This Month's Tiny Gems - March 2022

Cybin Inc. (NYSE American: CYBN) (NEO: CYBN)

Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) is a clinical-stage biopharmaceutical company focused on progressing psychedelics into therapeutics, offering a new standard of care for mental health disorders and improving patient outcomes. The company is led by a team of leading scientific and industry experts with deep roots in biotech, psychedelics, and mental health, to translate top-tier science into potential best-in-class therapeutics.

Cybin takes a holistic approach to psychedelic therapeutics which encompasses three pillars: drug discovery, drug delivery and innovative treatment. This 'bench to bedside' approach to care enables Cybin to translate novel research into potential treatments for a variety of mental health conditions, such as major depressive disorder, alcohol use disorder and therapy resistant psychiatric disorders.

Key Facts

• Led by CEO Doug Drysdale
  • 30 years of experience in the health care sector
  • Chaired the board of directors of a NASDAQ-listed company and, as a CEO for the past 13 years, has built and turned-around four pharmaceutical companies
  • Completed 15 corporate acquisitions across three continents and has raised $4 billion of both public and private capital
  • Former Head of M&A at Actavis Group (Actavis was sold to Watson Pharmaceuticals in 2012 for €4.25 billion)

• Experienced scientific team
  • The only scientific team in the industry that has successfully developed a commercial psychedelic drug
  • Facilitated billions in pharmaceutical sales
  • Successfully helped develop widely used drugs such as: Allegra, Sabril, Anzemet & Vaniqa
  • 300+ combined peer reviewed publications by scientific leadership include work in addiction and psychedelics
  • Team collectively involved in 37 exits across the biotech sector and various other verticals
  • Overseen 60+ IND programs with FDA
  • Team pedigree: Merck, Elan, GSK, Sanofi, Eli Lilly and UCB

Product Offering and Pipeline

Cybin currently has three drug development programs: CYB003, CYB004 & CYB005.

• CYB003 is the company's biopharmaceutial version of psilocybin aimed at treating major depressive disorder and alcohol use disorder. Preclinical data has demonstrated that CYB003 has less variability, faster onset, shorter duration and better brain penetration than oral psilocybin, which in turn creates a better experience for both the patient and the therapist.
• Cybin is also working on other novel psychedelic compounds, such as DMT, MDMA and other analogues, that will have improved pharmacokinetic profiles while retaining the efficacy of the original molecules.
• The company is building a portfolio of proprietary deuterated molecules, which are more stable, improved and expected to result in more scalable treatments, as compared to peers.
• To date, Cybin has facilitated over 100 pre-clinical studies on a portion of its molecules within its discovery pipeline. These studies have been conducted through in vitro and in vivo, with many promising results allowing for full IND-enabling studies on certain molecules.

Cybin has a strong competitive advantage in the industry with 50 different proprietary psychedelic molecules and growing. The company's IP portfolio, technology rights and provisional patents include:

1. A provisional patent application filed for an oral film delivery mechanism
2. A provisional patent application filed for nebulization technology
3. A patent for deuterated DMT and multiple patent applications filed for other deuterated psychedelic molecules and analogs
4. A discovery pipeline of tryptamines and phenylethylamines alongside certain metabolites
5. A patent application filed for platforms that are expected to create supportive treatment regimens

Cybin X Kernel

On January 11, 2021, Cybin announced its entry into an agreement with neurotech pioneer HI LLC (dba Kernel) to leverage its innovative Kernel Flow technology for Cybin-sponsored clinical development.

Kernel Flow is a full-head coverage, time-domain functional near-infrared spectroscopy system designed to detect hemodynamic changes in the brain. The platform pulses light through the skull and into the bloodstream in order to measure how much oxygen the blood is carrying at any given time. Kernel Flow is expected to facilitate further and more detailed research into psychedelic therapeutic offerings for those suffering from mental health disorders.

Through this partnership with Kernel, Cybin is able to:

• Quantify brain activity in real time during psychedelic experiences. The absence of this data has been a limitation in the progression of new molecules targeting neurological disorders.
• Open a new frontier in psychedelic therapeutics by acquiring longitudinal brain activity before, during and after a psychedelic experience, enabling quantification of what was previously subjective self-reporting.
• Leverage time-domain functional near-infrared spectroscopy, a gold standard optical method for detecting hemodynamics of the cerebral cortex.

Market Outlook for Psychedelic Therapies

Cybin's rich IP portfolio could help position the company in a prominent role in the expanding psychedelic therapies market.

Although more than 900 million people globally suffer from some sort of mental illness, according to the World Health Organization, Cybin is initially targeting two indications with its active drug programs – major depressive disorder and alcohol use disorder.

• The global treatment market for mental disorders is estimated at $2.5 trillion, including $800 billion in direct economic costs, according to the National Centre for Biotechnology Information.
• In the U.S., the direct and indirect economic costs of mental disorders are estimated at $467 billion by the National Institute of Mental Health.
• An estimated 17.3 million adults in the United States had at least one major depressive episode. This number represented 7.1% of all U.S. adults.
• Approximately 5.8 percent or 14.4 million adults in the United States ages 18 and older had AUD in 2018. This includes 9.2 million men and 5.3 million women.
• The U.S. psychedelic drugs market was valued at $2.1 billion in 2019 and is expected to reach nearly $6.9 billion by 2027, accelerating at a CAGR of 16.3 percent, per Data Bridge Market Research.

Management Team

Doug Drysdale is the Chief Executive Officer of Cybin Inc. He is an experienced corporate director and CEO, having chaired the board of directors of a Nasdaq-listed company and led turnarounds at three pharmaceutical companies as CEO. With over 30 years of experience in the health care sector, Mr. Drysdale has formed cohesive management teams, recruited board members, completed 15 acquisitions across three continents and raised $4 billion in private and public capital. He holds a bachelor's degree in microbial and molecular biology from the University of East Anglia in the United Kingdom and was recognized as the 'Entrepreneur of the Year' by Ernst and Young in 2012.

Eric So is Co-Founder, Executive Chairman and President of Cybin. He is the Co-Founder and current Managing Director of Trinity Venture Partners Inc., a boutique merchant bank. He is a veteran founder, investor, operator and advisor to disruptive companies. He began his career practicing in the areas of corporate commercial securities, finance and mergers & acquisitions at a leading international legal firm. Mr. So has a Bachelor of Science with a major in anatomy and cell biology and a minor in psychology from McGill University. He has a Bachelor of Laws from the University of Windsor.

John Kanakis is Cybin's Co-Founder and SVP of Business Development. He is also the Co-Founder and Managing Director of Trinity Venture Partners Inc. He is the Co-Founder of several start-up companies across various sectors. Mr. Kanakis has raised over $100 million for the start-ups of which he has been a part and brings over 10 years of experience in medical device manufacturing and regulatory frameworks to Cybin.

Paul Glavine is the Co-Founder and Chief Operating Officer of Cybin. He is also the Co-Founder of Global Canna Brands, which was granted the first-ever tier 3 cultivation license in Jamaica. His first cannabis start-up, Truverra, was sold to The Supreme Cannabis Company (TSX: FIRE). He has advised on M&A and other financial transactions totaling over $50 million. He is a serial entrepreneur and investor with vast experience in the biotech and cannabis industries.

Alex Nivorozhkin, Ph.D., is Cybin's Chief Scientific Officer. He is a lead NCE inventor of multiple successfully partnered drug discovery and development programs and a technology developer of proprietary formulations for CNS drugs. Dr. Nivorozhkin is a seasoned medicinal chemist, drug delivery expert and founder of multiple biotech companies.

Michael Palfreyman, Ph.D., is the company's Chief R&D Officer. He brings three decades of preclinical/clinical development experience to the Cybin team, including time with Scriptgen, EnVivo Pharma, Sanofi, GSK, Amorsa Therapeutics and others. Dr. Palfreyman has successfully led multiple IND filings and clinical programs, and he boasts a significant portfolio of CNS therapeutics patents and commercial products.

