Avisa Diagnostics Reports on Status of Interim Filings

SANTA FE, N.M. and MALVERN, Pa., Nov. 24, 2021 (GLOBE NEWSWIRE) — Avisa Diagnostics Inc. (CSE:AVBT) (“Avisa” or the “Company”), a clinical-stage medical device company developing an ultra-rapid, point-of-care biomarker breath test for the detection and monitoring of virulent bacterial lung infections, reports that, due to current liquidity limitations, the Company does not anticipate that it will be able to file its unaudited financial statements for the period ended September 30, 2021, related management discussion and analysis and applicable CEO and CFO certifications (collectively the “Interim Filings”) by the filing deadline of November 29, 2021. The Company is presently unable to confirm when the Interim Filings will be filed.

The Company confirms that, other than as disclosed by the Company prior to the date hereof, there is no material information concerning the affairs of the Company that has not been generally disclosed since the filing on August 27, 2021, of the Company’s condensed interim consolidated financial statements for the three and six months ended June 30, 2021, and June 2020.

About Avisa Diagnostics Inc.

Avisa (CSE-AVBT) is a clinical-stage medical device company developing the Avisa BreathTest™, a novel drug/device biomarker technology platform that enables the ultra-rapid detection of virulent bacterial pathogens, detecting and monitoring bacterial load after the patient inhales or ingests its proprietary drug substrates. The Company has established clinical proof-of-concept through trials in cystic fibrosis, tuberculosis and community-acquired pneumonia, which demonstrated positive safety and clinical efficacy results. ——For further information, visit http://avisadx.com/ and follow us on LinkedIn and Twitter.

Contact
Avisa Diagnostics Inc.
David S. Joseph
President and Chief Executive Officer
Phone: +1 610 947 0360
E-mail: info@avisadx.com
www.avisadx.com

Investors and Media Contacts
MC Services AG
Laurie Doyle, Raimund Gabriel
E-mail: avisa@mc-services.eu
Europe: +49 89-210 2280
U.S.: +1-339-832-0752

Forward-looking Statements

This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes, but is not limited to, the Company’s anticipated filing of the Interim Filings, pivotal trials in Post-COVID-19 bronchiectasis and ventilator-associated pneumonia and plans to submit Investigational Device Exemption applications to the U.S. FDA for such trials, the business plans and expectations of the Company and expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the Company’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: (i) changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws and regulations both locally and in foreign jurisdictions; (ii) compliance with extensive government regulation and the costs associated with compliance; (iii) the risks and uncertainties associated with foreign markets; and (iv) risks associated with the COVID-19 pandemic. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, nor assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the Canadian Securities Exchange (the “CSE”) nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.