TORONTO, April 25, 2023 /CNW/ - The group of longstanding shareholders (the "Concerned Shareholders") of Sernova Corp (TSX: SVA) (OTCQB: SEOVF) (FSE: PSH) (XETRA: PSH) ("Sernova" or the "Company") wishes to thank all shareholders for their participation in electing the next Board of Directors.

The intended function of the Board is to represent all shareholders and other stakeholders in setting the course, the tone, and the direction of Sernova in the achievement of its fullest potential. Shareholder participation is the foundation of this representation.

We hope Dr. Steven Sangha and Mr. Bertram von Plettenberg will be elected to the Board at the upcoming AGM this Thursday, April 27. Both look forward to fulfilling the mandate they have proposed to shareholders. Messages and testimonials from shareholders supporting our two nominees make clear that this election is about more than monetization of the Sernova products and applications.  Many shareholders, either personally or through loved ones, are directly impacted by chronic conditions targeted by the cell pouch. Their desire to see Sernova succeed goes beyond financial incentive. Speed to market is primary.

The Concerned Shareholders have delivered Gold proxies representing in excess of 36% of the issued and outstanding shares of Sernova. We thank the Company's current management and Board of Directors in recognizing the support from these more than 110 million votes, and trust they will proceed with expediency, transparency and good will to facilitate the election of the next Board of Directors.

If you have any questions, please contact Carson Proxy Advisors at North American toll free phone at 1-800-530-5189, local (collect outside North America) 416-751-2066 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

Advisors

Kushneryk Morgan LLP is serving as legal advisor to Dr. Sangha and Stephan Dubreuil and Carson Proxy Advisors is acting as strategic shareholder communications advisor to the Concerned Shareholders.

Cautionary Statement Regarding Forward-Looking Information

Certain information included, attached to, provided with, or incorporated by reference into this release may contain forward-looking statements, as such term is defined and/or used in applicable Canadian securities legislation, about the objectives of the Concerned Shareholders as they relate to Sernova, the impact of the Concerned Shareholders Nominees, if elected, on the financial condition, results of operations, business strategies, revenue enhancements, and competitive position of Sernova, each as described in this release, and other matters.

All statements included or incorporated by reference in, attached to, or provided with this release, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding activities, events or developments that the Concerned Shareholders expect or anticipate may occur in the future. These forward-looking statements can be identified by the use of forward-looking words such as "possibly", "will", "expect", "intend", "plan", "estimate", "potential", "anticipate", "believe" or "continue" or similar words or the negative thereof and include statements concerning support for the Concerned Shareholders, the implementation and timing of the Corporation's business strategy, the plans and intentions for the future by the Concerned Shareholders Nominees, the role for members of current management and the search for new members of management, transition plans, financing arrangements and the future market for and liquidity of the Corporation's shares.

The forward-looking statements included in this release are based on understandings and reasonable assumptions, beliefs, opinions and expectations of the Concerned Shareholders at the time they are made. These assumptions include, but are not limited to, Sernova's future growth potential; its results of operations; future cash flows; the future performance and business prospects and opportunities of Sernova; the election of the Concerned Shareholders Nominees; the ability of the Concerned Shareholders Nominees, if elected, to effect positive change at Sernova and appoint other individuals as directors; the response to and outcome of any court applications that may be made against the Concerned Shareholders; the implementation and timing of Sernova's business strategy; the current general and regulatory environment and economic conditions remaining unchanged; the availability of financing; operating and capital costs; Sernova's available cash resources; Sernova's ability to identify, attract and retain skilled staff, including a new Chief Executive Officer; currency exchange rates; required capital investments; estimates of net present value and internal rate of returns; market competition; ongoing relations with employees and other stakeholders in the gaming community; and general business and economic conditions.

There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. We caution readers of this release not to place undue reliance on forward looking statements contained in this release, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include shareholder actions, court decisions, the timing of the Meeting, actions by the Corporation, its management, members of the Current Board, unexpected change of control consequences, the failure of shareholders to nominate the Concerned Shareholders Nominees, the status of Sernova's assets, financial condition and corporate books and records, general economic and market conditions, availability of capital, changes in law, regulatory processes, actions of competitors, and the ability to implement business strategies and pursue business opportunities and financing alternatives after a state of uncertainty. Holders of Common Shares in the capital of the Corporation are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in Sernova's filings with applicable Canadian securities commissions, copies of which are available under Sernova's issuer profile at www.sedar.com. We urge you to carefully consider those factors. The forward-looking statements contained in this release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this release are made as of the date of this release and the Concerned Shareholders undertake no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.