Brett Greene is Cybin's Chief Innovation Officer. He served as a research administrator for the Center for Drug Discovery (one of the top cannabinoid and serotonin research centers in the world) for over a decade. Greene is a recognized leader in the field of psychedelics and has co-managed more than $80 million in federal funding for cannabinoid and serotonin research. A co-founder of Psymposia, Greene also co-managed the NIDA-sponsored Chemistry & Pharmacology of Drug Abuse (CPDA) conference for five years.

Alex Belser is the company's Chief Clinical Officer. Mr. Belser is a licensed psychologist, clinical supervisor and psychedelic researcher at Yale. He has been active in the psychedelic research community for 20 years and has conducted clinical research with psilocybin and MDMA for a variety of indications. Mr. Belser's research has been featured in The New York Times, The Atlantic, The New Yorker, The Guardian and VICE, as well as in Michael Pollan's book, How to Change Your Mind.

Eric Hoskins is Cybin's Governance Committee Chair. He served as Ontario health minister from 2014 to 2018, maintaining responsibility for one of the largest health care systems in North America. Mr. Hoskins is a former elected Member of Ontario Provincial Parliament with cabinet positions in health, economic development and trade, children and youth services, and immigration. He brings to the Cybin team more than 30 years of experience in public policy, complex diplomacy, international affairs, health care, media and economic development at the intersection of business, politics and complex social and political circumstances. Hoskins is a proven negotiator and navigator at the highest levels of government and bureaucracy.

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR)

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), based in Lakewood, Colorado, is the country's largest producer of uranium and the leading conventional producer of vanadium, both designated by the U.S. government as critical minerals. Energy Fuels also began production of rare earths in 2021 at a stage more advanced than any other U.S. company.

As the leading U.S. diversified uranium miner, Energy Fuels' uranium production portfolio stands apart in the world. Energy Fuels has more uranium production facilities, more production capacity, and more in-ground resources than any other company in the United States. In fact, the company's assets have produced over one-third of all U.S. uranium over the past 15 years and is uniquely positioned to increase production to meet new demand.

Energy Fuels utilizes both conventional and in-situ recovery ("ISR") technology to produce uranium from three strategic facilities:

• White Mesa Mill in Utah (conventional) has a licensed capacity of over 8 million pounds of U3O8 per year. The highly strategic White Mesa Mill is the only conventional uranium mill in the country and is proximate to some of the largest and highest-grade uranium mines and projects in the U.S., including the Company's Canyon mine, La Sal Complex, Henry Mountains Complex and Roca Honda Project. White Mesa Mill provides Energy Fuels with significant production scalability as uranium demand increases. The White Mesa Mill also has other diverse businesses, including vanadium, rare earth elements (REE's), alternate feed materials recycling and land cleanup, all described below.
• Nichols Ranch Plant (ISR) is located in the productive Powder River Basin district of Wyoming and has a total licensed capacity of 2 million pounds of U3O8 per year. Nichols Ranch has produced 1.2 million pounds of U3O8 since commissioning in 2014, and it has significant future expansion potential from 34 fully licensed wellfields containing significant in-ground uranium resources.
• Alta Mesa Plant (ISR) is located on over 200,000 acres of private land in Texas. The fully licensed and constructed ISR project has a total operating capacity of 1.5 million pounds of uranium per year and produced nearly 5 million pounds of U3O8 between 2005 and 2013. This low-cost production facility is currently on standby, maintained in a state of readiness to respond to expected increases in demand.

In addition to being the largest uranium miner in the U.S., Energy Fuels' overall portfolio also includes a pipeline of high-quality, large-scale exploration and development projects that are permitted or are in advanced stages of permitting, as well as an industry-leading U.S. NI 43-101 Mineral Resource portfolio.

FACTOID: Energy Fuels has led industry efforts over the past two-plus years to get the U.S. government to recognize the importance of domestically produced uranium, including the 2018 – 2019 Uranium Section 232, the ongoing Nuclear Fuel Working Group and the recently announced creation of the U.S. strategic uranium reserve. The U.S. is by far the largest consumer of uranium in the world, yet we import almost all of our requirements; Energy Fuels aims to change that.

Nuclear Market Potential

Multiple studies in top scientific journals have shown that nuclear power is cleanest and most economical way to produce reliable electricity as worldwide demand continues to soar. Nuclear power is presently the only available and affordable low-carbon power source that can meet both current and future baseload electricity demands while simultaneously reducing air pollution and mitigating climate change. U.S. nuclear power plants currently generate nearly 20% of the nation's electricity overall and 55% of its carbon‐free electricity and even a modest increase in electricity demand would require significant new nuclear capacity by 2025. According to the World Nuclear Association (WNA), there are currently 443 operable reactors, with another 57 units under construction and 426 in various stages of planning; in addition, the WNA has identified a potentially massive supply/demand gap through 2040 of 1 billion pounds. These factors among others are expected to significantly drive increased demand for uranium.

Reasons Nuclear is Gaining Traction

• Nuclear reactors emit no greenhouse gases during operation. Over their full lifetimes, they result in comparable emissions to renewable forms of energy such as wind and solar.
• Unlike any other form of energy, the waste from nuclear energy is contained and managed securely. Used fuel is currently being safely stored for ultimate disposal or future reprocessing, and 96% of this waste can potentially be recycled.
• Greater demand for clean electricity to power everything from homes to automobiles, reducing dependence on fossil fuels.

No. 1 U.S. Producer of Vanadium in 2019

Energy Fuels also produces vanadium as a byproduct of uranium production. Vanadium is designated a critical mineral, essential to the economic and national security of the United States. Energy Fuels was the largest producer of vanadium in the U.S. in 2019, and has significant high-grade, in-ground vanadium resources, as well as a separate high-purity vanadium production circuit at their White Mesa Mill, which is also the only conventional vanadium mill in the country. Crucial for use in the steel, aerospace, and chemical industries, vanadium plays a critical role in the production of high-strength and light-weight metallic alloys and demand is expected to increase across the globe. Energy Fuels has several fully permitted and developed standby mines containing large quantities of high-grade vanadium, along with uranium, including:

• La Sal Complex (Utah)
• Whirlwind Mine (Colorado/Utah)

Vanadium has also gained increased attention as a catalyst in next-generation high-capacity, "community-scale" batteries used for energy storage generated from renewable sources. Demand is only expected to grow as this market expands. With recent upgrades in its vanadium production operations, in 2019 Energy Fuels produced 1.8 million pounds of the highest purity (99.7%) vanadium in the mill's history and can rapidly adjust production to meet volatile market conditions. Energy Fuels is one of the very few known avenues that provides investors access the vanadium market.

Rare Earth Element (REE) Production, Alternate Feed Material Recycling, and Land Cleanup

The White Mesa Mill also provides the company with diverse cashflow generating opportunities. Security of supply for Rare Earth Elements (REEs) supporting U.S. military and defense requirements is a major issue today. In 2021, the White Mesa Mill began processing a mineral called monazite, which is widely recognized as one of the most valuable REE-bearing minerals in the world due to excellent distributions of the magnetic REEs needed for electric vehicles (EVs), wind generation and a host of other clean energy and advanced technologies. Monazite also contains uranium and thorium, which processors need special licenses and capabilities to recover and manage.

Monazite is produced as a byproduct of titanium and zircon mines in the U.S. and around the world. Energy Fuels' White Mesa Mill is recovering the uranium from monazite and selling it for the production of clean, carbon-free nuclear energy. The mill is evaluating recovering the contained thorium for emerging 'targeted alpha therapy' cancer treatments, as well as producing a REE product called mixed rare earth carbonate which is ready for the next step in rare earth refining: separation. At the current time, no other U.S. company is producing a rare earth product ready for separation. Energy Fuels is also in the early stages of installing rare earth separation capabilities at the White Mesa Mill, with the potential to unlock significant revenue generating opportunities.

