Mr. Hector Bremner reports

AVRICORE HEALTH HOSTS 2023 ANNUAL GENERAL MEETING AND WELCOMES NEW BOARD MEMBERS

Avricore Health Inc. held its annual general meeting to elect directors, appoint its auditor and accept a new stock option plan to support the company's continued growth.

"It's been another amazing year of significant growth and accomplishments, and everyone on the team is really excited to get to our next milestones," said Hector Bremner, chief executive officer of Avricore. "We are invigorated by the positive changes in policy and funding of the pharmacy sector, and we're enjoying growing support for HealthTab's mission to bring chronic and infectious disease screening to pharmacies around the world."

Prior to the meeting, shareholders received an information circular outlining key resolutions and had the opportunity to vote in advance of the meeting. All resolutions proposed by management passed with a majority of votes cast prior to the deadline and were unanimously accepted during the meeting.

Resolutions of note included the following.

Board changes

The company welcomed the re-election of chairman and director David Hall, as well as directors Alan Arnstein, Robert Sindelar, PhD, Rodger Seccombe and Mr. Bremner. Changes for this year included David Farnfield leaving the board but remaining a valued adviser. Also, the company added two new independent directors.

Christine Hrudka: Ms. Hrudka is a Canadian pharmacist, entrepreneur, leader, public speaker and advocate for women in business. She owned chain and independent pharmacies, served as chair of the Canadian Pharmacy Association, and has led the advancement of many critical topics provincially, nationally and internationally. She is a board member of Pharmacy Association of Saskatchewan, the North American representative of the World Pharmacy Council and an ad hoc member of the Minister Anand COVID-19 Supply Council. She also served as director of Pharmapod, director and committee member of governance and compensation, Smart Employee Benefits, board chair of Aither Ingredient Corp. and member at large, University of Saskatchewan Senate. She has volunteered for many community boards such as SREDA, YWCA, United Way and WESK. She holds a BSc in pharmacy (BSP) and a designation from the Institute of Corporate Directors (ICD.D).

Thomas W. Teahen: Mr. Teahen served as president and chief executive officer of the Ontario Workplace Safety and Insurance Board in 2015 to 2021. He also served as chief of staff to the Ontario Minister of Labour, Minister of Education and to the Office of the Premier of Ontario during the period from 2005 to 2015. Prior to that, Mr. Teahen practised law in the areas of labour and employment law, civil litigation, and administrative law. Mr. Teahen currently serves as the senior vice-president, advanced fuels, for Greenfield Global.

Options grant

The company announces that the board of directors has approved the granting of a total of 400,000 stock options to the two new directors. The options are exercisable at 20 cents per share for five years and vest one-quarter every three months commencing on the date of grant.

Stock option plan

In addition to changes to the board, the company also elected to change the formula used to calculate the available options to the company to grant to new recruits and other service providers as part of their compensation from the rolling up to 10 per cent to a fixed up to 20 per cent approach.

Currently, insider options, such as management and directors, are nearing the allowable 10 per cent of the issued and outstanding shares. Therefore, new options grants, if any, would be limited for insiders. However, as the company expects to grow and require additional team members and consultants, the board determined that it was in the best interest of the company to have an appropriate amount of options on hand to attract and motivate those individuals providing services to the company and its subsidiary, and thereby advance the company's interests by affording such persons with an opportunity to acquire an equity interest the company through the issuance of stock options.

The company's stock option plan which is consistent with TSX Venture Exchange policy and general practice was reviewed and accepted in advance by the TSX with the expectation of receiving shareholder approval.

Presentation/questions and answers

As customary for the company, a presentation and Q&A were held by Mr. Bremner. During this discussion, he reviewed current activities and discussed the company's outlook, as well as highlighted key developments, such as:

• Record revenues in 2022 of nearly $1.8-million;
• Significant first quarter 2023 growth year over year (15 times over 2022);
• The company has significantly expanded the number of Shoppers Drug Mart pharmacies to 532 locations nationwide;
• The addition of Abbott's ID Now to more than 100 locations;
• Significant expansion of pharmacist's scope of practice across Canada and abroad, allowing for more services, such as point-of-care testing.

These positive developments mean stronger baseline revenues for the company today, while also indicating significantly growing demand for HealthTab going forward.

About Avricore Health Inc.

Avricore (TSX Venture Exchange: AVCR) is a pharmacy service innovator focused on acquiring and developing early-stage technologies aimed at moving pharmacy forward. Through its flagship offering HealthTab, a wholly owned subsidiary, the company's mission is to make actionable health information more accessible to everyone by creating the world's largest network of rapid testing devices in community pharmacies.

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