Montréal Heart Institute

– 2023 marked by Ceapro’s achievement of key milestones and progress toward its next phase of growth – R&D activities focused on advancement of avenanthramide Phase 1-2a clinical study and the processing of yeast beta glucan along with the building of pilot scale units for PGX Technology – Sales impacted (decreased by 49% from $18.8M in 2022 to $9.6M in 2023) due to re-organization associated with the spin-off of the consumer division of one major customer – Announced merger of equals with Aeterna Zentaris to create a diversified biopharmaceutical company; expected to close in the second quarter of 2024, subject to the closing conditions EDMONTON, Alberta, April 29, 2024 (GLOBE NEWSWIRE) -- Ceapro Inc. (TSX-V: CZO, OTCQX: CRPOF) (“Ceapro” or the “Company”), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today announced operational highlights and financial results for the fourth quarter and full year ended December 31, 2023. “While the base business was significantly impacted during 2023 due to various economic factors and organizational changes within one major customer, we expect renewed growth with our active ingredients base business and will continue to focus our efforts in expanding our business model towards nutraceutical and pharmaceutical sectors. We are very pleased with progress made in the development of new products and technologies such as the ongoing Phase 1-2a clinical trial with avenanthramides and the very well-advanced 50L scale-up of the PGX Technology which will enable the development and production of yeast beta glucan as an immune modulator. Lastly, with our recent announcement of the merger of equals with Aeterna Zentaris, we believe we are, more than ever, positioned to significantly propel Ceapro into its next phase of growth and unlock value as a biopharmaceutical company,” stated Gilles Gagnon, M.Sc., MBA, President and CEO of Ceapro. 2023 Corporate and Operational Highlights Focus has been on development of Avenanthramides, scale-up of the PGX Technology and development of PGX-processed products. Avenanthramides: Clinical Significantly advanced Phase 1 safety and tolerability study with healthy volunteers at Montreal Heart Institute (MHI). Since commencing the dosing of first patients in December 2023, five groups of 8 subjects per group have completed the first arm of the Phase 1 with single ascending doses (SAD) ranging from 30mg to 480mg per day. A Data Safety Monitoring Board is to decide shortly regarding the administration of the highest dose (960mg) as per approved protocol by Health Canada. As no significant adverse reactions have been observed so far, the Company expects to initiate the multiple ascending dose (MAD) arm during the summer 2024 with three additional groups of 8 subjects per group. This is the first-in-human clinical study to assess safety, tolerability, and pharmacokinetics of single and multiple ascending oral doses of avenanthramides. Formulation & Analytics In planning for the extension into a Phase 2a clinical study, a second GMP clinical batch of the selected 30mg and 240mg pill formulation of the drug product was manufactured by Corealis Inc. GMP Manufacturing Services (“Corealis”). Stability studies are ongoing.Bioassays for the detection of avenanthramides in the blood and urine were successfully developed with Altasciences Inc. Ceapro is the owner of these bioassays currently used for the pharmacokinetics profile of avenanthramides. Pre-Clinical Announced positive findings demonstrating oat derived beta glucan and avenanthramides promote wound healing and tissue regeneration. These data were presented at the 2023 Annual Meeting of the Wound Healing Society and were published in the scientific journals “Current Developments in Nutrition” in July 2023 and “Advances in Wound Care” in March 2024. Avenanthramides Malted Technology Successfully scaled up the Malting Technology at commercial-scale level. This will enable the production of large quantities of avenanthramides powder for solid formulations. Technology: PGX Decision made to use a stepwise approach to ensure standardization of product specifications at each scale level from 10 Liters to 50-100 Liters vessels. Scale-up being done at the following locations: Edmonton Main Facility - PGX Scale-Up 50 Liters Vessel: This project is almost completed. Three trial runs of yeast beta glucan have been performed as part of the last commissioning phase. Given that the Edmonton site license is for natural products, yeast beta glucan produced from this facility will be offered as a nutraceutical. Subject to approval by Health Canada, this product could be launched by end of 2024.Natex Facility, Austria - PGX Scale-Up 100 Liters Vessel: The project is on schedule. PGX pressure vessel design is 100% completed. Initial safety and regulatory risk assessment has also been completed. Commissioning is expected to be completed by end of Q3 2024 