The White Mesa Mill is also the only facility in North America licensed and capable of recycling alternate feed materials (AFMs). AFMs are essentially low-level waste materials that contain recoverable quantities of natural (or unenriched) uranium. The Company typically generates between $5 and $15 million per year from AFM recycling. Finally, Energy Fuels is seeking to become involved in the cleanup of legacy Cold War era uranium mines in the Four Corners region of the U.S., including on the Navajo Nation. The U.S. Environmental Protection Agency (EPA) has access to over $1.5 billion for the cleanup of just a fraction of the sites on the Navajo Nation. The White Mesa Mill is fully licensed to receive much of this material, we are one of the government's lowest cost options, and we have the ability to recycle the material and produce usable uranium from it.

San Juan County Clean Energy Foundation

On September 16, 2021, Energy Fuels announced the establishment of the San Juan County Clean Energy Foundation, a fund specifically designed to contribute to the communities surrounding Energy Fuels' White Mesa Mill in Southeastern, Utah. In tandem with the announcement, Energy Fuels deposited $1 million into the foundation and detailed plans to provide ongoing annual funding equal to 1% of White Mesa Mill's future revenues, providing funding to support the local economy and local priorities. The foundation will focus on supporting education, the environment, health/wellness, Tribal initiatives and economic advancement in the City of Blanding, San Juan County, the White Mesa Ute Community, the Navajo Nation and other area communities.

"The communities that surround our facility deserve to share in the benefits of the Mill's clean energy future," Mark Chalmers, CEO of Energy Fuels, stated in the news release. "The very heart of our business – uranium and rare-earth production and recycling – helps us play a big part in addressing global climate change, reducing air pollution, and making the world a cleaner and healthier place. We see San Juan County as becoming a critical minerals hub for the U.S., and we believe the Foundation is truly the best way to make an impact and difference in the lives of those who work alongside us as we pursue these goals."

Management Team

Mark S. Chalmers, President and CEO
Mark S. Chalmers is the president and chief executive officer of Energy Fuels, a position he has held since Feb. 1, 2018, following his role as chief operating officer of Energy Fuels from July 1, 2016 – Jan. 31, 2018. From 2011 to 2015, Chalmers served as executive general manager of Production for Paladin Energy Ltd., a uranium producer with assets in Australia and Africa, including the Langer Heinrich and Kayelekera mines where, as head of operations, he oversaw sustained, significant increases in production while reducing operating costs. He also possesses extensive experience in in situ recovery ("ISR") uranium production, including management of the Beverley Uranium Mine owned by General Atomics (Australia), and the Highland mine owned by Cameco Corporation (USA). Chalmers has also consulted to several of the largest players in the uranium supply sector, including BHP Billiton, Rio Tinto, and Marubeni, and until recently served as the chair of the Australian Uranium Council, a position he held for 10 years. Chalmers is a registered professional engineer and holds a Bachelor of Science in Mining Engineering from the University of Arizona.

W. Paul Goranson, COO
W. Paul Goranson is the chief operating officer for Energy Fuels. Goranson has 30 years of mining, processing and regulatory experience in the uranium extraction industry that includes both conventional and in-situ recovery ("ISR") mining, and he is a registered professional engineer. Prior to the acquisition by Energy Fuels of Uranerz Energy Corporation, Goranson served as president, chief operating officer and director for Uranerz, where he was responsible for operations of the Nichols Ranch ISR Uranium Project. In addition to those duties, he also managed uranium marketing, regulatory and government affairs, exploration and land. Prior to joining Uranerz, Goranson served as president of Cameco Resources, where he led the operations at the Smith Ranch-Highland, Crow Butte and North Butte ISR uranium recovery facilities. Goranson also served as vice president of Mesteña Uranium LLC, and he has served in senior positions with Rio Algom Mining, (a subsidiary of BHP Billiton), and Uranium Resource Inc. Goranson has a Bachelor of Science in Natural Gas Engineering from Texas A&I University, and a Master of Science in Environmental Engineering from Texas A&M University-Kingsville.

David C. Frydenlund, CFO, General Counsel, Corporate Secretary
David C. Frydenlund is chief financial officer, general counsel, and corporate secretary of Energy Fuels. His responsibilities include oversight of all legal matters relating to the company's activities. His expertise extends to NRC, EPA, state and federal regulatory and environmental laws and regulations. From 1997 to 2012, Frydenlund was vice president of regulatory affairs, general counsel and corporate secretary of Denison Mines Corp., and its predecessor International Uranium Corporation ("IUC"). He also served as a director of IUC from 1997 to 2006 and CFO of IUC from 2000 to 2005. From 1996 to 1997, Frydenlund was vice president of the Lundin Group of international public mining and oil and gas companies, and prior thereto was a partner with the Vancouver law firm of Ladner Downs (now Borden Ladner Gervais) where his practice focused on corporate, securities and international mining transactions law. Frydenlund holds a bachelor's degree in business and economics from Simon Fraser University, a master's degree in economics and finance from the University of Chicago and a law degree from the University of Toronto.

Curtis H. Moore, Vice President of Marketing and Corporate Development
Curtis H. Moore is the vice president of Marketing and Corporate Development for Energy Fuels. He oversees product marketing for Energy Fuels, and is closely involved in mergers & acquisitions, investor relations, public relations, and corporate legal. He has been with Energy Fuels for over 12 years, holding various roles of increasing responsibility. Prior to joining Energy Fuels, Moore worked in multi-family real estate development, government relations and public affairs, production homebuilding, and private law practice. Moore is a licensed attorney in the State of Colorado. He holds Juris Doctor and MBA degrees from the University of Colorado at Boulder, and a Bachelor of Arts dual degree in Economics-Government from Claremont McKenna College in Claremont, California.

EverGen Infrastructure Corp. (TSX.V: EVGN) (OTCQB: EVGIF)

EverGen Infrastructure Corp. (TSX.V: EVGN) is developing Canada's Renewable Natural Gas Infrastructure Platform, starting on the west coast in British Columbia. The company is combating climate change and helping communities contribute to a sustainable future by acquiring, developing, building, owning and operating a portfolio of renewable natural gas (RNG), waste-to-energy, and related infrastructure projects.

While EverGen is currently focused on British Columbia, its continued growth is expected across other regions of North America. RNG is produced differently than conventional natural gas, without drilling wells. RNG is derived from biogas, which is captured from decomposing organic waste in landfills, food waste, agricultural waste matter and wastewater from treatment facilities. This waste feedstock is supplied to an anaerobic digester which contains bacteria that breaks down organic matter in the absence of oxygen. The resulting biogas is captured and cleaned to create carbon neutral or carbon negative RNG to be used by the existing North American gas pipeline grid. By capturing these emissions and transforming them into RNG, then combusting into CO2, the overall greenhouse gases (GHG) impact is materially less potent than allowing natural decomposition to release methane into the atmosphere. Liquid and solid digestate matter is a byproduct of the RNG production process and is used as fertilizer and in other applications.

EverGen operates three projects in British Columbia. The company was incorporated in 2020 and went public in 2021, with its common shares listed on the TSX Venture Exchange under ticker symbol 'EVGN'. In February 2022, EverGen's common shares began trading on the OTCQB Venture Market in the U.S. under ticker symbol 'EVGIF'. The company is headquartered in Vancouver.

