Medical Consultant Accounts Ltd.

Kitchener, Ontario--(News - December 29, 2023) - Cloud DX Inc. (TSXV: CDX) (OTCQB: CDXFF) ("Cloud DX" or the "Company"), is pleased to announce that, further to the Company's news release dated December 7, 2023, it has closed its previously announced non-brokered private placement offering (the "Offering") of 1,942 convertible debenture units of the Company (the "Debenture Units") for aggregate gross proceeds of $1,942,000. Each Debenture Unit consists of: (i) one $1,000 18% secured convertible debenture of the Company (the "Convertible Debentures"), and (ii) 10,000 common share purchase warrants (the "Warrants"). The Convertible Debentures will mature and be repayable on the date that is thirty-six (36) months from the date of issuance (the "Maturity Date"). At any time prior to the Maturity Date, the holder will be entitled to convert each Convertible Debenture into common shares of the Company (the "Common Shares") at a price of $0.10 per Common Share. Each Warrant is exercisable to acquire an additional Common Share at a price of $0.15 per Common Share for a period of three (3) years from the closing of the Offering, subject to accelerated expiry provisions following the closing of the Offering. If, at any time, the closing price of the Common Shares listed on the TSX Venture Exchange (the "TSXV") is greater than $0.30 per Common Share for twenty (20) consecutive trading days, the Company may provide written notice (a "Warrant Acceleration Notice") to the holders of the Warrants that the expiry of the Warrants shall be accelerated to a date that is not less than fifteen (15) days from the date of the Warrant Acceleration Notice. The Convertible Debentures shall be secured against all present and after-acquired personal property of the Company and its subsidiaries, pursuant to general security agreements (collectively, the "GSAs") among the Company, its subsidiaries and Odyssey Trust Company (the "Trustee") and shall rank pari passu with all current holders of secured debentures of the Company, whether of the same issue or previous issue, as per the terms of the GSAs, an intercreditor agreement among the Company, its subsidiaries and the Trustee (the "Intercreditor Agreement") and debenture indentures between the Company and the Trustee. Dr. Constantine Zachos, a director of the Corporation, subscribed for 67 Debenture Units in the Offering, for total gross proceeds of $67,000. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1) (a) of MI 61-101 on the basis that participation in the Offering by Dr. Constantine Zachos will not exceed 25% of the fair market value of the Company's market capitalization. The Company did not material change report in respect of the related party transaction at least 21 days before the closing of the first tranche of the Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner. The Company anticipates using the net proceeds of the Offering for inventory and working capital. In connection with the Offering, the Company paid a cash commission of $89,360 and issued 893,600 finder's warrants, with each finder's warrant exercisable to acquire one Common Share at a price of $0.15 per Common Share for a period of three (3) years from the date of issuance thereof. The Convertible Debentures, the Warrants and any securities issuable upon conversion thereof are subject to a statutory hold period of four months and one day from the closing date of the Offering. The Offering remains subject to final approval by the TSXV. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "1933 Act") and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements of the 1933 Act any application state securities laws. Amendments to Secured Convertible Debentures The Company is also pleased to announce that further to the Company's news release dated December 7, 2023 it has exchanged (the "Exchange") $3,546,000 in principal amount of 18% secured convertible debentures issued on September 8, 2023 for 3,546 convertible debenture units (the "Series 1 Debenture Units"). Each Series 1 Debenture Unit consists of: (i) one $1,000 18% secured convertible debenture of the Company (the "Series 1 Debentures"), and (ii) 10,000 common share purchase warrants (the "Series 1 Warrants"). The Series 1 Debentures mature and are repayable on September 8, 2026 (the "Series 1 Maturity Date"). At any time prior to the Series 1 Maturity Date, the holder is entitled to convert the Series 1 Debentures into Common Shares at a price of $0.10 per Common Share. Each Series 1 Warrant is exercisable to acquire an additional Common Share at a price of $0.15 per Common Share until September 8, 2026, subject to accelerated expiry. If, at any time, the closing price of the Common Shares listed on the TSXV is greater than $0.30 per Common Share for twenty (20) consecutive trading days, the Company may provide written notice to the holders of the Series 1 Warrants that the expiry of the exercisable Series 1 Warrants shall be accelerated to a date that is not less than fifteen (15) days from the date of the acceleration notice. The Exchange remains subject to receipt of final approval of the TSXV. Equity Incentives The Company has granted 3,550,000 stock options (each an "Option") to certain arm's length parties pursuant to option agreements ("Option Agreements") and the terms and conditions of the omnibus plan of the Company. Each Option is exercisable to acquire one Common Share at a price of $0.10 per Common Share, with the Options expiring on December 25, 2028. Of the Options granted, 2,500,000 will vest immediately, while the