Mr. Michael Di Cesare reports

JACK NATHAN MEDICAL CORP. ANNOUNCES BOARD CHANGES AND CORPORATE UPDATE

Blake Lyon, chairman of the board of directors, and Anthony DeCristofaro, director, have resigned from the board of directors of Jack Nathan Medical Corp., effective July 31, 2026.

Mr. Lyon and Mr. DeCristofaro have each served the company for many years and have contributed significant time, leadership and experience throughout their respective tenures.

The company extends its sincere appreciation to Mr. Lyon for his long-standing leadership and service as chairman of the board. During his tenure, Mr. Lyon provided guidance and oversight through significant periods in the company's history and remained committed to the company and its shareholders.

The company also extends its sincere appreciation to Mr. DeCristofaro for his many years of dedicated service as a director. His experience, counsel and commitment to the company throughout his tenure are recognized and greatly appreciated.

The board and management thank Mr. Lyon and Mr. DeCristofaro for their years of service and contributions to Jack Nathan and wish them continued success in their future endeavours.

Appointment of chairman

The company also announces that Michael Di Cesare has been appointed chairman of the board, effective July 31, 2026. Mr. Di Cesare will continue to serve as chief executive officer of the company.

Mr. Di Cesare assumed the role of chief executive officer in January, 2026, and has since been leading the restructuring of the company and its continuing corporate, regulatory and governance initiatives.

In his combined role as chairman and chief executive officer, Mr. Di Cesare will continue to lead the company's restructuring and strategic direction while overseeing the work required to address its outstanding corporate and regulatory matters.

Appointment of interim chief financial officer

The company is also pleased to announce the appointment of David Parrales as interim chief financial officer, July 31, 2026.

Mr. Parrales previously worked with Jack Nathan in a finance capacity and returned to the company in May, 2026, when he was appointed director of finance. Since rejoining the company, Mr. Parrales has played an important role in supporting the company's financial reporting, audit preparation and the work required to address its outstanding financial and corporate requirements.

In his role as interim CFO, Mr. Parrales will oversee the company's finance and financial reporting functions and will continue working with management and the company's professional advisers as Jack Nathan progresses through its restructuring and works to bring its outstanding financial reporting requirements current.

"David has demonstrated a strong work ethic and commitment to Jack Nathan since returning to the company," said Mr. Di Cesare, chairman and chief executive officer. "His knowledge of the company, combined with the work he has undertaken since May to support our audit and financial reporting requirements, made his appointment as interim CFO a natural progression. David has been an important part of the work under way to bring the company current, and I look forward to continuing to work with him in his expanded role."

Corporate update

Since assuming the role of chief executive officer in January, 2026, Mr. Di Cesare has been leading a comprehensive review and restructuring of Jack Nathan following the disposition of the company's former operating assets effective Dec. 1, 2024.

The company currently has no operating subsidiaries and is focused on completing its corporate restructuring, addressing outstanding corporate and regulatory requirements, and evaluating strategic opportunities for the future of Jack Nathan Medical.

As part of this process, Mr. Di Cesare is reviewing candidates to reconstitute the board. The company is focused on identifying qualified candidates with the appropriate experience and capabilities to support the company's governance requirements and future strategic direction. The company will announce any appointments to the board in accordance with applicable corporate and regulatory requirements.

The company is also continuing its efforts to address the outstanding requirements associated with the existing cease trade order and intends to seek revocation of the CTO upon satisfaction of the applicable requirements.

The company intends to hold an annual general meeting of shareholders later in 2026 following completion of the necessary corporate, regulatory and financial reporting requirements. The company will provide further information regarding the annual general meeting when available.

"I want to personally thank Blake and Anthony for the many years they have dedicated to Jack Nathan and for their contributions to the company and its shareholders," said Mr. Di Cesare, chairman and chief executive officer. "As we move forward, my focus remains on completing the restructuring of the company, addressing our outstanding corporate and regulatory requirements, reconstituting the board, and positioning Jack Nathan for its next chapter."

About Jack Nathan Medical Corp.

Jack Nathan Medical is a Canadian public company currently undergoing corporate restructuring following the disposition of its former operating assets effective Dec. 1, 2024. The company currently has no operating subsidiaries and is focused on completing its outstanding corporate and regulatory requirements and evaluating strategic opportunities for its future.

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