Portfolio Projects

Fraser Valley Biogas is one of three projects in EverGen's portfolio. Located in Abbotsford, British Columbia, the facility has been digesting manure and off-farm organics since 2011 and was the first agricultural digester in Canada to produce RNG. The RNG generated through this project is part of a FortisBC program to supply renewable gas to homes, businesses and other customers. Fraser Valley Biogas also provides Abbotsford farms with renewable fertilizer via the digestate produced. EverGen acquired Fraser Valley Biogas early in 2021 and is currently enhancing and expanding the facility. These optimization projects resulted in record production during the month of September 2021, supporting the growing demand for RNG in British Columbia. Optimization activities contributed an additional 18% of RNG production for September and a 9% higher year-to-date production compared to the previous year. The facility produces approximately 80,000 gigajoules of RNG, enough to heat more than 1,000 homes for a year.

Net Zero Waste Abbotsford, a wholly owned EverGen subsidiary and portfolio project, is an existing composting and organic processing facility and RNG expansion project. The British Columbia Utilities Commission recently approved a 20-year offtake agreement between the facility and FortisBC, an electricity and gas utility. Under this agreement, FortisBC will purchase up to 173,000 gigajoules of RNG annually for injection into its natural gas system upon completion of an anaerobic digester project at Net Zero Waste Abbotsford. Once construction is complete, this project is expected to produce enough energy to meet the needs of more than 1,900 homes.

Sea to Sky Soils, a wholly owned EverGen subsidiary and portfolio project, is an existing composting and organic processing facility and potential future RNG expansion project which has been operating near Pemberton, British Columbia, on Lil'wat Nation land since 2012. The Lil'wat Nation is a key partner and supporter of the facility, which has employed a majority of its staff from the First Nation since inception. The Sea to Sky Soils facility processed approximately 160 percent of its forecast tonnage in the second half of 2021. In total, Sea to Sky Soils processed approximately 36,000 tons of organic waste in 2021. The facility is working with the Ministry of Environment to expand its operational capacity in 2022. EverGen has partnered with local municipalities – including Metro Vancouver and the municipality of Pemberton – for the delivery of additional organic waste to the facility. The facility is an important part of EverGen's RNG infrastructure platform and serves as a source of valuable feedstock to support the company's existing and future operations.

Market Outlook

A report from Global Market Insights states that the biogas market is projected to see significant growth over the next few years, driven by a shifting preference to utilize biogas to reduce emission levels from traditional fuels. Escalating RNG usage by gas utilities as a sustainable and low carbon alternative to supply heat and electricity in industries and buildings will further stimulate growth. RNG is increasingly deployed across the transport sector, especially for heavy vehicles and vessels, to abate GHG emissions.

Many North American gas utilities have set RNG targets of 5% to 15% of production by volume in 2030, compared to less than 1% by volume in 2020. FortisBC has a goal of including 15% RNG in its gas supply by 2030. EverGen believes this presents a potential C$16 billion+ opportunity for RNG producers.

Management Team

Chase Edgelow is co-founder and CEO at EverGen. He has over 15 years of specialized private investment, finance, and technical expertise in the energy and infrastructure sectors. His background is as a Facilities Engineer with Petro-Canada, independently managing energy infrastructure capital projects located in western Canada. He holds a Professional Engineer designation from the province of Alberta.

Mischa Zajtmann is co-founder and President at Evergen. He has 15 years of experience providing consulting and management for Canadian and American companies in the natural resources and energy space. He is a corporate securities lawyer who began his career at Blake, Cassels & Graydon LLP. His J.D. is from the University of Saskatchewan Law School. He's a member of the British Columbia Bar.

Sean Mezei is COO at EverGen. He has 20 years of experience in the RNG industry, having served previously as the president of Greenlane Biogas and as a senior manager at QuestAir, and founder and president of Dekany Consulting. He was a co-chairman of the American Biogas Council's RNG working group for six years. He has been a Registered Professional Engineer in the province of British Columbia since 1994.

Natasha Monk is CFO at EverGen. She is a CPA with 12 years accounting, financial reporting, and tax experience in public practice and industry. She is currently a partner at Affirm LLP, where she advises and consults to a wide variety of companies in multiple industries across public and private sectors. Prior to joining EverGen, she worked at KPMG. She graduated from the University of Calgary.

Lexaria Bioscience Corp. (NASDAQ: LEXX)

Lexaria Bioscience Corp. (NASDAQ: LEXX) is a global innovator in drug delivery platforms. The company's patented technology, DehydraTECH™, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules. DehydraTECH promotes fast-acting, less expensive and more effective oral drug delivery and has been thoroughly evaluated through in vivo, in vitro and human clinical testing.

DehydraTECH is covered by 23 issued and more than 50 pending patents in over 40 countries around the world. Lexaria's first patent was issued by the U.S. Patent and Trademark Office in October 2016 (US 9,474,725 B1), providing 20 years of patent protection expiring June 2034. Multiple patents have been awarded since then and are expected in the future.

Lexaria has a collaborative research agreement with the National Research Council (NRC), the Canadian government's premier research and technology organization. The company has filed for patent protection for specific delivery of nicotine, vitamins, NSAIDs, testosterone, estrogen, cannabinoids, terpenes, PDE5 inhibitors (with brand names like Viagra), tobacco and more.

Lexaria began developing DehydraTECH in 2014 and has since continued to strengthen and broaden the technology. The company has no plans to create or sell Lexaria-branded products containing controlled substances. Instead, Lexaria licenses its technology to other companies around the world to offer consumers the best possible performance across an array of ingestible product formats.

The company's technology is best thought of as an additional layer that providers of consumer supplements, prescription and non-prescription drugs, nicotine and CBD products can utilize to improve the effectiveness of their own existing or planned new offerings. Lexaria has licensed DehydraTECH to multiple companies, including a world-leading tobacco producer for the research and development of smokeless, oral-based nicotine products, and for use in industries that produce cannabinoid beverages, edibles and oral products.

DehydraTECH is suitable for use with a wide range of product formats including pharmaceuticals, nutraceuticals, consumer packaged goods and over-the-counter capsules, pills, tablets and oral suspensions.

DehydraTECH Technology

Lexaria's DehydraTECH is designed specifically for formulating and delivering lipophilic (fat-soluble) drugs and active ingredients. DehydraTECH increases their effectiveness and improves the way active pharmaceutical ingredients enter the bloodstream. The major benefits to a subject ingesting a DehydraTECH-enabled drug or consumer product can be summarized by the following:

• Speeds up delivery – the effects of the product are felt by the subject in just minutes.
• Increases bioavailability – the technology is much more effective at delivering a drug or product into the bloodstream.
• Increases brain absorption – animal testing suggests significant improvement in the quantity of drug delivered across the blood-brain barrier.
• Improves drug potency – more of the ingested product is made available to the body, so lower doses are required to achieve the desired effect.
• Reduces drug administration cost – lower doses mean lower overall drug costs.
• Masks unwanted taste – the technology eliminates or reduces the need for sweeteners.

Lexaria has demonstrated in animal studies a propensity for DehydraTECH technology to elevate the quantity of drug delivered across the blood-brain barrier by as much as 1,900 percent, initiating additional new patent applications and opening possibilities for improved drug delivery.

Since 2016, DehydraTECH has repeatedly demonstrated, with cannabinoids and nicotine, the ability to increase bio-absorption by up to five to 10 times, reduce time of onset from one to two hours to just minutes, and mask unwanted tastes. The technology is to be further evaluated for additional orally administered bioactive molecules, including antivirals, cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs) and nicotine.

Market Outlook

Lexaria's ongoing research and development efforts are mainly focused on development of product candidates across several key segments:

• Oral Cannabinoids – a market estimated to be worth $18.4 billion in 2021 and expected to reach $46.2 billion by 2025.
• Antivirals – an estimated $52.1 billion market in 2021 that's expected to grow to $66.7 billion by 2025.
• Oral Mucosal Nicotine – smokeless tobacco products, a $13.6 billion market in 2018, is forecast to grow at 7.2 percent annually through 2025.
• Human Hormones – estrogen and testosterone replacement therapies represented a $21.9 billion market in 2019, with a forecast CAGR of 7.7 percent through 2027.
• Ibuprofen and Naproxen – NSAID sales totaled $15.6 billion globally in 2019 and are projected to reach $24.4 billion by 2027.
• Vitamin D3 – the global market size was $1.1 billion in 2021, growing at 7 percent per year and expected to reach $1.7 billion in 2026.

