PRINCIPAL TECHNOLOGIES ANNOUNCES NEW ADVISORY BOARD MEMBER & GRANT OF STOCK OPTIONS

VANCOUVER, BC, Oct. 17, 2023 /CNW/ - Principal Technologies Inc. (the "Company") (TSXV: PTEC) (FRA: J07), is pleased to announce it has expanded and strengthened its advisory board by adding Joe Mullings to its Board of Advisors.

Mr. Joe Mullings is the Chairman & CEO of The Mullings Group Companies, including TMG Search and Dragonfly. The search firm, with over three decades in the industry, is responsible for more than 8,000 successful searches in medtech/healthtech/life sciences with clients ranging from multi-billion-dollar companies to emerging high-tech organizations worldwide. TMG's international presence and work with over 800 companies allow them to provide solutions with the clients they partner with across the globe. As the first search firm to integrate media and talent access, Dragonfly was launched as a media production company, complete with a state-of-the-art studio, for use by clients and partners for attention and awareness. Dragonfly is the media machine behind the 8-time Award-Winning video docuseries, "TrueFuture," of which Joe is the host.

"I have the privilege of seeing proven healthcare technologies across the globe and in particular in Europe and being able to share these as part of the Principal Technologies team will provide a pathway forward to entrepreneurs and technologies that will find their way to the global patient and healthcare market" – Joe Mullings, Chairman & CEO of The Mullings Group Companies.

The Company also announces that, subject to regulatory approval, it has granted incentive stock options to Mr. Mullings to acquire 100,000 common shares under the Company's stock option plan at a price of C$0.15 per stock option, exercisable for a period of ten years from the date of grant.

ON BEHALF OF THE BOARD

Jerry Trent, Chief Executive Officer
Principal Technologies Inc.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements:

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of the Company in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause the Company's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking information or statements except as may be required.

SOURCE Principal Technologies Inc.

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