FOUNDERS CORPORATE UPDATE LETTER TO SHAREHOLDERS

July 7, 2022. Vancouver, B.C. – Auvega Labs Inc.; (the “Company” or “Auvega”) is pleased to announce a corporate update letter to shareholders in an address from its Founder and Chief Executive Officer, Karim Rayani.

To Our Valued Shareholders,

Big things are happening at Auvega. Thank you for being a part of the journey.

In an effort to keep shareholders apprised of the Company’s developments, I wanted to share the progress and successes during a very challenging time in the global markets. 

Since our inception, Auvega has put together a very seasoned executive team, with many years of building multimillion dollar enterprises both in the public and private sectors. The Company has a solid business plan focused on plant-based nutrition combining 5,000 years of ayurvedic tradition with modern science. The Company is bringing to market a series of functional mushroom formulations with a unique first to market twist in the supplement industry. Our R&D division is working at a very top level with academia and professional researchers developing IP focused on anti-inflammatory applications for pulmonary lung health pharmacology, specialty formulations, mental and cognitive brain health, and sport performance supplementation.

Areas of Focus:

  • Product Development
  • Synthetic and Non- Synthetic compound exploration
  • Pharmaceutical Development & New Drug formulation
  • Fungi Extract Innovation
  • Pulmonary Applications, to treat inflammation in lung respiratory disease
  • Plant-Based Health

The Current Board of Directors Includes:

Karim Rayani, Founder Chairman Chief Executive Officer, is the Chair of R7 Capital Ventures Ltd., a venture builder, merchant banking and capital advisory firm specializing in PVC (Public Venture Capital). Mr. Rayani has an impressive background as a financier and entrepreneur covering many industries including Pharmaceuticals, Natural Resources, Manufacturing, Film-Finance, Biotech, Cleantech, Renewable Energy and Medical Device Technologies. He was a senior advisor on one of the largest medical device trials completed in recent years in the United States. He currently runs a family office with a very diverse portfolio, most recently he has been focused on the natural resources and speaks regularly on the subject. Currently, he is Chief Executive Officer of Marvel Discovery Corp., Chair of New Marvel Gold Corp., Chair of New Marvel Energy Corp., Chair of Latamark Resources Corp., Chief Executive Officer of Power One Resources Corp., Chief Executive Officer of Falcon Gold Corp., and Chair of District 1 Exploration Corp.

Dr. Suhil Samji, Director,  A specialist in chiropractor neurology, diplomate of the American Chiropractor Neurology board having studied under Professor Carrick of the Carrick Institute in the USA. He holds a DACNB designation with only 600 professionals worldwide.

Rasool Verjee Director, A Serial Entrepreneur, holding degrees in law from Cambridge University. His career has been marked by early adaptation of emerging technologies delivering high returns on equity from start-up operations as evidenced by Telemagix, Canada’s first interactive information service; Telepersonals that went to become Lavalife Inc. one of the largest online platforms for phone and online dating services. Also, World Phone Inc. that partnered with Tier One carriers AT&T, Teleglobe Canada and Codetel generating over 10,000,000 minutes a month of Audiotex Voice Traffic. Atlas Telecom Network a leader in wholesale VOIP Termination.

Mouane Sengsavang LLB, Director, holds the positions of Secretary of Two Owls Ventures Corp. and Secretary of HooXI Network. She is also a member of the British Columbia Bar Association, principal of

Buttonwood Law Corp., and a member of the Ontario Bar Association. Prior to these postings she was an associate for Miller Thomsen LLP, Associate of Burstall Winger Zammit LLP, Secretary for Wonderfilm Media Corp., Tulox Resources, Avagenesis Corp., and Avapecia Life Sciences Corp. Ms. Sengsavang received her undergraduate degree and graduate degree from the University of British Columbia.  

Auvega’s product development lineup is truly unique in the marketplace, combining 5,000 years of ayurvedic tradition with modern science. We are truly at a unique crossroad in world history, mental health has become a topic of epic proportions since the start of the pandemic.  The worldwide interest in alternative solutions has caught some of the brightest minds and entrepreneurs to enter the space. Canada’s largest licensed mushroom growing facility is currently being advised by former Lulu Lemon founder Chip Wilson. Peter Thiel Founder of PayPal, Kevin O’Leary of O’Leary Funds and Shark Tank are just some household names that are betting big on psychedelics. We have experienced a global shift; mental health is a big issue and just like how the CBD market had its ups and downs – I believe the functional mushroom sector combined with psilocybin applications will far exceed any cannabis investment potential. How often do we get to be involved in a ground floor movement that has never been done before. Mushrooms have been around for centuries and we’re just now learning the healing properties of them to treat health, cognitive function, PTSD, depression, anxiety, inflammation in the body and how their magical benefits aid as a turbo shot for your immune system to treat illness and support health.

The global functional mushroom market is said to reach over 19 billion by 2030 currently averaging 8 billion as of 2020 and growing fast. The surge in functional and beverage product applications has risen exponentially. Global health trends show people are looking for alternatives to conventional nutrition.

Auvega has received its initial Health Canada approvals on 4 NPN products with new products in development, the Company’s first product has launched and is considered to be one of the cleanest organic plant-based proteins in the market using an organic Pea Protein. We use only the highest-grade ingredients sourced from the most reputable sources. This is of paramount importance and the main driver in developing the sports nutrition line to create something that is truly unique in the marketplace.  

Ayurvedic tradition has been around for centuries and originated in India. Ayurveda is considered a form of medical care, equal to conventional western medicine and traditional Chinese medicine. The Company looks forward to reporting on its new functional product line in the coming weeks.

Reference: Allied Market Research.

https://www.globenewswire.com/news-release/2021/11/15/2334409/0/en/Global-functional-mushroom-market-to-reach-19-33-billion-by-2030-Allied-Market-Research.html

Please visit our online store www.auvega.com The Company’s corporate site is www.auvegalabs.com

ON BEHALF OF THE BOARD

Auvega labs Inc

“Karim Rayani”

Karim Rayani

Founder, Chairman & Chief Executive Officer

Tel: 604 716 0551 email: k@r7.capital

Disclaimer for Forward-Looking Information:

Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met.  Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

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