Mr. Ivan Miliovski reports

VODIS ANNOUNCES CHANGES IN MANAGEMENT AND DEBT FINANCING

Vodis Pharmaceuticals Inc.'s Ivan Miliovski, who is one of the company's founders, chief operating officer and a director, has been appointed as the company's new chief executive officer on the resignation of Sean Cote. In addition, Clive Boulton has stepped down as a member of the board of directors. The company expresses its appreciation to Mr. Boulton for his role as an independent director.

Mr. Boulton has been replaced on the board of directors with Plamen Ovagemov. Mr. Ovagemov has a bachelor in economics and marketing and has extensive experience as an operations executive serving as CEO and executive director of multiple national and international European companies. Most notably Mr. Ovagemov served eight years as CEO and chairman of the board to Ponsstroy Engineering EAD, an international full-service commercial development company. During his eight years as CEO with Ponsstroy Engineering EAD, Mr. Ovagemov grew the company's revenue over 1,000 per cent with revenues exceeding $100-million annually. Additionally, he brokered national and international European deals, worked with local government and agencies on European Union-funded projects, and has received multiple European awards of excellence in business.

Further to the news release of May 25, 2016, Vodis announces that Mr. Miliovski and other lenders have loaned a total $180,000 to the company. Some of the funds have been used to pay in full all outstanding principal and interest owed to Argentas Holdings Inc. and provided necessary short-term working capital for the company's operations. The term of the loan is six months and interest will accrue at the rate of 8 per cent per annum. The company will grant the lenders a security interest against the company's assets in its Bellingham, Wash., facility.

Mr. Miliovski and another lender have also agreed to loan the company a total of $200,000. The term of the loan will be six months from the date of advance and will accrue at the rate of 8 per cent per annum. The company will grant the lenders a security interest against the company's assets in Delta, B.C.

Mr. Miliovski stated: "The company is pleased to have Mr. Ovagemov join the board of directors and bring with him a wealth of knowledge and experience in management and operations. I have to thank the team of loyal workers that have been very dedicated through these challenging months as we wait for the necessary permits to advance the business."

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