remaining 950,000 Options will be subject to a vesting schedule whereby 1/3 will vest immediately, with another 1/3 vesting on the 1 year anniversary of the Option Agreements, and the final 1/3 vesting on the 2 year anniversary of the Option Agreements. Additionally, the Company has issued a total of 526,315 restricted share units (the "RSUs") to a consultant (the "Consultant") of the Company pursuant to the terms of the Company's omnibus plan (the "Omnibus Plan"). Each RSU entitles the Consultant to acquire one Common Share on vesting. The RSUs will vest twelve (12) months from the date of issuance. Further details regarding the Omnibus Plan are set out in the management circular of the Company dated September 5, 2023, which is available on SEDAR+ at . About Cloud DX Accelerating digital healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health TM remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, 2022 Top Innovator by Canadian Business, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." Cloud DX is an exclusive partner to Medtronic Canada, Teladoc Health Canada, and Equitable Life of Canada. For more information on Cloud DX (TSXV: CDX), please visit and see the Cloud DX Investor Site. Social Links: Twitter: Facebook: LinkedIn: Instagram: For media inquiries please contact: Cloud DX Marketing 888-543-0944 marketing@clouddx.com For investor inquiries please contact: Jay Bedard Cloud DX Investor Relations 647-881-8418 jay.bedard@clouddx.com Officer responsible for this press release: Simon Selkrig CFO 888-543-0944 simon.selkrig@clouddx.com SOURCE: Cloud DX Inc. Forward-Looking Information This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the Exchange, the use of proceeds of the Offering, and receipt of TSXV approval. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, information concerning the receipt of approval from the TSXV, and the use of proceeds of the Offering. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. 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. To view the source version of this press release, please visit

LungFit® PH received FDA approval for the treatment of term and near-term neonates with hypoxic respiratory failure on June 28, 2022 and the first phase of U.S. commercial launch has begun Presented positive data for high-concentration nitric oxide (NO) with LungFit® PRO in hospitalized patients with community-acquired viral pneumonia, including COVID-19, at ECCMID 2022 Presented positive long-term safety data for high-concentration NO at PAS 2022 in infants hospitalized with bronchiolitis Presented positive updated interim data from the ongoing at-home LungFit® GO pilot study for nontuberculous mycobacterial lung disease at ATS 2022 Patient screening has begun for the Phase I trial of ultra-high concentration gaseous NO (UNO) being conducted by the Company’s oncology affiliate, Beyond Cancer™ Conference call scheduled for 4:30 p.m. ET today, June 28th GARDEN CITY, N.Y., June 28, 2022 (GLOBE NEWSWIRE) -- Beyond Air, Inc. (NASDAQ: XAIR), a clinical-stage medical device and biopharmaceutical company focused on developing inhaled nitric oxide (NO) for the treatment of patients with respiratory conditions, including serious lung infections and pulmonary hypertension and, through its affiliate Beyond Cancer, ultra-high concentration nitric oxide (UNO) for the treatment of solid tumors, today announced financial results for its fiscal fourth quarter and year ended March 31, 2022. “Through hard work and dedication, we have achieved the goal of FDA approval for our first LungFit® system,” commented Steve Lisi, Chairman and Chief Executive Officer of Beyond Air. “We believe the introduction of this groundbreaking system, LungFit PH, will transform the way nitric oxide is used by hospital staff and provide numerous benefits related to safety and cost. In addition, we are on track to receive CE Mark for LungFit PH in Europe during the second half of calendar year 2022. Looking beyond LungFit PH, we believe receiving this initial regulatory approval in the U.S. validates our patented Ionizer™ technology and creates a path forward for the other devices in the LungFit platform, including LungFit PRO and LungFit GO, to address other respiratory indications with even larger patient populations with unmet medical needs.” Mr. Lisi added, “Over the past few months we have taken significant strides in our other clinical programs, presenting new data at four medical conferences. This includes positive safety and efficacy data for high-concentration NO with LungFit PRO in patients hospitalized with community-acquired viral pneumonia at ECCMID 2022 and positive long-term safety data in infants hospitalized with bronchiolitis at PAS 2022, strengthening our previously reported strong data. Additionally, at the ATS 2022 conference we presented positive interim data from our NTM pilot study using the LungFit GO to deliver up to 250 ppm NO in the home setting. “Lastly, at AACR 2022 our oncology affiliate, Beyond Cancer, presented positive new preclinical data for its ultra-high concentration gaseous NO (UNO) therapy for solid tumors. Beyond Cancer’s Phase I first-in-human study for UNO therapy in solid tumors is open for enrollment. We continue to be excited by the progress this talented team is making as they advance the development of UNO therapy to treat solid tumors,” concluded Mr. Lisi. Recent Highlights and Upcoming Milestones • LungFit® PH •Received U.S. FDA approval on June 28, 2022 for PPHN •Initial limited release phase for commercial launch underway, making it the first and only nitric