Apollo Capital Issues a With Prejudice Offer to MediPharm Labs and Its Board of Directors to Ensure Shareholder Rights Are Protected at the 2025 Annual Meeting

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Believes the Board Continues to Take Oppressive Actions Which Fundamentally Disregard the Rights and Interests of Shareholders

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Asserts the Board’s Unlawful, Desperate and Self-Serving Tactics Clearly Indicate That the Current Directors Will Go to Any Lengths Necessary to Entrench Themselves

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Requests that MediPharm Agree to Conduct the June 16^th Annual Meeting Under the Oversight of an Independent Chair to Ensure Shareholders Have the Opportunity to Hold the Current Board Accountable and Elect New Leaders

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TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — Apollo Technology Capital Corporation (“Apollo Capital”) which together with its affiliates and associates collectively is one of the largest shareholders of MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) (“MediPharm”, “MediPharm Labs”, or the “Company”), owning approximately 3% of the Company’s common stock, today issued a “With Prejudice” offer to MediPharm’s Board of Directors (the “Board”) in order to ensure that the rights of shareholders are protected in connection with the Company’s upcoming 2025 Annual and Special Meeting of Shareholders to be held on June 16, 2025 (the “Annual Meeting”).

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CEO and Chairman Regan McGee of Apollo Capital commented:

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After disastrous Q1 2025 financial results and 22 consecutive quarters of losses, rather than assume accountability for its value-destructive decisions, we believe that the Board continues to take oppressive actions against shareholders, demonstrating that its sole priority is self-preservation and entrenchment.

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All indications point to the Board’s desire to run a corrupt election process to ensure their victory so that they can continue to siphon the remainder of MediPharm’s cash reserves into their own pockets until the Company runs out of money in November.

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What possible objection could they have to an independent chair running the meeting if this was not the case?

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This is why we have taken the step of publicly extending this offer which can be accessed at this LINK.

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While we expect Chairman Chris Taves (Managing Director and Head of Asia for Bank of Montreal, BMO Capital Markets) to continue to obstruct the appointment of an independent chair, Apollo Capital will not be deterred and will continue to do whatever is necessary to ensure that all shareholders have an opportunity to replace the directors whose decisions have completely destroyed shareholder value.

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MediPharm and its Board have consistently acted in a manner that unfairly disregards the rights and interests of shareholders by pursuing a strategy of entrenchment, obfuscation and character assassination of dissenting shareholders, improperly placing their own personal interests ahead of the interests of the Company and its shareholders, including by:

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