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A-Labs Capital II Corp. Provides Further Update on Qualifying Transaction with Orcanos Ltd.

V.ALAB.P

(TheNewswire)

A-Labs Capital II Corp.

Vancouver, British Columbia – TheNewswire - July 4, 2022 - A-Labs Capital II Corp. ("ALAB" or the "Company") (TSXV:ALAB.P), a capital pool company under Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange ("Exchange"), wishes to announce that it has entered into a second amending agreement to the security exchange agreement with Orcanos Ltd., effective July 4, 2022 (the "Second Amending Agreement"), in respect of its previously announced proposed acquisition of all of the issued and outstanding securities of Orcanos Ltd. (the "Transaction"). The Second Amending Agreement extends the deadline for the completion of the Transaction from June 30, 2022, to September 30, 2022. All other terms of the Transaction remain the same.

The Company also announces that it is continuing its efforts to complete the concurrent financing in connection with the Transaction. Further details of the Transaction, the securities exchange agreement, as amended, and the concurrent financing are set out in the Company’s filing statement dated March 31, 2022 and the Company’s press releases dated March 31, 2022 and June 1, 2022, which are available under the Company’s profile on SEDAR at www.sedar.com.

For further information regarding the Company, contact:

Doron Cohen, CEO

doron@alabs.co

972 545-224-017

For further information regarding Orcanos, please contact:

Zohar Peretz, CEO

zoharp@orcanos.com

972-525-582-578

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Caution Regarding Forward-Looking Information

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Forward looking statements in this news release include, but are not limited to: the closing of the Transaction, concurrent financing and related transactions, and the extension for the Transaction deadline will be met. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Copyright (c) 2022 TheNewswire - All rights reserved.