PGX-Processed Products Yeast Beta Glucan (YBG): Fully defined specifications for the product to be further assessed and produced for immune modulation properties as well as for potential inhalable therapeutic for lung fibrotic diseases. Identified process conditions for YBG improving morphology of YBG-processed using PGX Technology (PGX-YBG) to boost immunomodulating activity. Progress achieved for the pre-processing of YBG to ensure homogeneous dispersion and deagglomeration of polymers and batch-to-batch consistency. YBG is the product being used for the scale-up of the PGX Technology.Announced on May 23, 2023 the completion of CHRP collaboration with McMaster University with encouraging results evaluating PGX-processed YBG for interstitial lung diseases. These results triggered presentations at International scientific conferences confirming that PGX-YBG is suitable for inhalation and can act through a newly discovered mechanism of action through specific binding on white blood cells (macrophages) involved in the inflammation and fibrotic process. A comprehensive scientific article was recently submitted to the Biomaterials scientific journal.Ongoing assessment as a potential drug candidate for a Phase 1 clinical trial. Whey Proteins: Using its PGX Technology, Ceapro and University of Alberta researchers successfully processed in one economical step a very complex mixture containing animal-based proteins, and in particular whey proteins that are typically found in liquid that remains after cheese production. While these proteins are widely used in sport drinks, baked goods, meal replacements, protein supplements and infant formulas due to their recognized nutritional and functional properties, current commercial purification processes require many steps and considerable amounts of water. PGX Technology can be a very efficient and economical alternative for this product offering.Results from this ground-breaking study were published in the Journal of Food Engineering in an article titled “Single-step concentration of whey proteins using the pressurized gas eXpanded (PGX) liquid technology: Effect on physicochemical properties and scale-up,”. They will be presented at the 20th European meeting on supercritical fluids being held May 26-29, 2024 in Maribor, Slovenia. New Product - Chewable Oat Beta Glucan (OBG): Ceapro’s team has successfully developed a unique, standardized formulation for a healthy confection which includes a high concentration of OBG with daily dosage according to approved claims in 10 developed countries.Health Canada has approved Ceapro’s Novel Nutraceutical Product (NPN 80127493). The substantive claims derived from this approval include reduction of LDL cholesterol, supporting cardiovascular health reduction of Type 2 diabetes risks, source of fiber for the maintenance of general good health and support of a healthy digestive system.Ceapro’s team anticipates the official commercial launch of its approved natural health product in H2 2024, marking an important chapter in the Company's journey toward promoting wellness while expanding its business model. Corporate Re-affirmed our partnership with Symrise by extending a supply and distribution agreement until December 31, 2026, and therefore securing the long-term sustainability of Ceapro’s base business which should regrow.Appointed Mr. Michel Regnier as Senior Vice-President, Technical Operations. Mr. Regnier is an experienced and respected Operations Executive and Professional Engineer with 20+ years of progressive technical and leadership experience in the medical device, pharmaceutical and aerospace materials manufacturing industries. Announced technical collaboration with Austrian based NATEX Prozesstechnologie GmbH for the larger scale-up of PGX Technology using yeast beta glucan.Announced merger of equals with Aeterna Zentaris to create a diversified biopharmaceutical company. Subsequent to Year End Announced on March 12, 2024 approval of merger with Aeterna Zentaris by Securityholders at special meeting.Received on March 28, 2024 the final court approval for merger with Aeterna Zentaris. Financial Highlights for the Fourth Quarter and Full Year 2023 Ended December 31, 2023 Total sales of $1,650,000 for the fourth quarter of 2023 and $9,633,000 for the full year of 2023 compared to $3,322,000 and $18,840,000 for the comparative periods in 2022. The Company revenues have been significantly impacted by the re-organization associated with the spinoff of the consumer division of one major customer, which resulted in lag of new ordering. In the first quarter of 2024, the customer has resumed ordering from Ceapro.Net loss of $2,131,000 for the fourth quarter of 2023 and a net loss of $4,710,000 for the full year of 2023 compared to a net loss of $231,000 for the fourth quarter 2022 and a net profit of 4,398,000 for the full year 2022.Cash used in operations of $3,623,000 for the full year 2023 compared to