Mr. Johnson Joseph reports

TENET PROVIDES CORPORATE UPDATE FOLLOWING ANNUAL MEETING OF SHAREHOLDERS

Tenet Fintech Group Inc. has provided the corporate update below following the company's annual meeting of shareholders held on June 27, 2023. This press release is being furnished at the request of the Canadian Securities Exchange.

Directors, officers and legal counsel

Following the results of the annual meeting of shareholders, the Tenet's board of directors now comprises Johnson Joseph, Liang Qiu and Mayco Quiroz. The company's senior officers are Mr. Joseph, who was reinstated in the role of president and chief executive officer of the company, and Mr. Qiu who continues to serve as the CEO of the company's Chinese operations. Tenet expects to reach agreements imminently for the reinstatements of Jean Landreville as chief financial officer, Claude Theroux as chief technology officer and Dr. Luis Rocha as chief analytics officer. Further information in this regard will be provided when arrangements are finalized. The company's chief legal officer, Wendy Kennish, tendered her resignation on June 28, 2023, and Tenet has retained Wildeboer Dellelce LLP as counsel for all corporate and securities-related matters going forward.

Short-term plans

Given the current state of affairs at the company, Tenet will first focus its short-term attention on bringing stability to the company through dialogue with creditors, suppliers, employees, regulators, capital market professionals who have historically supported the company and other stakeholders. The company's management is committed to ensuring that the company's stakeholders have a good understanding of the company's plans and objectives as Tenet resumes its focus on the development of the data and analytics aspects of the company. The company expects that this will involve allocating resources to completing the remaining pillars of the business hub in Canada to permit the company to access a more diversified pool of SME data and position it to launch its first data-driven products in Canada later this year.

Better disclosure and visibility into Tenet's operations, particularly in North America, will also be a priority in the short term. That will come in the form of news releases, social media activity and with the upcoming launch of the company's Tenoris3 subsidiary's website. The company expects that the launch of the Tenoris3 website will provide investors and the company's stakeholders with a more detailed comprehension of the company's planned data-driven and analytics product offering. The website is expected to include conceptual descriptions, as well as demos, of upcoming products as they are being developed.

Capital markets strategy

As a venture-stage company and in order to achieve its objectives, Tenet must ensure it has an effective capital market strategy that permits it to raise capital while still protecting its shareholders' equity as it uses any capital raised to build value for shareholders. To that end, following the meeting, the company does not intend to proceed with closing additional rounds of the $3-million financing announced on June 1, 2023, of which a total of approximately $800,000 was closed. Instead, Tenet plans to proceed with a series of financings over the next three months for gross proceeds of up to $20-million, in which it is expected that some directors and officers of the company will participate. The company proposes to close the first round of such a financing on or prior to July 31, 2023, and anticipates that the financing would be priced at the greater of 25 cents per share or unit and the lowest price permitted by the CSE to reflect then-current market conditions. If completed, this would permit the company to meet its immediate cash needs, invest in its Canadian operations and partially help sustain the growth of its Chinese operations until later rounds of the financing are closed. There can be no assurances that any such financing(s) will proceed or be completed, either on the terms proposed or at all. All financings are subject to the prior approval of the CSE and must be completed in accordance with applicable securities laws. The company is in discussions with prospective investors to finalize the terms and complete the first round of the proposed financing, but at this time, the company does not have binding commitments with any investors in respect of any such financing(s).

About Tenet Fintech Group Inc.

Tenet Fintech Group is the parent company of a group of innovative financial technology and artificial intelligence (AI) companies.

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