THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Medivolve Inc. (“Medivolve” or the “Company”) (NEO:MEDV; FRA:34C1) is pleased to announce that it has closed the previously announced "bought deal" private placement of an aggregate of 20,000,000 units (the “Units”) at a price per Unit of $0.25 (the “Issue Price”) for aggregate gross proceeds to the Company of $5,000,000 (the “Offering”). Canaccord Genuity Corp. (“Canaccord”) acted as the sole lead underwriter and sole bookrunner for the Offering. Each Unit consists of one common share of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.40 for a period of 24 months from the date hereof, subject to an acceleration right exercisable by the Company if, at any time following the date that is four months and one day from the closing date, the daily volume weighted average trading price of the Company's Common Shares on the NEO Exchange is greater than $0.80 for the preceding 10 consecutive trading days. As consideration for the services provided by Canaccord in connection with the Offering, Canaccord received (i) a cash commission equal to 6.5% of the gross proceeds of the Offering (other than from the issue and sale of the Units to certain purchasers on a president's list, for which a 3.0% cash commission was paid), (ii) a corporate finance fee equal to 276,800 Units, and (iii) 1,160,000 compensation warrants (the “Compensation Warrants”). Each Compensation Warrant shall entitle the holder thereof to acquire one Unit at the Issue Price for a period of 24 months from the date hereof. The Company plans to use the net proceeds from the Offering to expand its testing capacity, for the repayment of existing debt and for general corporate purposes. The securities issued under the Offering are subject to a statutory hold period of four months and one day following the closing date, expiring May 27, 2021. The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Medivolve Inc. Medivolve, Inc. (NEO:MEDV; OTC:COPRF; FRA:4NC) seeks out disruptive technologies, ground-breaking innovations, and exclusive partnerships to help combat COVID-19 and generate remarkable risk-adjusted returns for investors. Specifically, Medivolve offers investors a diversified investment in the COVID-19 medical space across three areas; prevention, detection, and treatment. Medivolve has a team of renowned global medical and business advisors that have developed a proprietary business strategy to capitalize on high-margin opportunities in the COVID-19 space. This panel includes prominent immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopaedic treatment, foot and ankle care, and sports medicine. Medivolve’s primary focus is to provide convenient and assessable medical services for testing of the COVID-19 virus to help combat the pandemic. This is achieved largely through two acquisitions: 100% of Collection Sites, LLC and 28% of Colombian Sanaty IPS. Collection Sites is setting up a series of COVID-19 testing sites across the United States with appointments and payments will be handled through the online portal www.testbeforeyougo.com. Sanaty is setting up a series of full-service medical clinics offering a complete COVID-19 testing solution. For additional information, please contact:Doug Sommerville, CEODoug.Sommerville@medivolve.ca+1-416-301-5418 For investing inquiries, please contact:Evan VeryardEvan.Veryard@medivolve.ca For US media enquiries, please contact:Veronica Welchveronica@vewprmedia.com+1-508-643-8000 Cautionary Note Regarding Forward-looking Information This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.