Mr. John Ricci reports

DANAVATION PROVIDES UPDATE TO AMENDMENTS TO CONVERTIBLE DEBENTURES AND RESIGNATION AND APPOINTMENT OF DIRECTORS

Danavation Technologies Corp. has entered into a supplemental indenture dated Nov. 17, 2023, between the company and Computershare Trust Company of Canada, as trustee, which amends the terms of its convertible debenture indenture dated Aug. 17, 2021, providing for the issuance of 8.0 per cent unsecured convertible debentures in the aggregate principal amount of $3.85-million.

In connection with the supplemental indenture, the trustee has recently confirmed that all required documents have been receipted, and the original indenture has been amended to: (i) extend the maturity date from Aug. 17, 2024, to Sept. 30, 2025; (ii) amend the conversion price from 45 cents to 20 cents; (iii) reduce the forced conversion price from 75 cents to 35 cents; and (iv) remove the 2-per-cent prepayment penalty.

For additional details regarding the debentures, please refer to the company's news releases dated Aug. 17, 2021, and Nov. 14, 2023, each of which, and along with the supplemental indenture, is available on the company's SEDAR+ profile.

Further, the company is pleased to announce the appointments of George Schnarr and Robert Bartucci to its board of directors, effective immediately, and the resignations of Michael Della Fortuna, Frank Borges and Jorge Martinez from its board of directors. The incoming directors will each receive 250,000 stock options of the company exercisable at 15 cents for a period of three years.

Mr. Bartucci is a performance-driven senior executive with more than 15 years of leadership success. He is the chief operating officer and co-founder of The Marlington Group, a modern business advisory firm that specializes in providing customized solutions for small- and medium-sized businesses to scale in their respective industries. He received his master of business administration from Rotman School of Business and an undergraduate degree from the University of Toronto.

Mr. Schnarr is currently the chief executive officer and majority shareholder of Grosnor Industries, a provider of marketing support products and services to the North American building product industry. He graduated from Laurier University in 1986 with a bachelor of business administration honours degree. He also currently serves as the president of the Markham Waxers hockey club, a position he has held since 1986.

"We are excited to have Robert and George join our board to help continue to move the company forward," said John Ricci, president and CEO of Danavation, and a member of the company's board. "In addition, I would like to thank outgoing board members for their service and contributions to the board."

About Danavation Technologies Corp.

Danavation is the only North American founded and headquartered technology company, providing digital smart labels and a software platform-as-a-service solution that enables companies across various sectors to automate labelling, price, product and promotions in real time. The company's digital smart labels enhance data accuracy and improve performance by removing high labour costs and low productivity typically associated with traditional labour-intensive workflows. Its goal is to create a sustainable and profitable business for shareholders while advancing sound environmental, social and governance practices, including by significantly reducing paper usage. Danavation has introduced its solution to retailers across North America, including big box and boutique grocers, while also targeting new markets, including health care providers, manufacturing and logistics companies.

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