oxide generator and delivery system available in the U.S. •CE Mark approval anticipated to be received in the second half of calendar year 2022, which is expected to be followed by international commercial partnership • LungFit® PRO Community-Acquired Viral Pneumonia (CAVP) Data (including COVID-19) •Presented data from a pilot study in patients hospitalized with CAVP, including COVID-19 patients, at the 32nd European Congress of Clinical Microbiology and Infectious Disease in April 2022; data showed 150 ppm NO, administered with LungFit PRO continued to be well-tolerated with no treatment-related adverse events and showed encouraging efficacy signals for shortening hospital length of stay and duration of oxygen supplementation Bronchiolitis •Presented positive long-term safety data for high-concentration inhaled NO at the Pediatric Academic Societies Meeting (PAS) in April 2022; results from 101 infants dosed with either standard supportive treatment (SST) or 85, 150 or 160 ppm NO showed that re-hospitalization due to bronchiolitis related reasons trended favorably for the inhaled NO group and the long-term subject re-hospitalization rate for any reason was similar between inhaled NO and control Upcoming Study •Plan on initiating a U.S. trial for patients hospitalized with CAVP in the fourth quarter of calendar 2023, pending discussion with FDA • LungFit® GO •Presented data from an updated interim analysis from the ongoing pilot study for 250 PPM NO self-administered by refractory NTM lung infection patients in the home-setting at the American Thoracic Society (ATS) 2022 International Conference in May 2022; these data showed that 250 ppm inhaled NO was well tolerated following a total of 2,323 inhalations self-administered in the home setting with no treatment related discontinuations reported and overall high treatment compliance among the 15 subjects enrolled per the data cut-off date •A pilot study in COPD patients who are hospitalized due to an exacerbation is expected to begin in the second half of calendar 2023 with treatment both in-hospital and at-home • Beyond Cancer’s Solid Tumor Program •Presented positive in vivo and in vitro data at the American Association for Cancer Research (AACR) Annual Meeting in April 2022; these data suggested that ultra-high concentration gaseous NO (UNO) induced both innate and adaptive immune cell populations, and a decline in immune suppressor cells, which are indicative of an anti-tumor immune response •Patient screening in the Phase 1 human study has begun • Corporate Highlights •Amir Avniel, co-founder, president and chief operating officer will now serve as president and chief business officer of Beyond Air •Mike Gaul, SVP operations, will now serve as chief operating officer of Beyond Air •Jedidiah Monson appointed as chief medical officer at Beyond Cancer •Susan Jones appointed as chief financial officer at Beyond Cancer Financial results for the fiscal year ended March 31, 2022 Revenue for the fiscal year ended March 31, 2022 was $0 as compared to $0.9 million for the fiscal year ended March 31, 2021, all of which was licensing revenue. Research and development expenses for the fiscal year ended March 31, 2022 were $11.8 million, compared to $12.6 million for the fiscal year ended March 31, 2021. General and administrative expenses for the fiscal year ended March 31, 2022 increased to $18.4 million, from $10.5 million for the fiscal year ended March 31, 2021, mainly due to the structural investments required to prepare the Company for commercial launch in the U.S. Other operating expenses for the fiscal year ended March 31, 2022 were $10.5 million, entirely related to the contingent liability in the settlement agreement with Circassia which was recognized in the fourth quarter of fiscal 2022 in accordance with GAAP. $2.5 million of this liability is due within the next 12 months. Other income and expense for the fiscal year ended March 31, 2022 was a loss of $3.4 million compared to $0.7 million for the fiscal year ended March 31, 2021. In the fiscal year ended March 31, 2022, the Company recorded an estimated liability for contingent loss related to a lawsuit for $2.4 million. For the fiscal year ended March 31, 2022, the Company had a net loss of $44.1 million of which $43.2m or ($1.68) per share was attributable to the shareholders of Beyond Air, compared to a net loss of $22.9 million, or ($1.27) per share for the fiscal year ended March 31, 2021. As of March 31, 2022, the Company had cash and cash equivalents of $80.2 million. Conference Call & WebcastThursday, June 28th @ 4:30 PM ETDomestic: 877-407-0784International: 201-689-8560Passcode: 13729815Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1547908&tp_key=64be312891 or the Events page of the Company’s website (click here) About Beyond Air, Inc.Beyond Air, Inc. is a clinical-stage medical device and biopharmaceutical company developing a revolutionary NO Generator and Delivery System, LungFit®, that uses NO generated from ambient air to deliver precise amounts of NO to the lungs for the potential treatment of a variety of pulmonary diseases. The LungFit® can generate up to 400 ppm of NO, for delivery either continuously or for a fixed amount of time and has the ability to either titrate dose on demand or maintain a constant dose. The Company is currently applying its therapeutic expertise to develop treatments for pulmonary hypertension in various settings, in addition to treatments for respiratory tract infections that are not effectively addressed with current standards of care. Beyond Air is currently advancing its