain management, providing a one-stop-shop for clients in the cosmetic and fragrance industries

Toronto, Ontario and London, United Kingdom--(Newsfile Corp. - June 6, 2023) - Britannia Life Sciences Inc. (CSE: BLAB) (FSE: L020) ("Britannia") is excited to announce the acquisition of an initial 51% interest in Cosmetics Lab Ltd. ("CosLab"). Based in Horsham, in southern England, CosLab has established a 15-year legacy as a leading independent regulatory partner and manufacturer of high-quality cosmetic products for some of the world's most well-known brands and retailers.

"We look forward to working closely with Ian Dawson, Managing Director of CosLab, and his team to support the continued growth of the business, including committing resources to expand the new product development, regulatory and manufacturing offerings of CosLab," Peter Shippen, CEO, Britannia Life Sciences.

The acquisition is expected to result in revenue synergies through the pairing of CosLab's regulatory and manufacturing expertise with Britannia's technology-driven formulation, compliance and testing platform, providing clients with an end-to-end solution for their product development and launch initiatives. Britannia expects the acquisition of CosLab to result in an increase in consolidated revenues and EBITDA of £1.5-2 million (CAD$ 2.5-3.3 million) and £300-500k (CAD$500-830k), respectively, over the next twelve months.¹

The ability to support clients from concept to consumer is an important principle for Britannia, and the acquisition of CosLab simplifies the go-to-market for new products while facilitating R&D and scale-up of production for companies large and small. Britannia continues to seek to expand and scale its service offering by acquiring and partnering with companies that are well-respected in their markets.

"The ability to expand our service offering for new and growing brands strengthens the relationship and flexibility we have as the cosmetics industry's one-stop-shop, while better informing our R&D, manufacturing, and supply chain expertise," said Mark Bowes-Cavanagh, CEO of Britannia's subsidiary, Advanced Development and Safety Laboratories. "Complementing such a meaningful manufacturing legacy, with our consumer insights and regulatory expertise presents a truly exciting opportunity for growth and innovation."

The terms of the transaction include put/call provisions in favour of the vendor and Britannia that would result in Britannia Life Sciences owning 100% of CosLab.

About Britannia Life Sciences Inc.

Britannia Life Sciences Inc. is a global platform offering an integrated suite of services to assist companies along their product development journey. Britannia's services, including product formulations, safety assessments, analytical and microbiological testing, global compliance, and consumer evaluations are offered to companies ranging from multinationals to startups particularly in the cosmetics, food, and wellness industries. Britannia has garnered significant expertise in the development and regulatory approval of topical and edible cannabis products, including preparation and support for novel food authorizations. Britannia's head office is located at 120 Adelaide Street West, Suite 2400, Toronto, Ontario, M5H 1T1.

For inquiries or more information on Britannia's growing suite of product development, analytical testing, regulatory and compliance solutions across a range of industries, please visit or contact:

Peter Shippen, CEO
Tel: +1 416 930 7711 or +44 738 744 7441
Email: peter@britannia.life

(1) FORWARD-LOOKING STATEMENTS: This news release contains or incorporates by reference "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to information with respect to forecasted future revenue, earnings and cash flow, information with respect to Britannia's strategy, plans, expectations, beliefs, including future operating performance. Forward-looking statements are characterized by words such as "plan", "expect", "budget", "target", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include transaction risks, Britannia's expectations in connection with volumes of client demand, the impact of proposed optimizations at Britannia's operations, changes in national and local government legislation, taxation, controls or regulations and/or change in the administration of laws, policies and practices, and the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, currency exchange rates (such as the Canadian Dollar versus the British Pound), the impact of inflation, changes in accounting policies, risks related to future acquisitions, risks associated with infectious diseases, including COVID-19, unanticipated costs and expenses, higher prices for power, labour and other inputs contributing to higher costs, general risks of the industry, failure of plant, equipment or processes to operate as anticipated, seasonality and other unanticipated factors. Although Britannia has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Britannia undertakes no obligation to update forward-looking statements if circumstances or management's estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding Britannia's expected operational performance and results as at and for the periods ended on the dates presented in Britannia's plans and objectives and may not be appropriate for other purposes.

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