Mr. Alejandro Antalich reports

EVOKAI CREATIVE LABS TO ACQUIRE EXTENDED REALITY AI-POWERED COMPANY NEUROCARRIER OY

EvokAI Creative Labs Inc. has entered into a definitive agreement dated effective May 16, 2023, that was negotiated at arm's length, pursuant to which the company intends to acquire all the issued and outstanding securities of NeuroCarrier Oy. NeuroCarrier combines cognitive neuroscience, extended reality (XR) and artificial intelligence (AI) technologies for enhanced performance screening and spatial perception of a person, as well as risk behaviour.

Following the closing of the NeuroCarrier acquisition, NeuroCarrier will be a wholly owned subsidiary of EvokAI. Completion of the NeuroCarrier acquisition is subject to a number of standard conditions, including receipt of all regulatory approvals and the acceptance of the TSX Venture Exchange. The NeuroCarrier acquisition is expected to close in June, 2023.

"The acquisition of NeuroCarrier allows us to redefine the evaluation of human performance, enhance safety in various contexts, and transform the early detection and management of brain diseases. NeuroCarrier's unique technology provides a comprehensive and objective assessment of an individual's cognitive abilities, risk behaviour and driving maturity. In the United States alone, there are 233 million licensed drivers, and, when it comes to accidents, people aged 21 to 24 are most at risk. There is an urgent and growing need to assess brain health, not just because people live longer but also because the importance of cognitive enhancement in today's fast-paced world. NeuroCarrier's virtual reality driving simulator using high-performance eye-tracking technology fills this need, allowing EvokAI to exponentially increase its revenues given the low-cost XR test and its easy-to-scale path," commented Alejandro Antalich, chief executive officer and director of EvokAI Creative Labs.

"With a deep understanding of deep brain simulation from our previous acquisition of Head Instruments, we recognize the significant challenges faced by individuals with neurological disorders, as well as those seeking to optimize their cognitive abilities, which motivates us to take a significant step towards brain implants, enabling precise interventions and personalized treatments. By providing neurostimulation, neural modulation and real-time monitoring, our implants could potentially alleviate symptoms, restore lost functions and improve overall quality of life for patients," added Mr. Antalich.

"Our team of dedicated scientists, engineers and medical professionals work tirelessly to refine brain implant solutions that are safe, effective and designed to target a wide range of neurological disorders such as epilepsy, Parkinson's disease, Alzheimer's disease and traumatic brain injuries. We envision a future where brain health and cognitive function are no longer hindered by neurological disorders or limitations. Through our relentless pursuit of breakthrough technologies, we strive to transform lives, empower individuals and contribute to the greater understanding of the human brain," concluded Mr. Antalich.

NeuroCarrier is a private company founded in 2021 under the laws of Finland by renowned professionals with unique expertise in psychophysics and neural mechanisms of the somatosensory system (tactile system and haptics) to biases in spatial attention and perception. Its chief executive officer is a former Finnish Air Force officer who has over 15 years of experience in training and high-tech simulation starting from flight instructor and reaching the position of chief of air force training.

"The science of assessing cognitive performance in a virtual reality driving environment, measuring more than 30 variables from reaction times to eye movement and fixations or reaction curves provide unprecedented accuracy. Our AI-powered technology allows us to handle large amounts of data, fine-tune the XR test and determine performance thresholds individually. Traffic has become an area of life that concerns millions of people every day and we are excited to provide a scientifically valid solution to increase safety," said Jarmo Majapuro, founder and CEO of NeuroCarrier.

"We are proud to see that XR technology originating from our university finds a route to commercialization through EvokAI. We are ready to support the further development of the technology also in the future," commented Prof. Vesa Taatila, president and CEO of Turku University of Applied Sciences, Finland, shareholder of NeuroCarrier.

Pursuant to the terms of the share purchase agreement, holders of 100 per cent of NeuroCarriers' common shares will be issued 2,202,000 common shares of the company having an aggregate value of three million euros, as consideration in exchange for their NeuroCarrier shares. The shares issued will be subject to an agreed hold period ending one year from the date of issuance. Up to an additional 367,000 common shares of the company may be issuable to the current holders of NeuroCarrier shares upon NeuroCarrier achieving certain milestones on or before Nov. 16, 2023.

About EvokAI Creative Labs Inc.

EvokAI is a medical technology AI-powered company dedicated to the development of transformational and innovative technologies for the modern health care sector.

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