Cash generated from operations of $6,637,000 in 2022.Positive working capital balance of $13,108,600 as of December 31, 2023. “We expect to continue leveraging our base business for the development of new products and technologies and subject to the closing and successful integration with Aeterna Zentaris, we expect to benefit from complementary competencies, additional financial resources and expanded portfolio with revenue generation product to accelerate the completion of our prioritized projects while continuing to assess different market initiatives to bring new business and unlock value in the near and long term,” concluded Mr. Gagnon. CEAPRO INC. Consolidated Balance Sheets December 31,December 31, 20232022 $$ ASSETS Current Assets Cash8,843,74213,810,998 Trade receivables167,2952,820,300 Other receivables216,76364,808 Inventories (note 3)5,308,9873,757,040 Prepaid expenses and deposits310,191135,133 Total Current Assets14,846,97820,588,279 Non-Current Assets Restricted cash10,000- Investment tax credits receivable984,200854,895 Deposits74,36976,954 Licences (note 4)9,62512,588 Property and equipment (note 5)15,421,88416,201,755 Deferred tax assets (note 12 (b))98,778- Total Non-Current Assets16,598,85617,146,192 TOTAL ASSETS31,445,83437,734,471 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued liabilities1,342,1561,730,377 Current portion of lease liabilities (note 6)396,232370,460 Total Current Liabilities1,738,3882,100,837 Non-Current Liabilities Long-term lease liabilities (note 6)1,852,3452,248,577 Deferred tax liabilities (note 12 (b))-1,095,968 Total Non-Current Liabilities1,852,3453,344,545 TOTAL LIABILITIES3,590,7335,445,382 Equity Share capital (note 7 (b))16,721,86716,694,625 Contributed surplus4,963,0674,714,404 Retained earnings6,170,16710,880,060 Total Equity27,855,10132,289,089 TOTAL LIABILITIES AND EQUITY31,445,83437,734,471 CEAPRO INC. Consolidated Statements of Net (Loss) Income and Comprehensive (Loss) Income 2023 2022 Years Ended December 31,$$ Revenue (note 14)9,633,400 18,839,607 Cost of goods sold5,677,211 7,821,908 Gross margin3,956,189 11,017,699 Research and product development2,751,473 1,788,666 General and administration7,419,593 3,700,498 Sales and marketing40,484 29,558 Finance costs (note 9)183,130 184,967 (Loss) income from operations(6,438,491)5,314,010 Other income (note 10)(533,852)(462,905) (Loss) income before income taxes(5,904,639)5,776,915 Deferred tax (benefit) expense (note 12 (a))(1,194,746)1,378,817 Net (loss) income and comprehensive (loss) income for the year(4,709,893)4,398,098 Net (loss) income per common share (note 19): Basic(0.06)0.06 Diluted(0.06)0.06 Weighted average number of common shares outstanding (note 19): Basic78,272,574 77,961,714 Diluted78,272,574 78,582,083 CEAPRO INC. Consolidated Statements of Cash Flows 2023 2022 Year Ended December 31,$$OPERATING ACTIVITIES Net (loss) income for the year(4,709,893)4,398,098 Adjustments for items not involving cash Finance costs128,130 129,967 Depreciation and amortization1,946,776 1,911,278 Deferred income tax (benefit) expense(1,194,746)1,378,817 Share-based payments259,005 89,648 (3,570,728)7,907,808 CHANGES IN NON-CASH WORKING CAPITAL ITEMS Trade receivables2,653,005 (727,458)Other receivables(151,955)(18,958)Investment tax credits receivable(129,305)(88,266)Inventories(1,551,947)(1,432,955)Prepaid expenses and deposits(172,473)30,371 Accounts payable and accrued liabilities relating to operating activities(571,430)1,096,074 75,895 (1,141,192)Net (loss) income for the year adjusted for non-cash and working capital items(3,494,833)6,766,616 Interest paid(128,130)(129,967)CASH (USED IN) GENERATED FROM OPERATIONS(3,622,963)6,636,649 INVESTING ACTIVITIES Purchase of property and equipment(980,733)(388,821)CASH USED IN INVESTING ACTIVITIES(980,733)(388,821)FINANCING ACTIVITIES Stock options exercised16,900 81,290 Increase in restricted cash(10,000)- Repayment of lease liabilities(370,460)(299,109)CASH USED IN FINANCING ACTIVITIES(363,560)(217,819)(Decrease) increase in cash(4,967,256)6,030,009 Cash at beginning of the year13,810,998 7,780,989 Cash at end of the year8,843,742 13,810,998 The complete financial statements are available for review on SEDAR at https://sedar.com/Ceapro and on the Company’s website at www.ceapro.com. About Ceapro Inc. Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant resources. Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical, and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com. Forward-looking information The information in this news release has been prepared as at April 24, 2024. Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company’s beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information relates to future events or future performance, reflect current expectations or beliefs regarding future events and is typically identified by words such as “aim”, “anticipate”, “assume”, “believe”, “continue”, “could”, “expect”, “forecast”, “future”, “intend”, “maintain”, “may”, “outlook”, “plan”, “potential”, “project”, “synergies”, “will”, and similar expressions suggesting future outcomes or statements regarding an outlook. Forward-looking information includes, but is not limited to, statements with respect to the Arrangement, including the expected timing and outcome of the Meeting, closing and various other steps to be completed in connection with the Arrangement, and other statements that are not historical facts, including the Company’s ability to obtain regulatory approvals, including those from health authorities, and to develop, introduce, and implement new products as well as enhancements for existing products that meet customer needs and product requirements in a timely manner. Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company or the combined company to be materially different from future results, performance or achievements expressed or implied by such information. There can be no assurance that such information will prove to be accurate. Such information being based on numerous assumptions. Readers are cautioned not to place undue reliance on forward-looking information, which speak only as of the date made. For a more detailed discussion of such risks and other factors that may affect Ceapro’s ability to achieve the expectations set forth in the forward-looking information contained in this news release, see Ceapro’s management information circular dated February 9, 2024, MD&A filed under Ceapro’s profile on SEDAR+ at www.sedarplus.ca, as well as Ceapro’s other filings with the Canadian securities regulators. Other than as required by law, the Company does not intend, and does not assume any obligation to, update the forward-looking information in this news release. For more information contact: Issuer:Gilles R. Gagnon, M.Sc., MBAPresident & CEOT: 780-421-4555 Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

– Study being led by Dr. Jean-Claude Tardif at the Montreal Heart Institute – No adverse reactions observed, and study can continue as planned EDMONTON, Alberta, Dec. 13, 2023 (GLOBE NEWSWIRE) -- Ceapro Inc. (TSX-V: CZO; OTCQX: CRPOF) (“Ceapro” or the “Company”), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today announced the commencement of patient dosing in its Phase 1-2a study evaluating its flagship product, avenanthramides, for potential applications in managing conditions related to inflammation. No adverse reactions have been observed and the study can be pursued as per protocol design. “The start of patient dosing in the Phase 1-2a study is a significant accomplishment and step forward in providing a promising new therapeutic in low grade systemic inflammation,” stated Gilles Gagnon, M.Sc., MBA, President and CEO of Ceapro. “We are pleased with this rapid dosing stage of the study being led by Dr. Tardif and his team. We remain dedicated to advancing medical innovation and addressing unmet medical needs.” The Phase 1-2a study (“AvenActive”) is a double-blind, placebo-controlled, randomized, adaptive, first-in-human study designed to assess safety, tolerability, and pharmacokinetics of single and multiple ascending oral doses of avenanthramide. 72 healthy subjects will be enrolled in the Phase 1 portion of the trial. The single ascending dose (SAD) arm will include 6 cohorts of 8 healthy subjects, while the multiple ascending dose (MAD) arm will include 3 cohorts of 8 healthy subjects. Following the Phase 1 portion, pending successful results, the AvenActive protocol also includes a Phase 2a portion for patients presenting evidence of mild to moderate inflammation. 24 patients would be enrolled in the Phase 2a portion. The Phase 1-2a trial is designed to evaluate the safety profile of avenanthramides and gather initial insights into its potential efficacy. As the trial progresses, Ceapro remains focused on collaborating with regulatory authorities, healthcare professionals, and patient communities to bring this innovative therapy to market. About the Montreal Heart Institute Founded in 1954 by Dr. Paul David, the Montreal Heart Institute constantly aims for the highest standards of excellence in the cardiovascular field through its leadership in clinical and basic research, ultra-specialized care, professional training, and prevention. It houses the largest cardiology research center in Canada, the largest cardiovascular prevention center in the country, and the largest cardiovascular genetics center in Canada. The Institute is affiliated with the Université de Montréal and has more than 2000 employees, including 245 physicians and more than 85 researchers. For more information, please visit www.icm-mhi.org/en. The Montreal Health Innovations Coordinating Center (MHICC) is a leading full-service academic clinical research organization and an integral part of the Montreal Heart Institute (MHI). The MHICC possesses an established network of collaborators in over 4500 clinical sites in more than 35 countries. It has specific expertise in precision medicine, low-cost high-quality clinical trials, and drug repurposing (mhicc.org). About Ceapro Inc. Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant resources. Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical, and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com. Forward-looking Statements This press release contains forward-looking statements based on our assessment of Ceapro’s future plans and operations as of the date of this press release. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as ‘may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. By their nature, forward-looking statements are subject to numerous risks and uncertainties. Readers are cautioned that the assumptions used in the preparation of forward-looking information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance, or achievements could differ materially from those expressed in, or implied by, the forward-looking statements in this press release. No assurance can be given that any of the events anticipated will transpire or occur, or if any of them do so, what benefits Ceapro will derive from them. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise unless required by law. For more information contact: Jenene ThomasJTC Team, LLCInvestor Relations and Corporate Communications AdvisorT (US): +1 (833) 475-8247E: czo@jtcir.com This press release does not express or imply that the Company claims its product has the ability to eliminate, cure or contain the SARS-2-CoV-2 (COVID-19) at this time. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

– Product development focused on the production of powder formulations of oat beta glucan and avenanthramides for cosmeceuticals market – Technology development focused on the PGX pilot scale units – Q3 2023 sales of $2,619,000 vs $3,845,000 in Q3 2022; YTD sales of $7,983,000 vs $15,517,000 – Ended the quarter with $11.4 million in cash allowing funding for planned pipeline and technology developments EDMONTON, Alberta, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Ceapro Inc. (TSX-V: CZO; OTCQX: CRPOF) (“Ceapro” or the “Company”), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today announced financial results and operational highlights for the third quarter and nine months ended September 30, 2023. “While the base business has experienced some challenges, mainly due to changes in the marketplace, we are very encouraged by the significant advancements we have made in new products and technologies development. Further, over the past quarter we remained very active with strategic corporate initiatives aimed towards achieving a stated objective related to uplisting Ceapro to an international stock exchange. We are also very pleased with the recent signing of an extended supply and distribution agreement reinforcing our relationship with long-time partner Symrise,” stated Gilles Gagnon, M.Sc., MBA, President and CEO. Corporate and Operational Highlights Pipeline Development:The Company’s focus is on avenanthramides, beta glucan from oat and yeast and new chemical complexes/delivery systems. Avenanthramides & Oat Beta Glucan Marketed products: Powder formulations for cosmeceuticals Successfully developed powder formulations of oat beta glucan to serve the cosmetic market, especially in China. Such formulations are to be resolubilized locally by Symrise and used for hair care and facial masks.Developed powder formulation of high avenanthramides concentration for enriched skin formulations. Of note, Ceapro’s partner Symrise relaunched under a solid form an avenanthramide derivative product that they had marketed for almost two decades. While this relaunched analog is a byproduct from another oat-based extracted product not sold by Ceapro, it is produced in very small volumes and does not compete with Ceapro’s products nor with Symrise-Ceapro exclusive customers. However, the relaunch of this product by Symrise might be a proof of concept demonstrating an appetite from the cosmeceutical market to use powder formulations. Symrise and Ceapro are jointly assessing such potential opportunities. Clinical Development: Avenanthramides (AVS) Formulation: Stability studies are ongoing for the 30mg and 240mg pills formulation manufactured, packaged and labeled by Corealis Inc. GMP Manufacturing Services. Phase 1-2a Clinical Trial: Completed development of a bioassay for analytical measurement of avenanthramides in blood and urine during the hospital stay of healthy subjects.Subsequent to quarter, announced initiation of recruitment and enrollment of healthy subjects for Phase 1. Projected dosing dates are scheduled between December 2-9, 2023. Pre-Clinical Development: Avenanthramides & Oat Beta Glucan Wound Healing-Tissue Regeneration: Following positive results from animal studies conducted by the Angiogenesis