Red Light Holland's Wholly Owned Subsidiary, Radix Motion, Receives Favorable International Preliminary Report on Patentability on its Patent Application: Utilizing 3D Movement Data for Psychedelic Therapy

Toronto, Ontario--(Newsfile Corp. - December 6, 2022) - Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC Pink: TRUFF) ("Red Light Holland" or the "Company"), an Ontario-based corporation engaged in the production, growth and sale of a premium brand of magic truffles to the legal, recreational market within the Netherlands, is pleased to announce that its wholly owned subsidiary, Radix Motion Inc. ("Radix Motion"), has received an International Preliminary Report on Patentability on the patent application first filed on July 28, 2020. All seven claims directed to the use of 3D movement data in psychedelic therapy were found by an examiner from the United States Patent and Trademark Office to: (i) be novel; (ii) have an inventive step (be "non-obvious"); and (iii) have industrial applicability (utility). The examiner found that for the aforementioned claims "prior art does not teach or fairly suggest the claimed subject matter", rendering them allowable and eligible for fast-track examination under the Patent Prosecution Highway in the United States, Canada and other participating patent offices.

"By combining psychedelic usage data with technology that understands our bodies and how we move, we can have the ability to customize treatments and interventions to increase potential benefits as well as utilize objective data for research and legalization efforts," said Sarah Hashkes, Chief Innovation Officer of Red Light Holland and Chief Executive Officer of Radix Motion.

"I'm very excited to be part of Radix Motion and Red Light Holland's unique and ethical approach to patents that takes into account user privacy and seeks to protect innovative technology. This is a great step towards the possibility of being granted a patent - the opinion indicates that all of the method claims relating to psychedelic therapy are allowable as written, and it suggests how the broader claims can be amended to cover the inventors' contributions in ways that are allowable too," said Graham Pechenik, Red Light Holland's patent advisor.

"Red Light Holland continues to work with a stellar team to protect our unique intellectual property aimed at increasing the benefits and responsible access to natural psilocybin," said Todd Shapiro, Chief Executive Officer and Director of Red Light Holland.

ABOUT RADIX MOTION

Radix Motion is a technology company founded in Silicon Valley focused on building immersive and embodied technology for health and wellness. Amongst their products are Meu, an AR/VR interactive hologram messenger, iMicroapp a microdosing app that also measures poses, Wisdom VR, an interactive education that explains what psychedelics do to the brain and more.

ABOUT RED LIGHT HOLLAND

Red Light Holland is an Ontario-based corporation engaged in the production, growth and sale of functional mushrooms and mushroom home grow kits in North America and Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

Todd Shapiro
Chief Executive Officer and Director
Tel: 647-643-TRIP (8747)
Email: todd@redlight.co
Website: www.RedLight.co

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events.

The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company's performance, business objectives and milestones and the anticipated timing of, and costs in connection with, the execution or achievement of such objectives and milestones; the Company's intention to devote resources to the protection of its intellectual property rights, including by seeking and obtaining registered protections and developing and implementing standard operating procedures; the Company and Radix Motion being eligible to utilize fast-track examination offered by the Patent Prosecution Highway in the U.S., Canada and other participating patent offices; the potential benefits of psychedelic usage data; and the effects of receiving the preliminary report on patentability. .

Forward-looking information in this press release are based on certain assumptions and expected future events, namely: current and future members of management will abide by the Company's business objectives and strategies from time to time established by the Company; the Company will achieve the performance, meet their business objectives and milestones in their anticipated time and within the anticipated cost; the Company will retain and supplement its board of directors and management, or otherwise engage consultants and advisors having knowledge of the industries (or segments thereof) within which the Company may from time to time participate; the Company will have sufficient working capital and the ability to obtain the financing required in order to develop and continue its business, brands and operations; the Company will continue to attract, develop, motivate and retain highly qualified and skilled consultants and/or employees, as the case may be; no adverse changes will be made to the regulatory framework governing psychedelics, taxes and all other applicable matters in the jurisdictions in which the Company conducts business and any other jurisdiction in which the Company may conduct business in the future; the Company will be able to generate cash flow from operations, including, where applicable, distribution and sale of mushrooms and mushroom products; the Company will be able to execute on its business strategy as anticipated; the Company will be able to meet the requirements necessary to obtain and/or maintain authorizations required to conduct the business; general economic, financial, market, regulatory, and political conditions, including the impact of the COVID-19 pandemic, will not negatively affect the Company or its business; the Company will be able to successfully compete in the psychedelic industries; the Company will be able to effectively manage anticipated and unanticipated costs; the Company will be able to conduct its operations in a safe, efficient and effective manner; general market conditions will be favorable with respect to the Company's future plans and goals; the Company will be able to utilize fast-track examination under the Patent Prosecution Highway in the United States, Canada and other participating patent offices; the Company will combine psychedelic usage data with technology; the Company will customize treatments and interventions, resulting in increased benefits of its technology; the Company will obtain its patent upon the terms outlined herein;; and the Company will devote resources to the protection of its intellectual property rights, including by seeking and obtaining registered protections and developing and implementing standard operating procedures.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company's inability to attract and retain qualified members of management to grow the Company's business, brands and its operations; unanticipated changes in economic and market conditions (including changes resulting from the COVID-19 pandemic) or in applicable laws; the impact of the publications of inaccurate or unfavourable research by securities analysts or other third parties; unanticipated changes in the psychedelic industries in the jurisdictions within which the Company may from time to time conduct its business and operations, including the Company's inability to respond or adapt to such changes; the Company's inability to secure or maintain favourable lease arrangements or the required authorizations necessary to conduct the business and operations and meet its targets; the Company's inability to effectively manage unanticipated costs and expenses, including costs and expenses associated with product recalls and judicial or administrative proceedings against the Company; risk that the Company will be unable to provide affordable and equitable access adult access to naturally occurring psilocybin; risk that the Company will not be eligible for fast-track examination under the Patent Prosecution Highway in the United States, Canada and other participating patent offices; risk that the Company will be unable to combine psychedelic usage data with technology; risk that the Company will be unable to devote resources to the protection of its intellectual property rights, including by seeking and obtaining registered protections and developing and implementing standard operating procedures; and risk that its patent application will be denied in whole or in part.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146900

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