PRINCIPAL TECHNOLOGIES ANNOUNCES SHARES FOR DEBT

PRINCIPAL TECHNOLOGIES ANNOUNCES SHARES FOR DEBT

VANCOUVER, BC, Nov. 22, 2024 /CNW/ - Principal Technologies Inc. (the "Company" or "Principal") (TSXV: PTEC) (FSE: J07), is pleased to announce a shares-for-debt settlement. The Company has agreed to settle outstanding debt owed to three arm's length parties, through the issuance of 363,500 common shares of the Company (the "Debt Shares"). The principal amount of the debt to be settled or repaid (the "Debt Settlement") is an aggregate of $90,875 in fees and expenses (collectively, the "Debt"). The Debt is being settled through the issuance of 363,000 Debt Shares at a deemed price of $0.25 per Debt Share.

Closing of the shares-for-debt transaction are subject to approval of the TSX Venture Exchange and completion of final documentation. The securities to be issued under the Private Placement and shares-for-debt transaction are subject to a four (4) month plus one day hold period from the date of the issuance.

About Principal Technologies

Principal Technologies Inc. is a Canadian-based healthcare acquisition company. The Company is engaged in building a portfolio of profitable healthcare technology companies with a focus on those with global distribution potential which have intellectual property capable of enhancing medical treatment quality, cost efficiency, optimization of the patient pathway, and implementation of point of care technologies.

ON BEHALF OF THE BOARD
Jerry Trent, Chief Executive Officer 
Principal Technologies Inc.

Neither the 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.

This news release contains "forward-lookinginformation" and "forward-looking statements"(collectively, "forward-looking statements")within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, including in relation to the closing of the Offering and use of proceeds thereof, the satisfaction of the funding conditions and TSX Venture Exchange approval are forward-lookingstatements and are based onexpectations, estimates and projectionsas at the date of this newsrelease. Any statement thatinvolves discussions with respectto predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as"expects", or "does not expect","is expected", "anticipates" or"does not anticipate", "plans", "budget","scheduled", "forecasts", "estimates", "believes"or "intends" or variations ofsuch words and phrases orstating that certain actions, events orresults "may" or "could", "would", "might" or "will" be takento occur or be achieved) are notstatements of historical fact and may be forward-looking statements.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially asforward-looking statements involve known andunknown risks, uncertainties and other factorswhich may cause the actual results, performance or achievements of theCompany to materially differ from anyfuture results, performance or achievements expressed or implied by suchforward-looking statements. Such factors,among other things, include: theabsence of material changes withrespect to the Company and itsbusinesses; fluctuations in general macroeconomic conditions; fluctuations insecurities markets; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; the successful negotiation and execution of definitive documentation and the receiptof all requisite approvals. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at thetime, to be reasonableassumptions, the Company cannot assureits shareholders that actual resultswill be consistent with suchforward-looking statements, as theremay be other factors that causeresults not to be asanticipated, estimated or intended.

Readers should not placeundue reliance on the forward-lookingstatements and information contained inthis news release. Except asrequired by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or otherfactors, should they change, except as required by law.

SOURCE Principal Technologies Inc.