revolutionary LungFit® for clinical trials for the treatment of severe lung infections such as acute viral pneumonia (including COVID-19) and nontuberculous mycobacteria (NTM). Additionally, Beyond Air is using ultra-high concentrations of NO with a proprietary delivery system to target certain solid tumors in the pre-clinical setting. For more information, visit www.beyondair.net. About Nitric Oxide (NO)Nitric Oxide (NO) is a powerful molecule, naturally synthesized in the human body, proven to play a critical role in a broad array of biological functions. In the airways, NO targets the vascular smooth muscle cells that surround the small resistance arteries in the lungs. Currently, exogenous inhaled NO is used in adult respiratory distress syndrome, post certain cardiac surgeries, and persistent pulmonary hypertension of the newborn to treat hypoxemia. Additionally, NO is believed to play a key role in the innate immune system and in vitro studies suggest that NO possesses anti-microbial activity not only against common bacteria, including both gram-positive and gram-negative, but also against other diverse pathogens, including mycobacteria, viruses, fungi, yeast, and parasites, and has the potential to eliminate multi-drug resistant strains. About the LungFit®*Beyond Air’s LungFit® is a cylinder-free, phasic flow nitric oxide generator and delivery system and has been designated as a medical device by the U.S. Food and Drug Administration (FDA). The ventilator compatible version of the device can generate NO from ambient air on demand for delivery to the lungs at concentrations ranging from 1 part per million (ppm) to 80 ppm. The LungFit® system could potentially replace large, high-pressure NO cylinders providing significant advantages in the hospital setting, including greatly reducing inventory and storage requirements, improving overall safety with the elimination of NO2 purging steps, and other benefits. The LungFit® can also deliver NO at concentrations at or above 80 ppm for potentially treating severe acute lung infections in the hospital setting (e.g. COVID-19, bronchiolitis) and chronic, refractory lung infections in the home setting (e.g. NTM). With the elimination of cylinders, Beyond Air intends to offer NO treatment in the home setting. * Beyond Air’s LungFit® is not approved for commercial use. Beyond Air’s LungFit® is for investigational use only. Beyond Air is not suggesting NO use over 80 ppm or use at home. About PPHNPersistent pulmonary hypertension of the newborn (PPHN) is a lethal condition and secondary to failure of normal circulatory transition at birth. It is a syndrome characterized by elevated pulmonary vascular resistance (PVR) that causes labile hypoxemia due to decreased pulmonary blood flow and right-to-left shunting of blood. Its incidence has been reported as 1.9 per 1000 live births (0.4–6.8/1000 live births) with mortality rate ranging between 4–33%. This syndrome complicates the course of about 10% of infants with respiratory failure and remains a source of considerable morbidity and mortality. NO gas is a vasodilator, is approved in dozens of countries to improve oxygenation and reduces the need for extracorporeal membrane oxygenation (ECMO) in term and near-term (>34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilator support and other appropriate agents. About Community Acquired Viral PneumoniaIn adults, viruses have been identified as the causative agents in approximately 100 million cases of community-acquired pneumonia per year. While viral pneumonia in adults is most commonly caused by rhinovirus, respiratory syncytial virus (RSV) and influenza virus, newly emerging viruses (including SARS-CoV-1, SARS-CoV-2, avian influenza A, and H1N1 viruses) have been identified as pathogens contributing to the overall burden of adult viral pneumonia. Patients aged 65 years or older are at particular risk for death from the disease, as are patients with other underlying health conditions or weakened immune systems. There is no consensus regarding the use of antiviral drugs to treat viral pneumonia, and specific preventative measures are currently limited to the influenza vaccine. Given that current treatment recommendations are largely limited to supportive care, there is an unmet medical need for effective treatment options. About NTMNontuberculous mycobacteria (NTM) infection is a rare and serious bacterial infection in the lungs causing debilitating pulmonary disease associated with high morbidity and mortality. NTM infection is acquired by inhaling aerosolized bacteria from the environment, and can lead to NTM lung disease, a progressive and chronic condition. According to the Cystic Fibrosis Foundation, 13% of U.S. cystic fibrosis patients had a positive culture for a NTM species in 2017. NTM is an emerging public health concern worldwide because of its multi-drug antibiotic resistance. Current treatment guidelines suggest a combination of multiple antibiotics dosed chronically for as long as two years. These complex, expensive and invasive regimens have a poor record in the treatment of Mycobacterium abscessus complex (MABSC) and refractory Mycobacterium avium complex (MAC) and have the potential to cause severe adverse events. Beyond Air’s system is designed to deliver 150 - 400 ppm NO to the lung, and early data indicate that this range of NO concentrations could have a positive effect on patients infected with NTM. About BronchiolitisThe majority of hospital admissions of infants with bronchiolitis are caused by respiratory syncytial virus (RSV). RSV is a common and highly transmissible