extractX Ltd. Signs Letter of Intent with Canurta Therapeutics: Accelerating Strategic Growth and CSE Listing via Amalgamation

Toronto, Ontario – June 24, 2025

extractX Ltd., a leading provider of advanced extraction technologies and Canurta Therapeutics (“Canurta”), an innovative biotechnology company focused on developing novel therapeutic ingredients derived from industrial hemp, are proud to announce the signing of a Letter of Intent (LOI). This LOI initiates comprehensive due diligence aimed at executing a definitive merger agreement, and to explore opportunities to go public as an Amalgamated company.

extractX brings significant operational infrastructure, extraction processing capabilities and established revenue streams from its mobile extraction laboratories, complementing Canurta’s robust intellectual property portfolio, therapeutic pipeline—including its ALS candidate CNR-401—and proprietary PolyKye™ AI-driven drug discovery platform. This strategic alignment will accelerate extractX’s global sales and technology development, as well as Canurta’s growth trajectory and create a uniquely positioned entity poised to capitalize on the biotechnology and life sciences markets.

Canurta, positioned strongly with established funding sources and significant market potential, anticipates fulfilling this financing requirement effectively. This will allow Canurta to acquire extractX’s assets, technology, expansion opportunities globally and integrate their revenue streams and infrastructure, thereby enhancing the combined company’s growth trajectory and financial stability.

The combined entity will target a listing on the CSE between the second half of 2025 and the first quarter of 2026. The CSE’s entrepreneurial environment, reduced transactional friction, and strong liquidity profile provide an ideal platform for CanurtaX’s innovative and multidisciplinary market narrative, fostering access to diverse capital sources and investor communities.

“This amalgamation will make both companies stronger, allowing extractX to utilize its unique Mobile labs with some additional technology to create the supply of product for the Canurta pipeline of products and even help expand the opportunity globally, we are excited about the next steps,” states Albert Iannantuono, Co-CEO of extractX Ltd.

“This amalgamation with extractX represents a strategic milestone, propelling Canurta’s transformative vision in therapeutic innovation,” said Akeem Gardner, CEO of Canurta Therapeutics. “extractX’s proven revenue-generating capabilities and public market vehicle significantly enhance our ability to deliver value swiftly and efficiently to our stakeholders.”

Both companies will undertake rigorous financial, operational, and regulatory due diligence in the coming months, with the objective of concluding a definitive merger agreement within the term set by the LOI. Concurrently, Canurta is advancing regulatory consultations, nonclinical activities, and clinical trial preparations, reinforcing its commitment to pioneering therapeutic solutions.

Further updates will be provided as milestones are achieved towards the definitive agreement, and an order lifting the existing cease trade order against extractX Ltd, and a CSE listing.

About Canurta Therapeutics:

Canurta Therapeutics specializes in innovative therapeutics derived from industrial hemp. With a significant intellectual property portfolio and innovative AI-driven drug discovery platform, Canurta aims to transform healthcare by addressing critical therapeutic needs.

About ExtractX Ltd.:

extractX Ltd. provides advanced extraction solutions, operating state-of-the-art mobile laboratories that deliver high-purity, scalable botanical extracts for pharmaceutical and therapeutic markets globally. Issued and outstanding capitalization as of May 31, 2025, prior to giving effect to the aforenoted transaction – 24,786,786 common shares.

Forward-Looking Statements

This press release contains forward-looking statements related to the anticipated amalgamation, benefits of the partnership, clinical development activities, and timing of CanurtaX’s CSE listing. Actual outcomes may differ materially due to various risks and uncertainties. Readers are advised not to place undue reliance on these forward-looking statements.

Certain statements contained herein constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and 21E of the Exchange Act of 1934. Such statements include, without limitation, statements regarding business and financing, business trends and future operating revenues and expenses. Statements regarding the aforementioned are based on several assumptions and are not to be considered fact. Although extractX Ltd. believes that the statements are reasonable, it can give no assurances that such expectation will prove to be correct. Investors are cautioned that any forward-looking statements made by extractX Ltd. contain no guarantee of future performance and that actual results may differ materially from those set forth in the forward-looking statements. For additional information see the reports filed by the company in its securities filings with applicable securities regulators (currently available at www.sedar.com).

Unless otherwise required by applicable securities laws, extractX Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.