Foundation, announced next steps with new studies focusing on speed of healing and molecular profiling of tissue regeneration induced by oat-derived bioactive products. Studies are ongoing. Yeast Beta Glucan (YBG) - Potential Inhalo-Therapeutic Following the announcement of encouraging results made at two major international conferences earlier this year demonstrating that PGX-YBG is respirable and able to safely and reliably reprogram macrophages in the lungs in pre-clinical mouse models, additional research at McMaster University clearly showed that PGX-YBG gets into the macrophage cell. This important finding further supports the potential of YBG to act as a stand-alone and/or a carrier for other bioactives when transported by macrophages cells. Immune/Energy Booster: Ongoing studies for testing and standardization of loading capacity of CoQ10 by YBG which is a requirement for dose selection when assessing safety and efficacy.Protocol designed for a head-to-head study in animals for testing immune properties of PGX-YBG against a commercial formulation. Yeast beta glucan is the product that will be used for the PGX scale-up project at pilot scale levels of 50L and 100L vessels. Technology Malted Technology (Avenanthramides) Pursued development of enriched formulations with high concentration of avenanthramides to serve some nutraceutical markets. Pressurized Gas eXpanded Technology (PGX) Subsequent to quarter, announced the signing of a technical agreement with Austrian based NATEX Prozesstechnologie GmbH for the scale up of the PGX unit at a 100L level. This decision results from a fully reviewed plan for the PGX scale up project where the existing PGX demonstration unit in Edmonton (10L capacity) is being simultaneously scaled up by factors of 5 and 10 times respectively in Edmonton and in Vienna. The goal being to reduce technical risk and time to commercialization. Projects are within timelines previously announced. The 50L capacity to be completed by year-end and commissioned by end of Q1 2024 and the 100L to be completed during Q3 2024. Corporate Signed an extended supply and distribution agreement reinforcing vote of confidence with long-time partner, Symrise AG.Continued to assess possible corporate strategies to support the accelerated growth of the Company along with stated objective of uplisting to Nasdaq. Financial Highlights for the Third Quarter and Nine-Month Period Ended September 30, 2023 Total sales of $2,619,000 for the third quarter of 2023 and $7,983,000 for the first nine months of 2023 compared to $3,845,000 and $15,517,000 for the comparative periods in 2022. The decrease in revenues for the first nine months was driven by an overall decrease in sales volumes of 55% and was a result of lower sales of all the Company’s products.Net loss of $1,040,000 in Q3 2023 compared to a net income of $1,010,000 in Q3 2022 and a net loss of $2,580,000 for the first nine months of 2023 compared to a net income of $4,628,000 for the comparative period of 2022.R&D investments were $585,000 for Q3 2023 compared to $314,000 for the same period in 2022 and $2,085,000 for the first nine months of 2023 compared to $1,213,000 for the same period in 2022. The significant increase in 2023 partially results from increased investment in a Phase 1 study with avenanthramides recently initiated at the Montreal Heart Institute as well as investment in other projects including a bioactivity analysis on our active ingredients and the development of new powder and oral formulations of our active ingredients.Cash flows used in operations of $2,017,000 for the first nine months in 2023 vs cash generated from operations of $5,644,000 in 2022.Positive working capital balance of $16,368,000 as of September 30, 2023. “While the base business has been significantly impacted during the first nine months of 2023 due to various economic factors and organizational changes in one major customer, we remain in a solid financial position and will continue to focus our efforts on the development of new products and technologies using cash in hand while continuing to assess different market initiatives to grow our base and create new business with new products and customers,” concluded Mr. Gagnon. CEAPRO INC. Condensed Interim Consolidated Balance Sheets Unaudited September 30, December 31, 2023 2022 $ $ ASSETS Current Assets Cash and cash equivalents11,355,731 13,810,998 Trade receivables982,895 2,820,300 Other receivables81,844 64,808 Inventories (note 4)5,370,967 3,757,040 Prepaid expenses and deposits214,371 135,133 Total Current Assets18,005,808 20,588,279 Non-Current Assets Investment tax credits receivable854,895 854,895 Deposits76,954 76,954 Licences (note 5)10,366 12,588 Property and equipment (note 6)14,996,189 16,201,755 Total Non-Current Assets15,938,404 17,146,192 TOTAL ASSETS33,944,212 37,734,471 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued liabilities1,246,197 1,730,377 