Mr. Peter Shippen reports

BRITANNIA LIFE SCIENCES PROVIDES CORPORATE UPDATE

Britannia Life Sciences Inc. today provided a corporate update on its current asset position, strategic direction and capital markets initiatives. The board of directors has approved a refined corporate strategy which repositions Britannia as a public market venture builder and company accelerator. Separately, the board has also approved the commencement of a normal course issuer bid (the NCIB), subject to acceptance by the Canadian Securities Exchange (the CSE).

Current asset position

As of the date of this release, the company's principal assets consist of:

• Cash and cash equivalents of approximately $18-million;
• An evolving asset-backed lending portfolio of approximately $5-million;
• 262,860 common shares of Paragon Advanced Labs Inc. (TSX Venture Exchange: PALS), with a market value of approximately $900,000 at the recent trading price of Paragon common shares.

On a combined basis, the company's net asset value is approximately $23-million, or 14.75 cents per Britannia common share.

The income generated from the company's asset-backed lending portfolio allows it to cover all its operating costs and generates an estimated net income of approximately $600,000 annually, or 0.37 cent/share.

Asset-backed lending

The company has continued to develop its asset backed lending expertise with the goal of using the revenue and cash flow from these operations to act as a strategic funding source for its venture builder model.

The company has terminated its previously outlined debenture offering and is seeking other avenues to scale the asset-backed lending operations with alternative funding sources.

Normal course issuer bid

The board has approved, subject to acceptance by the CSE, the commencement of an NCIB through the facilities of the CSE and alternative Canadian trading systems. Key terms of the proposed NCIB are as follows:

• Maximum shares: up to 8.1 million common shares, representing approximately 5 per cent of the company's issued and outstanding common shares in accordance with the policies of the CSE;
• Duration: a 12-month period commencing on the date the NCIB is accepted by the CSE;
• Purchase mechanics: purchases will be made at prevailing market prices through the facilities of the CSE and permitted alternative trading systems, in accordance with applicable rules and policies, including daily volume limitations;
• Funding: purchases under the NCIB will be funded from the company's available cash resources.

The board believes that the company's common shares have, from time to time, traded at prices that do not adequately reflect the underlying value of the company's assets and the future prospects of its strategy. In the view of the board, the repurchase of common shares at such prices represents an attractive use of treasury capital and is consistent with the company's objective of maximizing long-term shareholder value.

There can be no assurance as to how many common shares, if any, will ultimately be repurchased under the NCIB. All shares purchased under the NCIB will be cancelled.

About Britannia Life Sciences Inc.

Britannia Life Sciences is a Canadian public company operating as a diversified services and investment platform. The company functions as a public-market venture builder, originating, founding, capitalizing and operationally supporting new businesses across selected sectors, with the objective of creating long-term shareholder value through cornerstone equity positions and defined liquidity outcomes.

We seek Safe Harbor.