Mr. Howard Blank reports

ICARUS CAPITAL ANNOUNCES GOVERNANCE REALIGNMENT AND STRATEGIC REFOCUS TOWARD OPERATIONAL GROWTH

Icarus Capital Corp. has approved series of governance and strategic initiatives designed to strengthen leadership oversight, sharpen operational focus and support the company's long-term sustainability and profitability.

Governance realignment

As part of this realignment, Thomas Bell has been appointed chairman of the board, reflecting the company's commitment to strong governance and experienced oversight. In addition, Howard Blank has assumed the role of chief executive officer, providing continuity and public company leadership as Icarus advances its next phase of development.

Eric Lapointe has been appointed chief operating officer of Icarus Capital and president of the company's Yuk Yuk's subsidiaries, where he will focus on operational execution, venue performance and the continued expansion of live-event initiatives.

These updates formalize a leadership structure that clearly delineates governance, executive oversight and operational responsibilities, following the company's transition period in 2025 after the passing of founder Garry Yuill.

Strategic refocus on core operations

In conjunction with these governance changes, Icarus has elected not to renew its previously announced letter of intent to acquire Yuk Yuk's Inc.

The company remains supportive of the Yuk Yuk's brand and franchise system and may revisit broader strategic opportunities in the future. However, Icarus believes that prioritizing the performance and expansion of its existing franchise operations, along with new theatre and touring initiatives, represents the most prudent path toward near and medium-term value creation.

"Our focus is on disciplined execution," said Howard Blank, chief executive officer. "We are prioritizing the continued development of our current operations, strengthening margins and building a stable foundation for long-term growth."

Balance sheet strengthening

The company also announces that it has reached an agreement to convert $126,430.53 of outstanding indebtedness owed to the estate of Mr. Yuill into common shares of the company at a deemed price of 25 cents per share, resulting in the issuance of 505,722 common shares.

The shares will be issued to Mr. Yuill's former spouse and will be subject to a hold period of four months and one day from the date is issuance.

This restructuring reduces outstanding liabilities and aligns the interests of key stakeholders with the long-term performance of the company.

Looking ahead

With strengthened governance, clearer executive roles and a renewed focus on operational execution, Icarus Capital believes it is well positioned to pursue disciplined growth, expand its live-entertainment platform and improve profitability across its portfolio. Further updates on operational initiatives and 2026 programming will be provided as plans are finalized.

About Icarus Capital Corp.

Based in Surrey, B.C., Icarus Capital specializes in live and digital entertainment, mainly focused on stand-up comedy. The company's initial milestone included successfully securing the necessary financing to become a publicly traded company. The current assets include the Yuk Yuk's Calgary Comedy Club, Yuk Yuk's Surrey Comedy Club, Yuk Yuk's Media & Yuk Yuk's Western Canadian theatre shows.

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