Mr. Brian Kalish reports

XIGEM TECHNOLOGIES ANNOUNCES CLOSING OF SHARES FOR DEBT TRANSACTION

Pursuant to the previously announced shares-for-debt settlement of Oct. 13, 2023, Xigem Technologies Corp. has entered into debt settlement agreements with certain of its creditors to issue 17,402,120 common shares to such creditors in exchange for outstanding accounts payable totalling $522,063.60 owing to the creditors. The settlement shares are being issued at a price of three cents in accordance with the policies of the Canadian Securities Exchange. The creditors include certain related parties of the company, being: Brian Kalish, the chief executive officer and a director of the company, Igor Kostioutchenko, the chief financial officer of the company, and Stephen Coates, a director of the company, who will receive an aggregate of 6,132,216 settlement shares. Every other creditor is an arm's-length party. The company is completing the shares-for-debt transaction to improve its financial position in an effort to support its planned future growth, and it is anticipated that the settlement shares will be issued on or before Friday, Oct. 20, 2023.

All settlement shares will be subject to a four-month-and-one-day hold period. No new control person of the company will be created pursuant to the shares-for-debt transaction.

The shares-for-debt transaction by the related parties constitutes a related-party transaction as such term is defined by Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company was exempt from the MI 61-101 valuation and minority approval requirements for related-party transactions in connection with the offering under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves related parties, exceeds 25 per cent of the company's market capitalization (as determined under MI 61-101).

About Xigem Technologies Corp.

Established in Toronto, Ont., Xigem is positioning itself to become a leading technology provider for the emerging near-trillion-dollar remote economy, with software capable of improving the capacity, productivity and overall remote operations for businesses, consumers and other organizations. iAgent, the company's patented technology, FOOi, its proprietary peer-to-peer mobile payments app, and EchoDigital, a software-as-a-service automotive shopping platform, are intended to provide organizations, businesses and consumers with the tools necessary to thrive in a vast array of remote working, learning, shopping and treatment environments as the company looks to aggregate a portfolio of innovative technologies capable of disrupting traditional business models.

We seek Safe Harbor.