Mr. Peter Whitehead reports

LIGHT AI ANNOUNCES CLOSING OF OVERALLOTMENT OPTION AND TRADING ON CBOE CANADA

Further to Light AI Inc.'s (formerly, Mojave Brands Inc.) news release dated Dec. 30, 2024, the agents (hereinafter defined) have further exercised their overallotment option in full to purchase an additional 2,757,000 units at a price of 55 cents per unit for gross proceeds of $1,516,350.

Including those sold pursuant to the overallotment option, a total of 33,635,200 units were issued under the long-form prospectus offering for aggregate gross proceeds of $18,499,360. Each unit comprised one common share and one-half of one share purchase warrant. Each warrant entitles the holder thereof to acquire one share at 80 cents per share for a period of 18 months from the date of issuance thereof.

The overallotment option was conducted on a best-efforts basis by Ventum Financial Corp., as lead agent and sole bookrunner, on its own behalf and on behalf of a syndicate of agents including Haywood Securities Inc. and Beacon Securities Ltd.

The units were offered and sold by way of a long-form prospectus filed in each of the provinces and territories of Canada, except Quebec. The proceeds raised from the sale of units under the offering are expected to be used by the company to further its objectives as disclosed in the prospectus, which is available under the company's SEDAR+ profile.

Cboe Canada listing

The company is also pleased to announce that, further to its news release dated Dec. 30, 2024, the company has been granted final approval by Cboe Canada Inc. to begin trading of the shares on Cboe Canada under the symbol ALGO. Trading will begin at the open of markets today on Jan. 8, 2025.

About Light AI Inc.

Light AI is a health care company focused on developing artificial intelligence health diagnostic applications. Light AI is developing a technology platform which represents the next-generation diagnostics: it applies AI algorithms to smart phone images -- starting with images of StrepA -- to identify the disease in seconds. Its patented, app-based solution requires no swabs, lab tests or proprietary hardware of any kind -- its hardware platform is the 4.5 billion smart phones that exist in the world today.

In pre-FDA (Food and Drug Administration) validation studies, Light AI's algorithm demonstrated remarkable accuracy in differentiating between viral and bacterial pharyngitis, specifically targeting Group A Streptococcus (GAS). The algorithm achieved a 96.57-per-cent accuracy rate that is comparable with the "gold standard" swab culture currently used for diagnosing GAS. Furthermore, the algorithm attained a negative predictive value (NPV) of 100 per cent, indicating its high reliability in confirming the absence of Streptococcus A infection.

Viral and GAS pharyngitis affects over 600 million people annually worldwide. If left untreated, GAS pharyngitis can lead to serious complications such as rheumatic heart disease (RHD), which imposes a global economic burden exceeding $1-trillion annually. Light AI's technology offers a significant advancement in the accurate and timely diagnosis of GAS pharyngitis, potentially reducing the incidence of RHD and its associated costs.

Light AI's approach to applying AI to smart-phone images can be expanded to other throat conditions, as well as other areas of analysis, such as the human eye and skin. Light AI's vision is to combine the smart phone with AI in the cloud to create a digital clinical lab that provides quick and accessible diagnosis for countless conditions that today require expensive and time-consuming imaging or lab processes.

We seek Safe Harbor.