Mr. Joel Shacker reports

CORE ONE ANNOUNCES DEBT SETTLEMENT

Core One Labs Inc. has entered into debt settlement agreements with a consultant of the company, and Santiago Ferro, who serves as both a director and officer of the company. Pursuant to the settlement agreements, the company has agreed to issue an aggregate total of 368,571 common shares in the capital of the company at a deemed price of 35 cents per debt share to settle an aggregate total of $129,000 of outstanding debt.

The issuance of the debt shares to Mr. Ferro constitutes a related party transaction as this term is defined in Multilateral Instrument 61-101 -- Protection of Minority Securityholders in Special Transactions (MI 61-101). The directors of the company, acting in good faith, determined that the fair market value of the debt shares being issued pursuant to the shares-for-debt transaction and the consideration being paid are reasonable. The company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the debt shares nor the debt exceeds 25 per cent of the company's market capitalization.

The company did not file a material change report more than 21 days before the expected closing of the shares-for-debt transaction as the details and amounts of debts settled under the shares-for-debt transaction were not finalized until closer to the closing and the company wished to close the shares-for-debt transaction as soon as practicable, which the company deems reasonable as it wishes to reduce its accrued liabilities as soon as possible.

All debt shares will be subject to a hold period of four months and one day from the date of issuance, in accordance with applicable securities legislation.

Pursuant to the policies of the Canadian Securities Exchange, the shares-for-debt transaction will close five business days from the date of this press release.

About Core One Labs Inc.

Core One Labs is a life sciences biotechnology research and development company focused on bringing psychedelic medicines to market through the development and production of psychedelic compounds, the advancement of psychedelic-assisted treatments, and the integration of novel delivery systems technology.

The company has a multifaceted business approach, and incorporates several complementary lines of businesses and units in establishing itself as an industry leader in the rapidly growing and emerging psychedelics market space.

Core One, through its wholly owned subsidiary Vocan Biotechnologies Inc., has developed and filed for patent protection of a proprietary psilocybin production system using engineered bacteria. It is also the holder of four provisional patents for the development of psychedelic-based pharmaceutical formulations targeting neurological and mental health disorders, under its 100-per-cent-owned subsidiary, Akome Biotech Ltd., and three provisional patents under its other 100-per-cent-owned subsidiary, Awakened Biosciences Inc., for additional synthetic technologies for psilocybin and psilocin production methods.

In addition to the development of psychedelics and psychedelic compounds, Core One holds an interest in four medical clinics which maintain a combined database of more than 275,000 patients. Through its clinics, the company intends to integrate a rollout of its intellectual property related to psychedelic technologies and participate in the advancement of psychedelic-based treatments for mental health disorders.

We seek Safe Harbor.