virus that infects the respiratory tract of most children before their second birthday. While most infants with RSV present with minor respiratory symptoms, a small percentage develop serious lower airway infections, termed bronchiolitis, which can become life-threatening. The absence of treatment options for bronchiolitis limits the care of these sick infants to largely supportive measures. Beyond Air’s system is designed to effectively deliver 150 - 400 ppm NO, for which preliminary studies indicate may eliminate bacteria, viruses, fungi, and other microbes from the lungs. About Beyond Cancer: UNO Therapy for Solid TumorsCancer is the second leading cause of death globally, with tumor metastases responsible for approximately 90% of all cancer-related deaths. Current cancer treatment modalities generally include chemotherapy, immunotherapy, radiation, and/or surgery. Nitric oxide at ultra-high concentrations has been reported to show anticancer properties and to serve as a chemosensitizer and radiotherapy enhancer. Based on its current findings, Beyond Cancer is developing treatment protocols using ultra-high nitric oxide concentrations to ablate primary tumors and treat metastatic disease. Forward Looking StatementsThis press release contains “forward-looking statements” concerning inhaled nitric-oxide and the Company’s LungFit® product, including statements with regard to potential clinical and regulatory developments and the expected timing thereof, expected product launch for the Company’s LungFit® product and the timing thereof, and the potential impact on patients and hospitals and anticipated benefits associated with its use. Forward-looking statements include statements about our expectations, beliefs, or intentions regarding our product offerings, business, financial condition, results of operations, strategies or prospects. You can identify such forward-looking statements by the words “anticipates,” “expects,” “intends,” “impacts,” “plans,” “projects,” “believes,” “estimates,” “likely,” “goal,” “assumes,” “targets” and similar expressions and/or the use of future tense or conditional constructions (such as “will,” “may,” “could,” “should” and the like) and by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. These forward-looking statements are only predictions and reflect our views as of the date they are made with respect to future events and financial performance. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including risks related to: our ability to successfully commercialize LungFit® PH in the U.S. in the planned timeframe; our ability to achieve a CE mark for LungFit® PH in the European Union; the risk that LungFit® PH may become subject to unfavorable pricing regulations, third-party payor reimbursement practices or healthcare reform initiatives; intense competition and rapid technological changes may adversely affect our ability to successfully commercialize LungFit® PH; if we are unable to establish sales and marketing capabilities or enter into agreements with third-parties to market and sell LungFit® PH, we may be unable to generate any revenue; LungFit® PH may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success, and the market opportunity for LungFit® PH may be smaller than we estimate; our ability to fund and the results of pre-clinical and clinical trials for our product candidates; obtaining, maintaining and protecting intellectual property utilized by our product and product candidates; our ability to enforce our patents against infringers and to defend our patent portfolio against challenges from third parties; our ability to obtain additional funding to support our business activities; our dependence on third parties for development, manufacture, marketing, sales, and distribution of products; obtaining regulatory approval for our product candidates; our short operating history; risks related to the COVID-19 pandemic and their effect on our business; and other risks identified and described in more detail in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and other filings with the SEC, all of which are available on our website. We undertake no obligation to update, and we do not have a policy of updating or revising, these forward-looking statements, except as required by applicable law. CONTACTS: Corey Davis, Ph.D.LifeSci Advisors, LLCCdavis@lifesciadvisors.com (212) 915-2577 BEYOND AIR, INC. AND ITS SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(in thousands, except share data) March 31, 2022 March 31, 2021 ASSETS Current assets Cash and cash equivalents $80,242 $34,631 Restricted cash 9,988 637 Grant receivable 322 425 Other current assets and prepaid expenses 2,393 1,530 Total current assets 92,945 37,223 Licensed right to use technology 1,837 375 Right-of-use lease assets 2,216 1,861 Property and equipment, net 1,995 929 Other assets 207 138 TOTAL ASSETS $99,199 $40,525 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $1,129 $1,325 Accrued expenses 8,374 1,805 Operating lease liability 281 113 Loan payable 927 557 Total current liabilities 10,712 3,800 Operating lease liability 2,079 1,789 Long-term loan, net 200 4,472 Other long-term liabilities 8,000 - Total liabilities 20,990 10,061 Stockholders’ equity Preferred Stock, $0.0001 par value per share: 10,000,000 shares authorized, 0 shares issued and outstanding - - Common Stock, $0.0001 par value per share: 100,000,000 shares authorized, 29,866,173 and 21,828,244 shares issued and outstanding as of March 31, 2022 and 2021, respectively 3 2 Treasury stock (25) (25)Additional paid-in capital 196,269 110,948 