AYURCANN PROVIDES UPDATE ON BUSINESS COMBINATION

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TORONTO, ONTARIO, Nov. 20, 2024 (GLOBE NEWSWIRE) — Ayurcan Holding Company (CSE: Moon, OTCCP:IORV, FSE: 3ZQ0)(”ayurcann“or”a company“), a leading Canadian processor and manufacturer specializing in Cannabis 2.0 and 3.0 products, announces that, further to its press release date of June 27, 2024 (“June 27 release“), received correspondence from Arogo Capital Acquisition Corporation that the business combination has been terminated and a related request in the amount of $250,000 in connection with such termination. Capitalized terms not otherwise defined herein have the meanings ascribed to them in the June 27 release.

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Ayurcann disputes the fact of termination of the transaction and objects to any related payment requests. The Company will provide an update on the transaction status as soon as possible.

For more information, please contact:

Yigal Sudman, Chairman and CEO
Ayurcan Holding Company
Phone: 905-492-3322
Email: info@ayurcann.com

Investor Relations:

Email: ir@ayurcann.com

About Ayurkan:

Ayurkann is a leading post-harvest solutions provider with a focus on providing and creating custom processes and pharmaceutical grade products for the adult use and medical cannabis industry in Canada. Ayurkann strives to become the partner of choice for leading Canadian cannabis brands by providing best-in-class custom services including ethanol extraction and formulation, product development and custom manufacturing.

For more information about Ayurkan, please visit www.ayurcann.com And his profile page on SEDAR+ is at www.sedarplus.ca.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepts responsibility for the adequacy or accuracy of this release.

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Cautionary note regarding forward-looking statements

This press release contains “forward-looking statements” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or statements can be identified by the use of forward-looking terminology such as “plans,” “strategy,” “expects,” “does not anticipate,” “intends,” “continues,” “anticipates,” “does not anticipate,” or “believes” or variations of these words and phrases may contain or may contain expressions to the effect that some action, event or result “will be taken”, “will be undertaken”, “will be initiated”, “will include”, “will be permitted” or ” “will” or “will continue” or “will happen” or “will be achieved.” Forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the termination of the business combination and any payment obligations in connection with such termination; Provide the Company with an update on the status of the transaction; and the Company’s ability to become the partner of choice for leading Canadian and global cannabis brands.

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The forward-looking information contained in this press release is based on certain assumptions and expected future events, namely: the Company will expand and will be able to maintain its production capacity; Ongoing approval of the Company’s activities by relevant governmental and regulatory authorities; the continued growth of the Company and the Canadian cannabis market; The Company’s successful execution of its strategy to expand market share in the cannabis industry; The company’s continued ability to meet the requirements necessary to remain listed Canadian Securities Exchange and alternative exchanges; The Company sells its products in accordance with applicable laws and regulations; The company is working to increase its consumer and retail exposure and partnerships and secure additional product listings and market share across the country; Ayurkan maintains a continuous path of growth; internal company brands that have an impact on the future development of Ayurcann; Maintaining the company and creating new relationships with retail distributors; The company will continue to increase its revenues and build on its growth trajectory; The company will achieve greater success in the coming years; The Company will continue to deliver value to its customers and stakeholders; The Business Combination will be terminated and there will be any payment obligations in connection with such termination; The company will provide a status update; The company has become the partner of choice for leading Canadian and international cannabis brands.

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These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to expand and/or Maintain production capacity; the potential inability of the Company to continue as a going concern; risks associated with the cannabis industry in general; increased competition in the cannabis extraction market; the potential inability to continue in the cannabis market in the future; risks associated with potential governmental and/or regulatory actions regarding the cannabis industry; the Company’s inability to obtain ongoing regulatory approvals; the Company’s inability to meet the requirements necessary to remain listed on the Canadian Stock Exchange and alternative exchanges; the Company’s inability to sell its hemp flower products in accordance with applicable laws and regulations; the Company’s inability to grow and/or increase internal sales and/or branding; the Company’s inability to secure additional product listings and increase its market share throughout the country; The Company’s inability to secure additional partnerships; the risk that the Company and/or the Canadian cannabis market will not continue to grow; The company will not be able to achieve it Greater success in the coming years; The Company will not be able to deliver value to its customers and/or stakeholders; The Business Combination will be terminated and the Company will owe any payment obligations in connection with such termination; and the Company’s inability to become the partner of choice for leading Canadian and international cannabis brands.

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We alert readers that the previous list is not comprehensive. Readers are also cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Although such information is considered reasonable by management at the time of preparation, it may prove incorrect and actual results may differ materially from those anticipated.

The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates, opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information. , except as required by applicable law.

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