Mr. Nolan Reeds reports

MCI ONEHEALTH SEEKING APPROVAL FOR TRANSFER OF ASSETS TO SECURED LENDER

MCI Onehealth Technologies Inc. is seeking approval from the Toronto Stock Exchange to transfer certain of its non-core assets to The First Canadian Wellness Co. Inc. (the lender), a related party to the company, as a first step toward implementation of the comprehensive strategic transaction announced by the company on July 20, 2023.

The assets to be transferred to the lender consist of certain debt and equity securities which the company holds in four private health care and technology companies. The transfer will be completed pursuant to a debt resolution agreement entered into among the company, the lender, MCI Medical Clinics Inc. and Well Health Technologies Corp., to satisfy the company's outstanding obligations to the lender in respect of the $1.5-million secured credit facility made available to the company by the lender on May 18, 2023. For more details on the loan facility, please refer to the company's press releases dated April 27, 2023, and May 18, 2023.

The company has sought and obtained written consents to the transfer from disinterested shareholders of the company holding securities entitled to more than 50 per cent of the votes attributable to all issued and outstanding securities of the company, excluding those held or controlled by parties with an interest in the lender, the transfer or the new facility. The company has applied to the Toronto Stock Exchange for approval to complete the transfer to a related party under Section 604(d) of the TSX company manual on the basis of having obtained the aforementioned consents from disinterested shareholders, in lieu of approving the transfer at a shareholder meeting.

Under Section 604(d) of the TSX company manual, the transfer may only be completed after five clear business days have elapsed from the date of this press release, and the transfer is subject to obtaining the final approval of the TSX and any required third party consents.

About MCI Onehealth Technologies Inc.

MCI is a health care technology company focused on empowering patients and doctors with advanced technologies and data-driven clinical insights to increase access, improve quality and reduce health care costs. Led by a proven management team of doctors and experienced executives, MCI remains focused on executing a strategy centred around acquiring technology and health services that complement the company's current road map.

We seek Safe Harbor.