Mr. Nick Karos reports

UNIVERSAL IBOGAINE ADVISES OF UPDATE ON THE STATUS OF PROPOSED SALE OF BELIZE ISLAND PROPERTY

Universal Ibogaine Inc. will not be closing its previously announced (see news release of March 30, 2023) agreement to sell its 20-acre undeveloped island property located in Belize for $1.3-million (U.S.) on June 15, 2023, as was scheduled.

The purchaser, an arm's-length Belize-based party, advised at completion of its due diligence period that it was not yet in a position to release the initial $20,000 (U.S.) non-refundable deposit, citing concerns with potential negative effects from the continuing U.S. government's debt ceiling issue, and its potential effect on the global economy.

Universal Ibogaine continues to work with the purchaser, which has expressed interest in a potential extension of its offer to purchase the property, and will provide a further update as more information becomes available.

About Universal Ibogaine Inc.

Universal Ibogaine is a life sciences company, with a mission to transform addiction treatment using medicalized ibogaine through a planned Canadian clinical trial focused on opioid use disorder, and ultimately to utilize that treatment protocol globally through planned future licensing agreements.

Universal Ibogaine is concurrently developing a state-of-the-art holistic addiction treatment protocol at its Kelburn Recovery Centre (located near Winnipeg, Man.) that, which when paired with the planned ibogaine detox protocol, is intended to revolutionize the way people treat addiction and drastically improve the lives of individuals and families affected by addiction.

We seek Safe Harbor.