Mr. James Lee reports

HEALWELL AND WELL HEALTH ANNOUNCE COMPETITION BUREAU HAS CONCLUDED ITS MERGER REVIEW AND ISSUED A NO ACTION LETTER

The Commissioner of Competition has concluded the Competition Bureau's review of Well Health Technologies Corp.'s acquisition of a majority interest in Healwell AI Inc. and has issued a no-action letter.

The no-action letter, issued on Oct. 22, 2026, confirms that the commissioner does not, at this time, intend to make an application under Section 92 of the Competition Act in respect of Well's acquisition of a controlling interest in Healwell completed on April 1, 2025, including Healwell's concurrent acquisition of Orion Health.

In December, 2025, the Bureau announced that it had obtained a federal court order for the production of records and information relating to the transaction. Healwell and Well co-operated with the bureau throughout its review and produced the records and information requested.

Hamed Shahbazi, chairman of Healwell, commented: "We are pleased that the Competition Bureau has concluded its review and issued a no-action letter regarding Well's acquisition of Healwell. We appreciate the bureau's engagement throughout the process and remain focused on executing our strategy and delivering value to health care practitioners, patients and shareholders."

About Healwell AI Inc.

Healwell AI is a health care artificial intelligence company focused on preventive care. Its mission is to improve health outcomes with better care and technology. Healwell is executing its strategy by developing and acquiring technology and clinical science capabilities that complement its business of preventive care, including data science, AI-powered (artificial intelligence) patient identification and clinical decision support. Healwell is publicly traded on the Toronto Stock Exchange under the symbol AIDX and on the over-the-counter exchange under the symbol HWAIF.