Avricore Health Hosts 2023 Annual General Meeting and Welcomes New Board Members - Seite 2

Thomas W. Teahen - Mr. Teahen served as president and CEO of the Ontario Workplace Safety and Insurance Board 2015-2021. He also served as chief of staff to the Ontario Minister of Labour, Minister of Education and to the Office of the Premier of Ontario during the period 2005 - 2015. Prior to that Mr. Teahen practiced law in the areas of labour and employment law, civil litigation and administrative law. Mr. Teahen currently serves as the Senior Vice President Advanced Fuels for Greenfield Global.

Options Grant

The Company announces that the Board of Directors has approved the granting of a total of 400,000 stock options (the “Options”) to the two new directors. The Options are exercisable at $0.20 per share for five years and vest one-quarter every three months commencing on the date of grant.

Stock Option Plan

In addition to changes to the Board, the Company also elected to change the formula used to calculate the available options to the Company to grant to new recruits and other service providers as part of their compensation from the “rolling up to 10%” to a “fixed up to 20%” approach.

Currently, insider options, such as management and directors, is nearing the allowable 10% of issued and outstanding shares. Therefore, new options grants, if any, would be limited for insiders. However, as the Company expects to grow and require additional team members and consultants, the Board determined that it was in the best interest of the Company to have an appropriate amount of options on hand to attract and motivate those individuals providing services to the Company and its subsidiary, and thereby advance the Company’s interests, by affording such persons with an opportunity to acquire an equity interest the Company through the issuance of stock options.

The Company’s stock option plan which is consistent with TSXV policy and general practice was reviewed and accepted in advance by the TSXV, with the expectation of receiving shareholder approval.

Presentation/Q&A

As customary for the Company, a presentation and Q&A was held by CEO Hector Bremner. During this discussion, a review of current activities and a discussion around the Company’s outlook, as well as highlighting key developments, such as:

• Record revenues in 2022 of nearly $1.8 million CAD.
• Significant Q1 2023 growth year-over-year (x15 over 2022).
• The Company has significantly expanded the number of Shoppers Drug Mart pharmacies to 532 locations nation-wide.
• The addition of Abbott’s ID Now to more than 100 locations.
• Significant expansion of pharmacist’s scope of practice across Canada and abroad, allowing for more services, such as point-of-care testing.