Accumulated deficit (123,639) (80,462)Accumulated other comprehensive income 96 - Total stockholders’ equity attributable to Beyond Air, Inc. 72,704 30,464 Non-Controlling Interests 5,505 - Total equity 78,209 30,464 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $99,199 $40,525 BEYOND AIR, INC. AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(in thousands except share data) Year EndedMarch 31, 2022 Year EndedMarch 31, 2021 License revenue $- $873 Operating expenses Research and development (11,802) (12,618)General and administrative (18,408) (10,468)Settlement expense contingent on FDA approval (10,500) - Loss from Operations (40,710) (22,214) Other income (expense) Estimated liability for contingent loss (2,435) - Dividend and interest income 4 17 Interest and finance expense (775) (642)Foreign exchange loss (144) (37)Total other loss (3,350) (661) Net loss before income taxes (44,060) (22,875) Benefit for income taxes - - Net loss $(44,060) $(22,875) Less: Net Loss attributed to non-controlling interests (882) - Net loss attributed to Beyond Air, Inc. $(43,177) $(22,875) Other Comprehensive (Loss) Income, net of tax: Foreign currency translation gain 96 - Comprehensive loss attributed to Beyond Air, Inc. $(43,081) $(22,875) Net loss per share – basic and diluted $(1.68) $(1.27) Weighted average number of shares of common stock outstanding – basic and diluted 25,668,230 18,005,226

Conference Call Scheduled Today at 4:30 p.m. ET to Discuss Recently Announced Agreement to be Acquired by ConversionPoint Technologies LITTLE ROCK, Ark., Nov. 07, 2018 (GLOBE NEWSWIRE) -- Inuvo, Inc. (NYSE American: INUV), a leading provider of artificial intelligence (AI) technology for brands and agencies, reported financial results for the third quarter and nine months ended September 30, 2018. Recent EventOn November 2, 2018, Inuvo entered into a definitive agreement to be acquired by ConversionPoint Technologies, Inc., a privately-held eCommerce technology company.  For more details regarding the proposed acquisition, please see our press release, “Inuvo Signs Definitive Agreement to be Acquired by ConversionPoint Technologies,” and our Form 8-K, dated November 1, 2018 (and filed with the SEC on November 5, 2018). Management Commentary“This past Monday marked one of the most important days in Inuvo’s history, as we announced a transformative definitive agreement to be acquired by ConversionPoint Technologies,” said Rich Howe, chairman and CEO of Inuvo. “ConversionPoint specializes in delivering world-class eCommerce technology solutions to leading global brands and retailers. Leveraging Inuvo’s IntentKey technology, the combined company expects to bring to market a truly unique, AI-powered platform that provides retailers and brands with unprecedented insights into their customers’ shopping behaviors, driving stronger ROI and online sales. “Since launching our next-gen AI-powered IntentKey solution last year, we have been actively searching for a partner like ConversionPoint that has the right platform to maximize the value and commercial potential of our technology. Given ConversionPoint’s growing client list of major global brands and Fortune 500 retail partners, as well as their robust eCommerce offering, we have already identified several near-term cross-sell opportunities to accelerate revenue growth and drive margin expansion. "The timing of the potential business combination is also relevant. As discussed over the last year, we have been shifting our focus from the supply, or publisher, side of our business in an effort to drive growth in our higher-margin demand, or advertiser, business with the IntentKey. During the third quarter, this supply side decreased at a rate faster than we anticipated due to our reallocation of resources, which negatively impacted our top and bottom line. “Despite the impact from our de-emphasized business, the revenue mix change led to an improvement in gross margin to 63.1%. We have also continued to gain momentum from the IntentKey with several recent new client wins, including a top insurer, a global audio brand and a leading online loan marketplace, among others. We plan to build off this base leading into the close of the acquisition, where ConversionPoint is expected to bring a number of near-term upsell opportunities to many of their existing eCommerce clients.” Third Quarter 2018 Summary versus Same Year-Ago Quarter (where applicable): Revenue was $16.8 million compared to $20.3 million.Gross margin increased to 63.1%, up from 52.5%.Net loss totaled $1.4 million or $(0.04) per share compared to a net loss of $1.0 million or $(0.03) per share.Adjusted EBITDA loss (a non-GAAP financial measure) totaled $386 thousand.Cash balance at September 30, 2018 was $4.2 million with $4.8 million of debt. Nine Month 2018 Summary versus Same Year-Ago Period (where applicable): Revenue was $56.3 million compared to $55.8 million.Gross margin increased to 61.0% compared to 54.9%.Net loss was $3.7 million or $(0.12) per share, compared to a net loss of $4.1 million or $(0.14) per share.Adjusted EBITDA loss (a non-GAAP financial measure) totaled $195 thousand. For complete third quarter results, please see the company’s quarterly report on Form 10-Q that was filed on November 7, 2018. Conference Call Information Inuvo and ConversionPoint management will hold a conference call today (November 7, 2018) at 4:30 p.m. Eastern Standard time (1:30 p.m. Pacific Standard time) to discuss the third quarter results, acquisition, and go-forward plans.   