Resignation of All Its External Directors From the Board of Directors & Resignation of External Audit Firm

MONTREAL, QC / ACCESSWIRE / October 2, 2023 / Alphinat Inc. (TSXV:NPA), a leading Canadian software low-code solution company for public sector listed on the TSX-V, formally announces the resignation of all its external directors from the board of directors including Eric David, Edwin Shepherdson, Sridhar Subramanian, Rachel Porteous. These decisions come during the increasingly challenging economic climate the company is facing and changed IT allocations by Canadian public sector that government focused software companies are presently navigating. The company's external audit firm RCGT has also resigned as a result of to date only receiving partial payment for their services as the company continues to manage cash.

The board acknowledges the substantial contributions of the departing directors and understands the weight of their decision given the current economic landscape. The company is taking prudent steps to ensure continuity in governance and will provide further updates on the progression of these measures in due course. We sincerely thank our investors, partners, and clients for their ongoing support during these transitional times.

While this is undoubtedly a significant transition for Alphinat Inc., we remain committed to steering the company through these turbulent times. We are initiating immediate steps to strengthen our governance and will communicate our way forward in due course. Our commitment to our shareholders, stakeholders, and the broader community remains unwavering, and we thank you for your continued trust and support.

About Alphinat

Alphinat is a FINTECH company which develops software for governments and is actively used to serve over 50 million end-users of federal, state, and municipal digital services. Alphinat employs Artificial Intelligence and reduces the need to code, allowing managers to quickly deploy online solutions that easily integrate with existing systems.

Recent advances include LIVEaiASSIST which entered BETA release in July 2023. LIVEaiASSIST greatly accelerates solution development for easy-to-use digital services for public sector. Alphinat is also adding AI generate testing and training modules,both high value upgrades, to better test and scale solutions while enhancing transfer & retention of knowledge within organizations.

At Alphinat, we enable people to easily develop and deploy secure digital service leveraging our SmartGuide low code development software. We provide those closest to an application's end-users with an easy-to-use no-code software development platform. At the same time, we're constantly working to reduce the need to code to make application development and maintenance simpler and less error prone.

So, whether you choose to develop your applications with the help of our low-code platform SmartGuide^®, kickstart your project using one of our pre-built apps or engage us or one of our partners to do the work for you, we're here to help you deploy better applications in record time. Visit us at https://www.alphinat.com for more information. We look forward to hearing from you.

Forward-looking statements

Certain statements in this document, including those which express management's expectations or estimations with regards to the Company's future performance constitute "forward-looking statements" as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. A number of factors could cause significant differences between actual results and those described in forward-looking statements. These include, but are not limited to,the Company's capacity to increase acceptance of its products on the market, and to penetrate new markets; the potential existence of defects or undetected problems in the Company's products; the Company's ability to manage its growth; the Company's ability to compete with others; potential commitments; maintaining the Company's intellectual property rights and defending against litigation putting those rights in question; the Company's reliance on the knowledge of its key personnel; and the Company's access to sufficient capital to finance its future needs. This is a partial and non-exhaustive list of factors that could bear on any of our forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to Alphinat or to any individual expressing them in the name of the Company. The Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances. Risks and uncertainties that bear on the Company are described in greater detail in the Company's Annual Report.

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

For further information please contact

Mr. Curtis Page
Chief Executive Officer
Alphinat Inc.
(514) 398-9799 ext. 225

SOURCE: Alphinat Inc.