Danavation Technologies Corp. — Capital/Financing Update 2024

Feb 26, 2024

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NEWS RELEASE

Danava�on® Provides Update to Amendments to Conver�ble Debentures and Resigna�on and Appointment of Directors

Toronto, Ontario, February 26[th] , 2024 – Danava�on Technologies Corp. (CSE: DVN, OTCQB: DVNCF) (" Danava�on® " or the " Company ") announces that the Company has entered into a supplemental indenture dated November 17, 2023 (the " Supplemental Indenture ") between the Company and Computershare Trust Company of Canada, as trustee, which amends the terms of its conver�ble debenture indenture dated August 17, 2021 (the " Original Indenture "), providing for the issuance of 8.0% unsecured conver�ble debentures in the aggregate principal amount of $3,850,000 (the " Debentures ").

documents have been receipted and the Original Indenture has been amended to: (i) extend the maturity date from August 17, 2024 to September 30, 2025; (ii) amend the conversion price from $0.45 to $0.20; (iii) reduce the forced conversion price from $0.75 to $0.35; and (iv) remove the 2% prepayment penalty.

For addi�onal details regarding the Debentures, please refer to the Company's news releases dated August 17, 2021 and November 14, 2023, each of which, and along with the Supplemental Indenture, . are available on the Company's SEDAR profile at www.sedar.com

Further, the Company is pleased to announce the appointments of George Schnarr and Robert Bartucci to its Board of Directors, effec�ve immediately and the resigna�ons of Michael Della Fortuna, Frank Borges and Jorge Mar�nez from its Board of Directors. The Incoming Directors will each receive 250,000 stock op�ons of the Company exercisable at $0.15 for a period of three years.

Mr. Bartucci is a performance-driven Senior Execu�ve with more than 15 years of leadership success. He is the COO and co-founder of The Marlington Group, a modern business advisory firm that specializes in providing customized solu�ons for small & medium-sized businesses to scale in their respec�ve industries. He received his Master of Business Administra�on from Rotman School of Business and an undergraduate degree from the University of Toronto.

Mr. Schnarr is currently the CEO and majority shareholder of Grosnor Industries, a provider of marke�ng support products and services to the North American building products industry. He graduated from Laurier University in 1986 with a Bachelor of Business Administra�on Honours degree. He also currently serves as the President of the Markham Waxers hockey club, a posi�on he has held since 1986.

“We are excited to have Robert and George join our board to help con�nue to move the Company forward.” said John Ricci, President and CEO of Danava�on, and a member of the Company’s Board. “In addi�on, I would like to thank outgoing board members for their service and contribu�ons to the Board.

About Danava�on ®

Danava�on Technologies Corp. is the only North American-founded and headquartered technology company providing Digital Smart Labels™ and a so�ware Pla�orm-as-a-Service (PaaS) solu�on that enables companies across various sectors to automate labelling, price, product, and promo�ons in

Danava�on Technologies Corp.

Press Release

real-�me. The Company’s Digital Smart Labels™ enhance data accuracy and improve performance by removing high labour costs and low produc�vity typically associated with tradi�onal labour-intensive workflows. Our goal is to create a sustainable and profitable business for shareholders while advancing sound environmental, social and governance prac�ces, including by significantly reducing paper usage. Danava�on® has introduced our solu�on to retailers across North America, including big box and bou�que grocers, while also targe�ng new markets including healthcare providers, manufacturing, and logis�cs companies. Learn more about the background of Danava�on® and our vision for the future on our website. As well, follow us on LinkedIn, Instagram, Twiter and YouTube for more updates on how we are transforming the retail landscape.

For further informa�on, please contact:

John Ricci President & Chief Execu�ve Officer 905-605-6702 hello@danava�on.com investors@danava�on.com

Forward-Looking Informa�on

• • This news release contains forward looking statements and forward looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. - All statements other than statements of historical fact may be forward looking statements or - information. More particularly and without limitation, this news release contains forward looking statements and information relating, the future business of the Company, potential roll outs of the Company’s products and services, further business from the Company’s clients, industry outlook and - potential and other matters. The forward looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the - forward looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for - other purposes, such as making investment decisions. Since forward looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number - of factors and risks. Accordingly, readers should not place undue reliance on the forward looking statements and information contained in this news release. Readers are cautioned that the foregoing - list of factors is not exhaustive. The forward looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any - forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.