Michichi Capital Corp. Terminates Qualifying Transaction with Zylorion Health Inc

Calgary, Alberta--(Newsfile Corp. - January 13, 2023) - Michichi Capital Corp. (TSXV: MCCP.P) ("Michichi"), a "Capital Pool Company" under TSX Venture Exchange (the "TSXV") Policy 2.4 (the "CPC Policy") announces that its previously announced "Qualifying Transaction", as such term is defined in the CPC Policy, will not be proceeding.

On August 13, 2021, Michichi announced that it had entered into a non-binding letter of intent dated August 12, 2021 (the "LOI") with Zylorion Health Inc. ("Zylorion"), formerly known as PsiloTec Health Solutions Inc., pursuant to which Michichi and Zylorion intended to complete a business combination or other similarly structured transaction (the "Proposed Transaction") which would constitute an arm's length "Qualifying Transaction" for Michichi.

Michichi and Zylorion have determined that they no longer wish to proceed with the Proposed Transaction and the previously announced LOI terminated in accordance with its terms. The common shares of Michichi are currently halted from trading on the TSXV but are expected to resume trading on the TSXV shortly.

Michichi shall continue to identify and evaluate assets and businesses with a view to completing a Qualifying Transaction under the CPC Policy of the TSXV.

About Michichi Capital Corp.

Michichi was incorporated under the Business Corporations Act (British Columbia) on March 16, 2021 and its head office is located in Calgary, Alberta and its registered office is located in Vancouver, British Columbia. The common shares of Michichi ("Michichi Shares") are listed for trading on the TSXV under the stock symbol MCCP.P and Michichi is a reporting issuer in Alberta, British Columbia, Saskatchewan, Manitoba and Ontario.

For further information contact:
Elson J. McDougald
CEO, Michichi Capital Corp.
p: 403-998-7595
e: mcdougaldelson@gmail.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Corporation's future performance. The use of any of the words "could", "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 Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the evaluation of assets and businesses and the Corporation's expectation as to the resumption of trading of its common shares on the TSXV constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statement made in this press release are made as of the date hereof. The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

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