Management Team

Chris Bunka is Chairman and CEO of Lexaria Bioscience Corp. He is a serial entrepreneur who has been involved in several private and public companies since the late 1980s. He has extensive experience in the capital markets, corporate governance, mergers and acquisitions, as well as corporate finance. He is named as an inventor on multiple patent innovations.

John Docherty, M.Sc., is the President of Lexaria. He is a pharmacologist and toxicologist, and a specialist in the development of drug delivery technologies. He is the former president and COO of Helix BioPharma Corp. (TSX: HBP). He is named as an inventor on multiple issued and pending patents.

Greg Downey is Lexaria's CFO. He has more than 35 years of diverse financial experience in the mining, oil and gas, manufacturing, and construction industries, and in the public sector. He served for eight years as CFO for several public companies and has provided business advisory and financial accounting services to many large organizations.

Gregg Smith is a strategic advisor to Lexaria. He is a founder and private investor with Evolution VC Partners. He is a member of the Sand Hill Angels and held previous investment banking roles with Cowen and Company and Bank of America Merrill Lynch.

Dr. Philip Ainslie serves as a scientific and medical advisor to Lexaria. He is co-director for the Centre for Heart, Lung and Vascular Health, Canada. He is also Research Chair in Cerebrovascular Physiology and Professor at the School of Health and Exercise Sciences, Faculty of Health and Social Development at the University of British Columbia.

Nemaura Medical Inc. (NASDAQ: NMRD)

Nemaura Medical Inc. (NASDAQ: NMRD) is a medical technology company developing affordable diagnostic and digital tools for chronic disease management. Its flagship product, sugarBEAT®, is a wearable, non-invasive and flexible Continuous Glucose Monitor (CGM) designed to help people with diabetes and prediabetes manage their glucose levels. Insulin users can adjunctively use sugarBEAT when calibrated with a finger-stick glucose reading.

sugarBEAT consists of a daily disposable adhesive skin patch connected to a rechargeable transmitter with a smartphone app displaying glucose readings at five-minute intervals for periods of up to 24 hours. One of the great advantages of the product, apart from the fact that users no longer need to draw blood samples or prick their fingers, is that a person can wear the CGM patch on whatever day they choose. Existing CGM devices must be implanted under the skin. Wearable disposability is a unique feature of sugarBEAT and a world first, opening up vast potential for changing the way people manage their chronic disease conditions. sugarBEAT received CE mark clearance in May 2019, allowing it to be marketed and sold within the European Union as a Class 2b Medical Device. The company submitted a premarket approval (PMA) application to the U.S. Food and Drug Administration in 2020 which is currently under review.

Founded in 2011, Nemaura set out to develop a single platform technology to measure blood markers at the surface of the skin. Since then, the company has evolved with the creation of wearable technologies and digital health care solutions that encourage and empower people to take charge of their own health and well-being. Nemaura's skin surface blood monitoring technology has allowed the company to create additional products, which are in the pipeline, such as Lactate Monitoring.

Technologies

Digital Solutions for Weight Loss and Potential Reversal of Type 2 Diabetes

This is a digital program that comes with more than a decade of clinical evidence demonstrating excellent efficacy. The company has combined this with its glucose-monitoring platform to bring a product to market to help people with diabetes manage their condition and potentially reverse Type 2 diabetes.

Glucose Monitoring Solutions for Diabetes Prevention and Reversal

Over 420 million people worldwide are living with diabetes, and prediabetes cases total almost three times that number. Undoubtedly, diabetes is an urgent global health crisis. Combining clinical research with patient-friendly technology, Nemaura's sugarBEAT product delivers a non-invasive, affordable and flexible method of blood glucose tracking for improved diabetes management.

Continuous Lactate Monitoring for Athletic Performance (Non-Medical)

Lactic acid is a key performance indicator for the body and a guide to how well muscles react to long term exertion and recovery. Well-trained athletes and those who regularly engage in sports are very efficient at faster lactate 'recycling' for extra energy (ATP). Nemaura expects to launch its lactate sensor to the sports and personal training market in 2022.

Continuous Lactate Monitoring in Disease State (Medical)

An increase in blood lactate levels is also a marker of critical disease states. Recent publications have indicated the presence of elevated lactate levels in patients with COVID-19 infection. Nemaura has developed a lactate sensor that is being integrated into the company's platform, which will be submitted for regulatory clearance upon completion of requisite clinical studies.

Continuous Temperature Monitoring for Viral Infection Detection and Disease Progression

A person's body temperature says a lot about their health. Several diseases, including COVID-19, are characterized by an increase in body temperature, so temperature monitoring is a vital tool in the detection, diagnosis and prevention of the spread of disease. Nemaura is expecting to submit this adaptation of the device for regulatory clearance in 2022.

MiBoKo

On September 29, 2021, Nemaura announced the beta launch of MiBoKo, a new metabolic health program utilizing a non-invasive glucose sensor along with an AI based mobile application. In development for 18 months leading up to the announcement, MiBoKo addresses a significant mass market opportunity that Nemaura believes could benefit roughly a third to half of the population by measuring and monitoring users' metabolic health scores, which are based on glucose tolerance or insulin resistance.

"A person's response to sugar intake can influence a number of factors from appetite and body weight to sleep patterns, energy levels, and even mood, not to mention also being a considerable factor in chronic diseases like diabetes, heart disease and dementia," Dr. Faz Chowdhury, CEO of Nemaura, stated in announcing the beta launch. "With MiBoKo, we are able to extend our proprietary non-invasive device and sensor technology and interactive lifestyle and AI based coaching programs beyond the traditional diabetes market and into an adjacent, yet separate, market application of metabolic health. At Nemaura, we continue to look for the intersection of patient comfort and convenience through advanced and unique technology that addresses significant healthcare needs for large patient populations. We believe that MiBoKo offers insights into metabolic health in a user-friendly way unlike any other program on the market."

Anyone interested in participating as a MiBoKo user can now register for the beta program at www.MiBoKo.com. There is no cost during the beta period, with approved MiBoKo beta testers receiving the sensors and AI based program free of charge.

Market Opportunity

Obesity and diabetes are two of the major drivers of the current chronic disease epidemic. According to the International Diabetes Federation, there are more than 463 million people living with diabetes worldwide. In the U.S., about 28,000 people are diagnosed with diabetes every week, and more than 34 million suffer from diabetes. Another 88 million Americans have prediabetes. Other industrialized countries show similar numbers based on their populations. In the U.K., 4.8 million people have diabetes, with another diagnosed every two minutes. In Germany, 9.5 million have diabetes, with almost half estimated to be undiagnosed and so at greater risk.

On average, employers and insurers spend more than $9,000 annually on health care for an employee with diabetes, compared to $1,600 annually for a healthy employee. In the U.S. alone, more than $760 billion was spent on diabetes-related health care expenditures during 2019. Nemaura is positioned at the intersection of the global Type 2 diabetes market that is expected to reach nearly $59 billion by 2025, the $50-plus billion prediabetic market, and the wearable health-tech sector for weight loss and wellness applications forecast to hit $60 billion by 2023.

Management Team

Dr. Faz Chowdhury has been CEO and chairman of the board of Nemaura Medical since 2013. He has more than 20 years of experience in the pharmaceutical and medical devices industry, taking products from concept to commercial launch. He is sole inventor on more than 100 granted and pending patents and has authored textbook chapters on nano-biosciences for Wiley and Elsevier. He holds a master's degree in microsystems and nanotechnology from Cranfield University, and a doctorate from the University of Oxford in nano-medicine and drug delivery.