Domestic Dial-in number: 1-800-289-0438 International Dial-in number: 1-323-794-2423 Conference ID: 3216388 Webcast: http://public.viavid.com/index.php?id=132191 Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios at 949-574-3860.    A telephone replay will be available through November 21, 2018. To access the replay, please dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). At the system prompt, enter the code 3216388 followed by the # sign. You will then be prompted for your name, company and phone number. Playback will then automatically begin. About Inuvo, Inc.  Inuvo®, Inc. (NYSE American: INUV) is a market leader in intelligent advertising, aligning brands with appropriate content and consumer intent. The artificial intelligence within our patented IntentKey™ leverages contextually-based machine learning that mirrors the manner in which the human brain can instantly associate ideas, emotions, places, people and objects. Inuvo harnesses this power by delivering high performing campaigns reaching audiences that would typically be missed. To learn more about Inuvo, please visit www.inuvo.com or download our app for Apple iPhone or for Android. Cautionary Statement Regarding Forward-Looking StatementsStatements contained in this communication that refer to Inuvo’s estimated or anticipated future results, including estimated synergies, or other non-historical communication. Forward looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “goal,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements about the benefits of the acquisition of Inuvo by ConversionPoint Technologies, including future financial and operating results, Inuvo’s or ConversionPoint Technologies’ plans, objectives, expectations and intentions and the expected timing of completion of the transaction. It is important to note that Inuvo’s goals and expectations are not predictions of actual performance. Actual results may differ materially from Inuvo’s current expectations depending upon a number of factors affecting Inuvo’s business, ConversionPoint Technologies’ business and risks associated with acquisition transactions generally. These factors include, among others, the inherent uncertainty associated with financial projections; restructuring in connection with, and successful closing of, the merger transaction; subsequent integration of the merger transaction and the ability to recognize the anticipated synergies and benefits of the merger transaction; the ability of ConversionPoint Holdings to obtain the required $36 million in financing upon commercially reasonable terms, including risks that the financing values the equity of ConversionPoint Holdings less than the estimates of equity valuation set forth herein; the ability to obtain the requisite Inuvo and ConversionPoint Technologies stockholder approvals; the risk that a condition to closing of the merger transaction may not be satisfied on a timely basis or at all; the failure of the proposed merger transaction to close for any other reason; risks relating to the value of the ConversionPoint Holdings shares to be issued in the transaction; risks relating to the ability of ConversionPoint Holdings to list its shares on The NASDAQ Capital Market and The Toronto Stock Exchange; the anticipated size of the markets and continued demand for Inuvo’s and ConversionPoint Technologies’ products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the ecommerce industry; the difficulty of predicting the timing or outcome of pending or future litigation or government investigations; changes in generally accepted accounting principles; costs and efforts to defend or enforce intellectual property rights; the loss of key senior management or staff; and such other risks and uncertainties detailed in Inuvo’s periodic public filings with the Securities and Exchange Commission, including but not limited to Inuvo’s “Risk Factors” section contained in Inuvo’s Annual Report on Rom 10-K for the year ended December 31, 2017, and Form 10-Q filed with the Securities and Exchange Commission on November 7, 2018 and from time to time in Inuvo’s other investor communications. Except as expressly required by law, Inuvo disclaims any intent or obligation to update or revise these forward-looking statements to reflect events or circumstances after the date of this press release. Important Information for Investors and Stockholders This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication is also not a solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise.  No offer of securities or solicitation will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. In connection with the proposed acquisition of Inuvo by ConversionPoint Technologies, Inc., ConversionPoint Holdings will file with the Securities and Exchange Commission a registration statement on Form S-4 that will include a joint proxy statement of ConversionPoint Technologies, Inc. and Inuvo that also constitutes a prospectus of ConversionPoint Technologies. The definitive joint proxy statement/prospectus will be delivered to the stockholders of ConversionPoint Technologies, Inc. and Inuvo. INVESTORS AND SECURITY HOLDERS OF CONVERSIONPOINT TECHNOLOGIES, INC. AND INUVO ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT WILL BE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the registration statement and the definitive joint proxy statement/prospectus (when available) and other documents filed with the Securities and Exchange Commission by ConversionPoint Holdings through the website maintained by the Securities and Exchange Commission at http://www.sec.gov. Copies of the documents filed with the Securities and