Current portion of lease liabilities (note 7)391,241 370,460 Total Current Liabilities1,637,438 2,100,837 Non-Current Liabilities Long-term lease liabilities (note 7)1,953,295 2,248,577 Deferred tax liabilities390,109 1,095,968 Total Non-Current Liabilities2,343,404 3,344,545 TOTAL LIABILITIES3,980,842 5,445,382 Equity Share capital (note 8 (b))16,721,867 16,694,625 Contributed surplus (note 8 (e))4,941,386 4,714,404 Retained earnings8,300,117 10,880,060 Total Equity29,963,370 32,289,089 TOTAL LIABILITIES AND EQUITY33,944,212 37,734,471 CEAPRO INC. Condensed Interim Consolidated Statements of Net (Loss) Income and Comprehensive (Loss) IncomeUnaudited Three MonthsNine Months Ended September 30,Ended September 30, 2023202220232022 Restated Restated (note 3) (note 3) $ $ $ $ Revenue (note 14)2,618,973 3,845,370 7,982,542 15,517,393 Cost of goods sold1,538,950 1,572,538 4,226,411 5,703,731 Gross margin1,080,023 2,272,832 3,756,131 9,813,662 Research and product development584,665 314,250 2,085,127 1,213,455 General and administration1,972,884 869,110 5,119,395 2,707,430 Sales and marketing11,837 6,160 33,474 20,707 Finance costs (note 10)31,450 31,382 152,894 151,592 (Loss) income from operations(1,520,813)1,051,930 (3,634,759)5,720,478 Other income (note 11)(195,693)(271,162)(348,957)(339,965) (Loss) income before tax(1,325,120)1,323,092 (3,285,802)6,060,443 Deferred tax (benefit) expense(284,663)312,625 (705,859)1,431,981 Net (loss) income and comprehensive (loss) income for the period(1,040,457)1,010,467 (2,579,943)4,628,462 Net (loss) income per common share (note 17): Basic(0.01)0.01 (0.03)0.06 Diluted(0.01)0.01 (0.03)0.06 Weighted average number of common shares outstanding (note 17): Basic78,291,438 78,192,923 78,265,631 77,873,310 Diluted78,291,438 78,817,665 78,265,631 78,519,944 CEAPRO INC. Condensed Interim Consolidated Statements of Cash Flows Unaudited 20232022 Restated (note 3)Nine Months Ended September 30,$ $ OPERATING ACTIVITIES Net (loss) income for the period(2,579,943)4,628,462 Adjustments for items not involving cash Finance costs97,894 96,592 Depreciation and amortization1,458,429 1,415,361 Deferred income tax (benefit) expense(705,859)1,431,981 Share-based payments237,324 72,926 (1,492,155)7,645,322 CHANGES IN NON-CASH WORKING CAPITAL ITEMS Trade receivables1,837,405 (817,830)Other receivables(17,036)(34,006)Inventories(1,613,927)(956,409)Prepaid expenses and deposits(74,713)9,046 Accounts payable and accrued liabilities relating to operating activities(558,953)(105,557) (427,224)(1,904,756)Net (loss) income for the period adjusted for non-cash and working capital items(1,919,379)5,740,566 Interest paid(97,894)(96,592)CASH (USED IN) GENERATED FROM OPERATIONS(2,017,273)5,643,974 INVESTING ACTIVITIES Purchase of property and equipment(250,641)(326,544)Deposits relating to the purchase of equipment(4,525)- Accounts payable and accrued liabilities relating to investing activities74,773 (47,754)CASH USED IN INVESTING ACTIVITIES(180,393)(374,298)FINANCING ACTIVITIES Stock options exercised16,900 75,640 Repayment of lease liabilities(274,501)(216,236)CASH USED IN FINANCING ACTIVITIES(257,601)(140,596)(Decrease) increase in cash and cash equivalents(2,455,267)5,129,080 Cash and cash equivalents at beginning of the period13,810,998 7,780,989 Cash and cash equivalents at end of the period11,355,731 12,910,069 The complete financial statements are available for review on SEDAR at https://sedar.com/Ceapro and on the Company’s website at www.ceapro.com. About Ceapro Inc. Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant resources. Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical, and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com. Forward-looking Statements This press release contains forward-looking statements based on our assessment of Ceapro’s future plans and operations as of the date of this press release. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. By their nature, forward-looking statements are subject to numerous risks and uncertainties. Readers are cautioned that the assumptions used in the preparation of forward-looking information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance, or achievements could differ materially from those expressed in, or implied by, the forward-looking statements in this press release. No assurance can be given that any of the events anticipated will transpire or occur, or if any of them do so, what benefits Ceapro will derive from them. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise unless required by law. For more information contact: Jenene ThomasJTC Team, LLCInvestor Relations and Corporate Communications AdvisorT (US): +1 (833) 475-8247E: czo@jtcir.com This press release does not express or imply that the Company claims its product has the ability to eliminate, cure or contain the SARS-2-CoV-2 (COVID-19) at this time. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release