Justin Mclarney is CFO at Nemaura. He most recently was the Senior Director, International Finance at Lands' End Inc. He also worked for Office Depot as Senior Director of Finance for the largest business unit within the European group. Prior to that, he spent more than 10 years in practice, the majority of which was with Ernst & Young LLP.

Dr. Fred Schaebsdau is Vice President of Strategy & Strategic Alliances at Nemaura. He has more than 15 years of executive experience in the CGM, blood glucose monitoring and insulin delivery industries, including time with Abbott Diabetes Care, as General Manager of Dexcom Germany and at Roche Diabetes Care, where he was Senior Vice-President, Head of Global Strategy and Business Development. The firm he founded is the exclusive distributor in Europe, the Middle East and Africa of UniStrip®, the world's first generic blood glucose test strip. He is licensed to practice medicine in the U.S. and Germany.

David Scott is Director of Commercial Development and Licensing at Nemaura. He is a trained chemist with over 35 years of experience in the pharmaceutical industry, including deal brokering, marketing, strategic planning, finance, business development and acquisitions. He has also provided licensing training for a number of multinational pharma companies and training organizations and is the author of best-selling report Scrip's Practical Guide to Pharmaceutical Licensing.

Pressure BioSciences Inc. (PBIO)

Pressure BioSciences Inc. (PBIO) develops, markets and sells proprietary laboratory instrumentation and associated consumables to the life sciences sample preparation market. Sample preparation refers to the wide range of activities that precede most forms of scientific analysis. It is often complex and time-consuming, yet a critical part of scientific research. The market for sample preparation products is currently estimated at $6 billion worldwide.

The Company's product line can be used to exquisitely control the sample preparation process. It is based on a patented, enabling technology platform called pressure cycling technology ("PCT"). PCT uses alternating cycles of hydrostatic pressure between ambient (14.5 psi) and ultra-high levels (up to 100,000 psi) to safely and reproducibly control critical biological processes, such as the lysis (breakage) of cells, the digestion of proteins, and the inactivation of pathogens.

Pressure BioSciences' product line is led by its newly released, next-generation Barocycler 2320EXTREME instrument. Named a finalist in the prestigious 2017 R&D Awards (also known as the "Oscars of Innovation"), the Barocycler 2320EXT is already being touted by some key opinion leaders as an essential element of the $1.8 billion U.S. "Cancer Moonshot" program. For example, Professor Phil Robinson, Co-head of the cancer research center of the Children's Medical Research Institute (Sydney, Australia), said in a recent interview: "We are collecting the whole proteome on 70,000 tumor samples from all classes where complete clinical outcome is known. Due to its unique capabilities, the Barocycler 2320EXT has become a critical part of our program. It is the primary enabler of the high-throughput component of the project. Without this step, our project simply could not be done. In fact, the Barocycler 2320EXT works so well we have just purchased two more."

Momentum is building when it comes to the potential for using the Company's unique PCT technology platform. Leading scientists are intrigued by Pressure BioSciences' approach, which among other attributes, revolutionizes the process of rupturing cells (lysis) for further study, yielding superior biomolecules for investigation. The Company's technology transcends current methods of breaking open cells, which use chemicals, blades, metal beads, or other damaging and altering methods that can ultimately adversely affect the result for researchers. Pressure BioSciences' PCT technology utilizes customized, controlled hydrostatic (water) pressure to rupture cells in a chamber, enabling exquisitely customized levels of pressure to optimally break open different types of cells at prescribed pressure levels—something never before accomplished in a commercial setting. Using this pioneering method, the result is a truer, more legitimate sample, which boosts the efficacy of research and the quality of results. The potential impact of this technology on scientific advancement is enormous, enabling research scientists to begin their studies with biological samples of unprecedented integrity, with the potential to improve research outcomes at the earliest, most critical step. PCT can additionally inactivate pathogens (e.g., viruses, bacteria) using hydrostatic pressure, making the samples safer to study—another innovation with astronomical potential for application in a variety of markets.

The Company's high-pressure instruments for research purposes are marketed throughout the United States, Europe, China and Japan. To date, Pressure BioSciences has installed nearly 300 PCT Systems in over 165 leading academic, government, biotech and pharma laboratories around the world. Its primary applications are in biomarker discovery, forensics, agriculture and pathology. Over 100 scientific papers have been published on the advantages of the PCT platform, which is also being used in the specialized fields of drug discovery and design, bio-therapeutics characterization, soil and plant biology, vaccine development and histology.

Impressive as their biotech business is, there is more to the PBI story. Pressure BioSciences recently received two patents in China for its novel Ultra Shear Technology (UST), a process that has potential in a wide range of industrial applications, including extending the shelf life of some food products and making two insoluble liquids (like oil in water) soluble. Patents have also been filed in many other countries worldwide. UST is a novel technique based on the use of intense shear forces generated from ultra-high-pressure valve discharge.

This important technology has the potential to play a significant role in a number of commercially important areas through its ability to create high-quality, stable nanoemulsions. Scientific studies indicate that improved absorption, higher bioavailability, greater stability, lower surfactant levels and other advantages can be achieved with nanoemulsions – all hugely important factors in the fields of nutraceuticals, cosmetics, pharmaceuticals, and in various medical products. There is an enormous opportunity in the cannabis market, since the technology can potentially reduce oil droplets containing cannabidiol (CBD) to nanoparticles, after which they can be safely suspended in a stable water solution—something many companies have endeavored to achieve without success. Researchers looking for a way to increase the bioavailability of cannabinoids in the body will find this technology a game changer.

The Company's UST technology also has possibilities in the production of clean label foods, which are currently processed using several innovative methods, including high-pressure treatments (such as Starbucks' Evolution line of juices). In 2015, the worldwide market for high-pressure processed (HPP) food was estimated at U.S. $10 billion. UST uses ultra-high pressures and certain valves to generate intense shear forces under controlled temperature conditions to produce nanoemulsions, and which also significantly reduces food-borne pathogens. Pressure BioSciences' initial focus with this technology will be to evaluate UST for the production of high-quality dairy products and beverages.

Save Foods Inc. (NASDAQ: SVFD)

Save Foods Inc. (NASDAQ: SVFD) is an agri-food tech company focused on developing and selling eco-friendly products specifically designed to ensure food safety and extend the shelf life of fresh fruits and vegetables. The company is focused on addressing two of the most significant challenges faced by the industry: (1) food waste and loss, and (2) food safety.

Fungi like mold and yeast, as well as foodborne pathogens, are typically responsible for fresh produce spoilage and foodborne illness. Save Foods' integrated solutions improve safety, freshness and quality every step of the way, from field to fork. The company's natural products control human and plant pathogens, allowing growers, packers and food retailers to reduce waste and boost revenues. More food ends up on consumers' plates, and less ends up in landfills.

Save Foods' products use all-natural ingredients to protect fresh produce from microbial spoilage and pathogens with zero toxicity. The company's treatments leave no harmful residues on produce or in the environment and maintain product freshness over time. Fresh produce treated with Save Foods' products can already be found in supermarket chains across the U.S. Those chains have reported that the company's products are reducing fruit spoilage by 50% on average at the retail level. With no need for additional steps in the treatment process nor special equipment, Save Foods' products are easy to implement and come in versatile applications suitable for the different stakeholders along the food supply chain.

Initial applications for the company's offerings include post-harvest treatments in fruit and vegetable packing houses that process citrus, avocados, pears, bell peppers and mangos. By controlling and preventing pathogen contamination and significantly reducing the use of chemicals and their residues, Save Foods' products not only prolong shelf life; they also ensure safe, natural and healthy food. Save Foods has the first green products that could realistically replace the different chemicals used today in food treatment while controlling waste and food safety.