Exchange Commission by ConversionPoint Holdings will be available free of charge by contacting Wally Ruiz, Chief Financial Officer, Inuvo, Inc., 500 President Clinton Ave., Suite 300, Little Rock, AR 72201, telephone: (501) 205-8397, or Andre Peschong, Chief Strategy Officer, ConversionPoint Technologies, Inc. (andre@conversionpoint.com). Participants in the Merger Solicitation ConversionPoint Technologies, Inuvo, their respective directors and certain of their executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the Securities and Exchange Commission, be deemed participants in the solicitation of the ConversionPoint Technologies and Inuvo stockholders in connection with the proposed acquisition will be set forth in the joint proxy statement/prospectus when it is filed with the Securities and Exchange Commission. Information about the directors and executive officers of Inuvo is set forth in its proxy statement for its 2018 annual meeting of stockholders, which was filed with the Securities and Exchange Commission on May 4, 2018. Information about the executive officers of ConversionPoint Technologies is set forth in www.conversionpoint.com. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus filed with the above-referenced registration statement on Form S-4 and other relevant materials to be filed with the Securities and Exchange Commission when they become available.  INUVO, INC.CONDENSED CONSOLIDATED BALANCE SHEETS       (Unaudited)    September 30, December 31,   2018  2017Assets    Current assets    Cash $4,190,274 $4,084,686Accounts receivable, net  5,614,031  10,759,250Prepaid expenses and other current assets  307,256  400,191Total current assets  10,111,561  15,244,127     Property and equipment, net  2,260,967  2,306,279Other assets    Goodwill  9,853,342  9,853,342Intangible assets, net  9,779,307  10,808,018Other assets  35,171  36,070Total other assets  19,667,820  20,697,430Total assets $32,040,348 $38,247,836     Liabilities and Stockholders’ Equity        Current liabilities        Accounts payable $9,021,255 $  13,614,053Accrued expenses and other current liabilities  2,456,831  2,887,816Revolving credit line  4,825,000  4,900,000Total current liabilities  16,303,086  21,401,869Long-term liabilities    Deferred tax liability    2,331,900    2,331,900Other long-term liabilities  250,959  426,725Total long-term liabilities  2,582,859  2,758,625     Total stockholders' equity    13,154,403    14,087,342Total liabilities and stockholders' equity $32,040,348 $38,247,836        INUVO, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)   Three Months Ended Nine Months Ended  September 30, September 30, September 30, September 30,   2018   2017   2018   2017 Net revenue $16,806,170  $20,311,502  $56,315,006  $55,798,545 Cost of revenue  6,196,057   9,649,295   21,965,955   25,161,761 Gross profit  10,610,113   10,662,207   34,349,051   30,636,784 Operating expenses            Marketing costs (traffic acquisition costs or TAC)  8,285,465   7,161,905   25,025,922   21,122,489 Compensation  1,806,111   2,363,901   6,749,280   7,053,308 Selling, general and administrative  1,859,020   2,025,254   5,968,233   6,308,552 Total operating expenses  11,950,596   11,551,060   37,743,435   34,484,349 Operating loss  (1,340,483)   (888,853)   (3,394,384)   (3,847,565) Interest expense, net  (101,167)   (97,318)   (296,612)   (212,922) Loss from continuing operations before taxes  (1,441,650)   (986,171)   (3,690,996)   (4,060,487) Income tax benefit  -   -   8,625    - Net loss from continuing operations  (1,441,650)   (986,171)   (3,682,371)   (4,060,487) Net loss from discontinued operations  -   -   -   (1,109) Net loss  (1,441,650)   (986,171)   (3,682,371)   (4,061,596) Earnings per share, basic and diluted        From continuing operations ($0.04)  ($0.03)  ($0.12)  ($0.14) From discontinued operations  -   -   -   - Net loss ($0.04)  ($0.03)  ($0.12)  ($0.14) Weighted average shares outstanding        Basic  32,316,988   28,553,055   30,540,796   28,030,902 Diluted  32,316,988   28,553,055   30,540,796   28,030,902           RECONCILIATION OF LOSS FROM CONTINUING OPERATIONS BEFORE TAXES TO ADJUSTED EBITDA(Unaudited)           Three Months Ended Nine Months Ended   September 30, September 30, September 30, September 30,  2018  2017  2018  2017 Loss from continuing operations before taxes ($1,441,650)  ($986,171)  ($3,690,996)  ($4,060,487) Interest expense, net 101,167  97,318  296,612  212,922 Depreciation 457,272  406,014  1,343,247  1,077,143 Amortization 337,626  398,616  1,028,711  1,162,355 Stock-based compensation 159,799  336,913  827,595  923,072 Non-recurring expense associated with acquiring NetSeer -  -  -  996,467 Adjusted EBITDA ($385,786)  $252,690  $(194,831)  $311,472               Reconciliation of Loss from Continuing Operations before Taxes to Adjusted EBITDA We present Adjusted EBITDA as a supplemental measure of our performance. We defined Adjusted EBITDA as net loss from continuing operations before taxes plus (i) interest expense, net, (ii) depreciation, (iii) amortization, (iv) stock-based compensation and (v) certain identified expenses that are not expected to recur or be representative of future ongoing operation of the business. These further adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or similar to some of the adjustments in the presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Company Contact: Inuvo, Inc. Wally Ruiz  Chief Financial Officer 501-205-8397 wallace.ruiz@inuvo.com  Investor Relations Contact:LioliosMatt Glover or Sean Mansouri, CFA949-574-3860INUV@liolios.com