Novo Integrated Sciences Provides Update on Certain Current Actions and Events

Novo Integrated Sciences, Inc. (NASDAQ: NVOS) (the “Company” or “Novo”), today provides an update with respect to certain actions and events, as follows:

• Parties continue to work toward closing SWAG Agreement: As previously disclosed, Novo entered into a share purchase agreement (the “SWAG Agreement”) with SwagCheck Inc. (“SWAG”) and the shareholders of SWAG, pursuant to which Novo agreed to purchase 100% of SWAG’s outstanding shares. SWAG holds a specific right of purchase of a precious gem collection as provided for in an agreement between SWAG and a Court-appointed Successor Receiver for the United States District Court for the Central District of California. Although the SWAG Agreement has not yet closed, the parties continue to work together with the intention of closing the transaction.
• Novo expects to receive initial draw on $57,000,000 RC Note: As previously disclosed, Novo entered into entered into a securities purchase agreement with RC Consulting Group LLC in favor of SCP Tourbillion Monaco (the “Buyer”), pursuant to which the Company issued an unsecured 15-year promissory note to the RC Noteholder (the “RC Note”) with a maturity date of April 26, 2038, in the principal sum of $70,000,000, which amount represents the $57,000,000 purchase price plus a yield (non-compounding) of 1.52% (zero coupon) per annum. The RC Note is unsecured and there is no provision for the conversion of debt, issuance of any class of shares, or the grant of any warrants by the Company to the Buyer. The Company is expecting to receive an initial draw against the $57,000,000 in the near future.
• Potential share repurchase program: The Company’s Board of Directors is initiating a strategic review to include the consideration of a proposed share repurchase program.
• GIMEG project in early stages of development: Also as previously announced, the Company has a funding commitment for a direct investment in the Company of $40,000,000 from Sheikh Khaled bin Mohammad bin Fahad Al Thanayan through Gulf International Minerals and Energy Group (GIMEG). The funding is expected to result in project-specific joint ventures for development of elder care and senior living community facilities in Canada. This project remains active and is in the early stages of development and implementation.

About Novo Integrated Sciences, Inc.