Products & Technology

• SavePROTECT or PeroStar, a processing aid added to fruit and vegetable wash water and used in post-harvest treatment;
• SF3HS and SF3H, post-harvest treartment solutions to control both plant and foodborne pathogens;
• SpuDefender, for controlling post-harvest potato sprouts; and
• FreshPROTECT, for controlling spoilage microorganisms on post-harvest citrus.

Save Foods' products are based on a proprietary blend of food acids which have a synergistic effect when combined with certain types of sanitizers and fungicides at low concentrations in a non-organic setting. The combination eliminates fungicide residues or reduces them to levels below the established Maximum Residue Levels (MRLs). The company's fruit and vegetable wash is odorless and does not irritate human eyes, skin or airways. Save Foods' blend does not leave any residues of toxicological concern on the treated surface of produce, and all its ingredients are classified by the U.S. Food and Drug Administration (FDA) as Generally Recognized As Safe (GRAS). There are 7 patent families related to Save Foods' technology.

Applications

The company's products have been commercially validated on citrus, mangos, avocados, pears, bell peppers, microgreens and various fresh cut vegetables. Save Foods is in the validation process for bananas, apples, figs, berries, lettuce, papayas and more. The company is also validating the efficacy of its products for pre-harvest treatment, starting with citrus trees.

Market Outlook

The world population is expected to grow to almost 10 billion by 2050, boosting current agricultural demand by some 50%. Providing healthy and safe food for the world's population is one of the biggest challenges of the 21st century.

Globally, around 664 million tons of fresh fruits and vegetables are lost every year from field to fork, wasted by spoilage, and almost one in 10 people globally falls ill every year from eating contaminated food, with an estimated resulting cost around $90 billion.

Disposing of all that wasted food requires additional expense and harms the environment with resulting greenhouse gas emissions. The post-harvest food treatment market was valued at $1.5 billion in 2019 and is expected to grow to $2.3 billion by 2026, achieving a CAGR of 6.5%.

Management Team

David Palach is CEO of Save Foods. He spent over a decade with Intel Israel, where his last position was Manager of Business Development for Israel and Europe. Prior to that, he served as a controller of two of Intel's largest factories in Israel, where he supervised a budget of over $1 billion. He also served as the CEO of B-Pure Corporation Ltd., a management and maintenance company involved in protecting and improving the environment. During his tenure, he helped turn around several struggling subsidiaries and made them profitable.

Vered Raz Avayo is the company's CFO. Before joining SaveFoods in 2018, she spent more than 10 years as CFO at LGC, the Leviev Group of Companies. She has operated her own financial and business consultancy and has served as a director for a number of public companies in Israel.

Dan Sztybel is CEO of SaveFoods Ltd., the Israeli subsidiary of Save Foods Inc. He previously led the Life Sciences Advisory at EY Israel and early on recognized the potential of Israel as a center of innovation in the digital health space. He has been an adviser on digital health strategy to large pharmaceutical companies and is a cofounder of MyndYou, a digital health start-up focusing on cognitive impairment. He is also a co-founder of the DigitalHealth.il conference, the largest digital health conference in Israel.

Dr. Neta Matis is Chief Operation Officer at Save Foods Ltd the Israeli subsidiary of Save Foods Inc . She holds a Ph.D. in organic chemistry and an MBA from Tel Aviv University. Prior to joining Save Foods in 2019, she held multiple research chemist and product development roles at Verdia Inc. and its parent company, Helsinki-based Stora Enso Oyj.

Nimrod Ben Yehuda is the founder and CTO of Save Foods Ltd. He was previously the CEO/CTO of Swissteril Water Purifications Ltd. He has also been CEO at Nir Ecology Ltd., and was Joint-CEO at NitroJet Ltd.

Dr. Art Dawson is the U.S. Business Manager for SaveFoods Inc. He has been president of The Dawson Company, which focuses on creating sales opportunities for new agricultural technologies, previously Dr. Dawson held senior industry positions like General Manager Worldwide of the Decco , the Post Harvest Division for Elf Atochem. He holds a Ph.D. in Plant Physiology from UC Riverside and is licensed in California as an agricultural Pest Control Advisor.

SRAX Inc. (NASDAQ: SRAX)

SRAX Inc. (NASDAQ: SRAX) is a financial technology company that unlocks data and insights for publicly traded companies. Through its premier investor intelligence and communications platform, Sequire, companies can track their investors' behaviors and trends and use those insights to engage current and potential investors across marketing channels.

Through its BIGtoken platform, SRAX has developed a consumer-managed data marketplace where people can own and earn from their data, thereby providing everyone in the internet ecosystem choice, transparency and compensation.

SRAX's tools deliver a digital competitive advantage for brands in the CPG, automotive, investor relations, luxury and lifestyle verticals by integrating all aspects of the advertising experience, including verified consumer participation, into one platform.

SRAX Verticals

• SRAX Core: SRAX Core is a custom digital media management platform that enables brands and agencies to surpass the challenges of omnichannel marketing campaigns. It offers one comprehensive dashboard to manage digital media campaigns, inventory and reporting.
• SRAX Social: SRAX Social is a free social media management tool that makes it easy for brands, agencies and individuals to grow their digital presence. It offers free and unlimited users, Facebook auto boosting, and a custom analytics dashboard. Its managed services team can also build and execute marketing plans for your unique specific needs.
• SRAX IR: SRAX IR unlocks stock buyers' behaviors and trends for issuers of publicly traded companies. The platform provides insights on shareholders and market makers, investor relations management, shareholder outreach tools and data-driven marketing.
• SRAX Auto: SRAX Auto unlocks auto intenders' data to create measurable connected experiences on the road to purchase. It offers proprietary auto intender profiles, multi touchpoint communication and custom location-based ads.
• SRAX Shopper: SRAX Shopper delivers a cross channel, premium digital experience at scale to high value shopper audiences. It offers proprietary shopper profiles, cost per click pricing, and custom text and add to cart ad units.
• SRAX Lux: Launched in June 2019, the SRAX Lux platform targets and reaches luxury consumers at luxury retail stores, high-end art, music, film, fashion and sports events, across all consumer devices.

International Expansion

BIGtoken is formally launching into several international markets and partnering to foster local support. SRAX recently signed a joint venture with the Yash Birla Group to launch BIGtoken in India. Based in Mumbai, the Yash Birla Group, one of India's largest conglomerates, has diversified interests in consumer and industrial products.

The partnership will bring BIGtoken's platform to India, which has a digital population of 627 million. The India digital advertising market is $3.6 billion and is set to grow at a compound annual growth rate of 32%, making it one of the largest growing digital ad markets in the world.

SRAX Mexico is led by Moe Avitia, who has more than 18 years of experience in business development and building high-tech teams. SRAX Mexico includes a team of 90 employees, including 70 engineers.

BIGtoken Europe is currently evaluating data centers in individual countries for privacy laws.

Leadership

Christopher Miglino is CEO and founder of SRAX. He has spent the past 20 years working in the digital advertising space and has successfully launched and sold two internet companies. Both of these companies were sold to publicly traded companies on the Nasdaq. He has a detailed understanding of the relationship between technology and brands.

Michael Malone is the CFO of SRAX. He is responsible for all accounting, finance, and investor relations activities for SRAX and BIGtoken. He has spent 12+ years in Corporate Finance related roles in publicly held media companies.

Randy Clark is the company's COO. He leads SRAX's sales organization with a proven strategic and tactical approach augmented over 20+ years in media. Having built successful sales teams at seven different media organizations, he has a passion for providing "lift" within his organization, bolstering winning cultural experiences, providing a positive work environment, and creating a clear path to success.

