FendX Provides Update on Development of its Spray Nano-Coating

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FendX continues to advance its spray nano-coating with goal of a tech-transfer to nanoComposix to assess and conduct intermediate scale-up

Oakville, Ontario--(Newsfile Corp. - May 21, 2024) - FendX Technologies Inc. (CSE: FNDX) (OTCQB: FDXTF) (FSE: E8D) (the "Company" or "FendX") a nanotechnology company developing surface protection coatings, is pleased to provide an update on the progress being made to finalize the formulation of its spray nano-coating product in development.

Dr. Carolyn Myers, CEO of FendX, states, "We are pleased to provide an update that we are successfully moving closer to finalizing our spray nano-coating formulation with the goal of optimizing the scale-up manufacturing process." Dr. Myers continues, "The formulation work undertaken and in collaboration with McMaster University, has involved streamlining the steps required to produce the nanoparticle suspension and we are now working with an all-in-one suspension, which is anticipated to be easier to scale and apply, as well as provide optimal durability. Once the formulation is complete, it will be transferred to our development partner, nanoComposix LLC, who will assess the formulation and conduct the scale-up manufacturing work."

A master services agreement with nanoComposix, LLC ("nanoComposix") was announced on October 26, 2023, whereby the parties agreed that nanoComposix will assess, replicate and scale-up the spray nano-coating formulation to larger batch sizes for testing. FendX's spray nano-coating intellectual property was licensed from McMaster University pursuant to a license agreement dated May 16, 2023. Both REPELWRAP™ film and the spray nano-coating have been shown to significantly reduce the adhesion of bacteria and viruses, reducing their transmission on surfaces prone to contamination.

About nanoComposix

Founded in 2004, nanoComposix is a Fortis Life Science company headquartered in San Diego, CA, USA. nanoComposix was built with the mission of providing precisely engineered and highly characterized nanomaterials to a global customer base. Their product portfolio contains hundreds of different variants of materials, size, shape, and surface backed by extensive technical documentation and support. Development services are provided by a technical team with extensive expertise in nanotechnology, biology, chemistry, physics, and optics. nanoComposix produced the NIST nanosilver reference material and its materials have been utilized in over 2,000 peer-reviewed publications. nanoComposix is an ISO 13485:2016 certified company. This helps to ensure that its products and services are of the highest quality and continue to meet customer expectations. nanoComposix works closely with clients to develop technologies enabled by novel materials and leverages the broad experience of their team to accelerate the process of moving from lab scale proof-of-concept prototypes, through development, to commercial-scale manufacturing.

About FendX Technologies Inc.

FendX is a Canada-based nanotechnology company focused on developing products to make people's lives safer by reducing the spread of pathogens. The Company is developing both film and spray products to protect surfaces from contamination. The lead product under development, REPELWRAP™ film, is a protective surface coating film that, due to its repelling properties, prevents the adhesion of pathogens and reduces their transmission on surfaces prone to contamination. The spray nanotechnology is a bifunctional spray coating being developed to reduce contamination on surfaces by repelling and killing pathogens. The Company is conducting research and development activities using its nanotechnology in collaboration with industry-leading partners, including McMaster University. The Company has exclusive worldwide licenses to its technology and IP portfolio from McMaster, which encompass both film and spray coating nanotechnology formulations.

Contacts:

Dr. Carolyn Myers, CEO and Director 1-800-344-9868 Alyssa Barry, Investor Relations 1-833-947-5227 investor@fendxtech.com

For more information, please visit https://fendxtech.com/ and the Company's profile on SEDAR at www.sedarplus.ca.

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of Canadian securities legislation, including with respect to: the plans of the Company; statements regarding the nano-spray formulation; the Company's statements regarding development work and moving closer to finalizing our spray nano-coating formulation with the goal of optimizing the scale-up manufacturing process; statements regarding working with an all-in-one suspension, which is anticipated to be easier to scale and apply, as well as provide optimal durability; statements regarding completion of the formulation and transferring it to our development partner, nanoComposix LLC, who will assess the formulation and conduct the scale-up manufacturing work; and products under development and any pathogen reduction benefits related thereto. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and involve several risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and that actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: product candidates only being in formulation/reformulation stages; limited operating history; research and development activities; dependence on collaborative partners, licensors and others; effect of general economic and political conditions; and other risk factors set forth in the Company's public filings which are available on SEDAR+ at www.sedarplus.ca. The reader is urged to refer to such public filings for a more complete discussion of such risk factors and their potential effects. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209800

SOURCE FendX Technologies Inc.

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