FendX to Conduct Third Pilot Run on Dunmore’s Commercial Manufacturing Line for Further Development of REPELWRAP(TM) Film

Oakville, Ontario–(Newsfile Corp. – January 24, 2024) – FendX Technologies Inc. (CSE: FNDX) (OTCQB: FDXTF) (FSE: E8D) (the “Company” or “FendX“) a nanotechnology company developing surface protection coatings, is pleased to announce that the Company has entered into a third development stage agreement on January 23, 2024 with Dunmore International Corp. (“Dunmore“), a Steel Partners Holdings L.P. (NYSE: SPLP) operating company, for the Company to continue its development efforts to optimize the intermediate scale-up of REPELWRAP™ film and conduct a third manufacturing pilot run.

Dr. Carolyn Myers, CEO of FendX, states, “We are pleased with the progress we are making to advance the REPELWRAP™ film scale-up development with Dunmore. This third pilot manufacturing run will give us the opportunity to further refine the manufacturing process and we anticipate will bring us that much closer to conducting real-world environmental conditions testing.” Dr. Myers continues, “We are very fortunate to have strong collaborations with Dunmore and McMaster University who have been instrumental in our achievements with REPELWRAP™ film to date.”

On October 3, 2023, the Company announced completion of its first pilot run on Dunmore’s commercial manufacturing line that confirmed the REPELWRAP™ film formulation could be scaled-up to an intermediate-size and is suitable for automated manufacturing. On January 10, 2024, the Company announced it had completed its second pilot run. This run entailed combining the chemicals used to make REPELWRAP™ film to enable a one-pass process on the manufacturing equipment to reduce machine adjustments needed between each coating, as was the case with the first pilot run. The second pilot run confirmed the plastic film could be coated with a combined mixture and reduced the manufacturing time compared to the first pilot run, which supports the Company’s ability to further advance and optimize the manufacturing process.

About Dunmore International Corp.

Dunmore is a global manufacturer of engineered coated and laminated films and foils with manufacturing facilities in the U.S. and Germany. Dunmore offers film conversion services such as coating, metallizing, and laminating along with contract film manufacturing and custom film product development. Dunmore services a diverse group of industries including aircraft, spacecraft, photovoltaic, graphic arts & labels, packaging, and insulation. Dunmore is a subsidiary of Steel Partners and is ISO 9001:2015 and OSHA VPP Star certified.

About FendX Technologies Inc.

FendX is a Canada-based nanotechnology company focused on developing products to make people’s lives safer by reducing the spread of pathogens. The Company is developing both film and spray products to protect surfaces from contamination. The lead product under development, REPELWRAP™ film, is a protective surface coating film that, due to its repelling properties, prevents the adhesion of pathogens and reduces their transmission on surfaces prone to contamination. The spray nanotechnology is a bifunctional spray coating being developed to reduce contamination on surfaces by repelling and killing pathogens. The Company is conducting research and development activities using its nanotechnology in collaboration with industry-leading partners, including McMaster University. The Company has an exclusive worldwide license to its technology and IP portfolio from McMaster, which encompass both film and spray coating nanotechnology formulations.

ON BEHALF OF THE BOARD

“Carolyn Myers”
Carolyn Myers
Chief Executive Officer and Director

Contacts:
Dr. Carolyn Myers, CEO and Director
1-800-344-9868

Alyssa Barry, Investor Relations
1-833-947-5227
investor@fendxtech.com

For more information, please visit https://fendxtech.com/ and the Company’s profile on SEDAR+ at www.sedarplus.ca.

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

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of Canadian securities legislation, including with respect to: the plans of the Company; statements regarding further refining the manufacturing process; statements regarding getting closer to conducting real-world environment conditions testing; statements regarding the Company’s scale-up and commercialization initiatives, milestones and intention to develop a commercial product; statements regarding conducting a third pilot run and further development and optimization of intermediate scale-up of REPELWRAP™ film; and products under development and any pathogen reduction benefits related thereto. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and involve several risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and that actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: product candidates only being in formulation/reformulation stages; limited operating history; research and development activities; dependence on collaborative partners, licensors and others; effect of general economic and political conditions; and other risk factors set forth in the Company’s public filings which are available on SEDAR+ at www.sedarplus.ca. Accordingly, the reader is urged to refer to the Company’s such filings for a more complete discussion of such risk factors and their potential effects. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors should change.

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