Vladi Delsoglio is SRAX's CCO. He follows an intrinsic desire to express himself through the manipulation of forms and thoughts, ideas and emotions. He studied media design and worked at several cool media companies before working at SRAX. Teaching Interactive Design at the Art Center of Pasadena allows him to enter one of the pinnacles of American design.

Moises Avitia is the President, LATAM of SRAX. With over 15 years of experience in software development and creating digital products, he has built a state-of-the-art operation and production team. His ability to adapt to trends, anticipating operational opportunities and challenges, and effective leadership keeps this machine going.

Taewook Kang is the CTO of SRAX. He combines 20 years of hands-on industry experience from fintech to artificial intelligence with an energetic startup mentality. He has a proven record of motivating and coaching engineers and building amazing products.

Tingo Inc. (OTC: TMNA)

Tingo Inc. (OTC: TMNA) is a digital service agri-fintech technology company focused on foundation-level agriculture and related financial services in Africa. The company aims to be Africa's leading agri-fintech player, transforming rural farming communities to connect through its proprietary platform to meet their complete needs – from inputs and agronomy to off take and marketplace – and deliver sustainable income in an impactful way. The company's vision is to build complete digitally inclusive ecosystems that promote financial inclusion and deliver disruptive micro-finance solutions, empower societies, produce social upliftment in rural communities and open international opportunities.

Tingo believes that a truly connected world will help contribute to a better global society. The company's core focus areas are telecoms, financial services/fintech and agritech. Tingo's goal is to provide a best-in-class customer experience, support the domestic economies of its host countries and support technological and financial inclusion to end the poverty premium. Through this, Tingo hopes to deliver attractive returns to shareholders while investing in the long-term future of the company and its subsidiaries.

Global climate change is challenging sustainable production and food security. Tingo's strategy and market execution provide an opportunity for Africa to be a core focal point to solve a number of key areas of concern, including food security, gender equality, financial inclusion and poverty alleviation, to name a few. Disruption of micro finance through the use of DeFi-based stable coins and smart contracts will give agri-communities access to capital markets-driven digital finance solutions that make them more competitive and sustainable economically, striking a good balance of returns between digital asset providers and Tingo as the service partner. This innovation will deliver significant access to much needed finance at 'Grassroot' levels, delivering tangible social upliftment and GDP growth in the African markets served by Tingo.

Tingo Mobile, with more than nine million subscribers, is Nigeria's leading technology and device-as-a-service platform aimed at accelerating digital commerce, especially in the country's agritech and fintech verticals. The company helps farmers acquire mobile phones through a unique leasing plan, connecting them to mobile and data networks through its own virtual mobile network. Tingo also connects farmers to markets, services and resources via Nwassa, its digital agritech marketplace platform that commenced operations in 2020. The company has also launched a beta version of TingoPay – a B2B and B2C fintech app aimed at providing financial services to users inside and outside of the agriculture value chain. Among the services offered are mobile wallets, payment processing and access to specialist lenders, insurers and pension products.

Tingo will soon announce its innovative blockchain-based solution for use of digital stable coins to empower frictionless trade across borders in Africa. The company's market-proven model in Nigeria is its core foundation, enabling Tingo to deliver the same service model across Africa to become the continent's leading agri-fintech business powered through smartphone technology.

The African Continental Free Trade (ACFT) plan will be a key framework to prepare the company to be the leading intra-Africa trading hub for trade flows across Africa in the medium term, when it is likely the agreement will be executed into tangible activity. Tingo is well positioned to easily transform the goals of the ACFT into reality when finally implemented by the African Union and the various African countries that have not signed up.

Businesses

Tingo has four core business lines:

• Mobile Phone Leasing – Tingo has distributed almost 30 million mobile handsets since 2014 and will continue to replace the devices of its installed customer base every three years. Tingo Mobile provides the latest mobile phone handsets at an affordable price point and allows customers to spread payments over 36 months.
• Mobile Voice and Data Service – Through a mobile virtual network, Tingo provides its customers with voice and data services, allowing customers to communicate effectively, both inside and outside the agricultural ecosystem.
• Nwassa Marketplace Platform – Nwassa is Tingo's proprietary agritech platform which provides Africa's farmers with access to global markets to secure more competitive pricing for their crops. The platform processes 500,000 daily transactions with a value of over $8 million. A select group of trusted partners can assist smallholder farmers and agricultural cooperatives with packaging, warehousing, and dry and wet cargo logistics, as well as up-to-date information from the global agricultural sector. Tingo provides its customers with digital wallet services, which enable them to send and receive domestic payments, monitor cash flow in real time and securely hold money. The company also provides access to other services, such as utility bill payment, virtual airtime top-up, insurance services and alternative lending solutions.
• TingoPay – Since the launch of the Nwassa platform, Tingo has been a dominant player in the B2B fintech vertical. After many successful months of operating Nwassa, Tingo entered the fintech B2C vertical to extend its B2B offering to a broader market beyond agriculture.

Market Opportunity

Africa is the second-largest continent by population. It is also the youngest by far, with a median age of 18 for its 1.3 billion people. Tingo believes the building blocks for growth in Africa's agriculture industry are in place and that the company is well positioned to participate in the upside. Sub-Saharan Africa's population is growing at a rate of 2.7 percent per year. At the current growth rate, the continent's population will double by 2050. Africa's youthfulness represents a significant opportunity for material growth in demand for agricultural commodities. This younger generation is also being born into a digital world and is comfortable using technology.

Africa's governments are improving business conditions for entrepreneurs and small businesses. Sub-Saharan Africa's World Bank Doing Business rank has improved from 45 in 2004 to 65 in 2020. Tingo believes this trend will continue and encourage establishment of more new ventures across all economic sectors, including agriculture.

Africa attracted $407 billion of Foreign Direct Investments ("FDI") between 2014 and 2018. Investments are increasingly focused on services and industrial sectors. Only 20 percent of investments are in extractive industries – a clear reversal from 2008, when 55 percent of FDI was aimed at resource extraction. Tingo believes FDI into Africa will help resolve significant infrastructure constraints and create value for agribusiness.

Management Team

Dozy Mmobuosi is the CEO of Tingo. He cofounded Tingo Mobile PLC (Nigeria) in 2001 and led the design and launch of Nigeria's first SMS banking solution, which is still in use in the country today. He also headed a team of more than 120 Chinese and Nigerian engineers in the construction of two mobile phone assembly plants in Nigeria, which have produced and distributed 20 million phones across the country. He has led Tingo's growth to more than $600 million in revenue annually. He holds a Ph.D. in Rural Advancement from UPM Malaysia.

Dakshesh Patel is the CFO of Tingo. He was formerly CFO of NatWest's Global Debt and Investment Banking division. He has served as a Director at Gerken Capital Associates, a San Francisco-based alternative asset fund manager. He also led the restructure of Lloyds Banking Group (last financial crisis); managed integration of two leading shipping groups' global treasury function to create world-leading shipping group Maersk Shipping; built three fintech companies; and exited one to Worldpay. Mr. Patel has strong banking experience, with a focus on Africa. He is a chartered accountant.

Chris Cleverly is president of Tingo. He has served as CEO of the Made in Africa Foundation, and as CEO of blockchain payments gateway startup Kamari. He has been a board member of several companies, both public and private, in the UK, India, China and Africa. He has advised multiple UK companies on their entrance into African markets, and regularly advises the UK Government on development issues and African governments on investment issues.

Rory Bowen is the Chief of Staff at Tingo. Mr. Bowen started his career in traditional capital and derivatives markets working for Moneycorp and Tradition UK in European and emerging markets across FX, interest rate derivative and government bond markets. He has also spent time with one of Europe's fastest growing fintech's banking circles. Before joining Tingo, he was Chief of Staff at FinTech Alliance, an organization established in partnership with the UK Government Department for International Trade to foster innovation, growth and foreign direct investment (FDI) in the financial services sector and facilitate greater public/private cooperation.