HYTN Shareholders Approve Spin Out of Peptide Development Labs Inc.

VANCOUVER, British Columbia, Nov. 12, 2026 (GLOBE NEWSWIRE) -- HYTN Innovations Inc. (CSE: HYTN) (OTC Pink: HYTNF) (FSE: 85W0) (“HYTN”) and Peptide Development Labs Inc. (“PDL”) are pleased to announce the results of HYTN’s Annual General and Special Meeting of shareholders (“HYTN Shareholders”) held today in Vancouver (the “Meeting”). At the Meeting, HYTN Shareholders voted 100% in favour of approving the spin-out of PDL.

Under the terms of the proposed spin-out to be completed through a statutory plan of arrangement (“Arrangement”), the HYTN Shareholders will receive common shares in PDL (“PDL Common Shares”) by way of a share exchange, pursuant to which each existing share of HYTN (a “HYTN Common Share”) is exchanged for one “new” share of HYTN (“New HYTN Common Shares”) and 0.0555555555555556 of a PDL Common Share.

In addition, HYTN is pleased to announce that HYTN Shareholders set the number of directors at four for the ensuing year, re-elected Elliot McKerr, Jason Broome, Fabian Monaco and Eli Dusenbury to the board of directors and re-appointed Crowe MacKay LLP, Chartered Accountants, as auditors of HYTN for the ensuing year.

The Arrangement remains subject to final court approval, closing of a concurrent financing of units of PDL, (as further described in HYTN’s management information circular dated October 16, 2026 (the “Circular”), and approval from the Canadian Securities Exchange (the “CSE”). The Arrangement is expected to be completed on or about November 17, 2026 (the “Effective Date”).

PDL has applied to list the PDL Common Shares for trading on the CSE following completion of the Arrangement with the trading symbol “PEPT”. Listing of the PDL Common Shares is subject to PDL meeting the listing requirements of the CSE.

Please refer to the Circular for more detailed information, available on HYTN’s website at www.hytn.ca and on its SEDAR+ profile at www.sedarplus.ca.

Trading Information

It is expected that the New HYTN Common Shares and the PDL Common Shares will begin trading on the CSE on November 18, 2026.

Where existing HYTN Common Shares (CUSIP 40443L) are held through a broker, such broker, or the depositary with which the broker holds such HYTN Common Shares, will be responsible for dealing with the exchange of these HYTN Common Shares for New HYTN Common Shares (CUSIP 40443L203) and the distribution of PDL Common Shares (CUSIP 713467108) on the HYTN Shareholder’s behalf.

HYTN has mailed letters of transmittal to all eligible registered shareholders. To receive Direct Registration System (“DRS”) statements representing New HYTN Common Shares and PDL Common Shares, registered shareholders must duly complete the letter of transmittal and either provide their DRS account number or surrender their existing certificates for HYTN Common Shares, as applicable, and deliver them to Odyssey Trust Company (“Depositary”) at the address shown on the letter of transmittal. Upon surrender to the Depositary for cancellation of a certificate representing HYTN Common Shares (if any), together with a properly executed letter of transmittal, the registered shareholder will be entitled to receive, and the Depositary will deliver to such holder, a DRS statement representing the number of New HYTN Common Shares and the number (rounded down to the next lesser whole number, subject to the treatment of fractional PDL Common Shares under the terms of the plan of arrangement, attached as Schedule B to the Circular) of New HYTN Common Shares and PDL Common Shares that such holder has the right to receive pursuant to the plan of arrangement and the surrendered certificate (if any) will be cancelled. The letter of transmittal was filed on HYTN’s SEDAR+ profile on October 22, 2026 and is available at www.sedarplus.ca.

About HYTN Innovations Inc.

HYTN formulates, manufactures, markets, and sells premium products containing psychoactive and psychotropic compounds, including cannabis-derived cannabinoids. HYTN’s mission is to become the top provider of these products in all federally regulated markets. To achieve this, HYTN focuses on identifying market opportunities and quickly bringing its innovative products to market through its elevated development platform.

About Peptide Development Labs Inc.

PDL is a Canadian pharmaceutical development company focused on advancing investigational peptide-based drug candidates through established regulatory pathways. PDL’s mission is to develop peptide candidates that may address defined areas of unmet clinical need within a conventional pharmaceutical framework. To achieve this, PDL focuses on advancing its investigational subcutaneous BPC-157 drug candidate for refractory ligament disorders through GMP-controlled supply, pharmaceutical quality systems, physician-led access, structured data generation and formal clinical development.

For more information contact:

Elliot McKerr

Chief Executive Officer

HYTN Innovations Inc.

or

Fabian Monaco

Chief Executive Officer

Peptide Development Labs Inc.

HYTN Investor Relations:

1.866.590.9289

investments@hytn.life

The CSE has not reviewed, approved, or disapproved the contents of this press release.

Forward-Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking information”). Forward-looking information in this press release includes, but is not limited to, statements regarding the proposed plan of arrangement involving HYTN and PDL, including the anticipated timing and completion of the Arrangement; the anticipated Effective Date; the receipt by HYTN Shareholders of PDL Common Shares pursuant to the Arrangement; the receipt of final court approval, approval of the CSE and any other approvals required to complete the Arrangement; the satisfaction or waiver of the remaining conditions to completion of the Arrangement; the listing of the PDL Common Shares on the CSE; and the anticipated commencement of trading of the New HYTN Common Shares and PDL Common Shares on the CSE.

Forward-looking information is typically identified by words such as “expects”, “intends”, “plans”, “anticipates”, “believes”, “proposes”, “estimates”, “may”, “will”, “should”, “could” and similar expressions, including negative variations thereof, or statements that certain actions, events or results “will”, “may”, “would” or “should” occur or be achieved.

Forward-looking information contained in this press release is based on a number of material factors and assumptions, including, without limitation, that final court approval, CSE approval and any other required approvals will be obtained on a timely basis; that the remaining conditions to completion of the Arrangement will be satisfied or waived; that the Arrangement will be completed on the terms and within the timeframe currently contemplated; that PDL will satisfy the applicable listing requirements of the CSE; and that the New HYTN Common Shares and PDL Common Shares will commence trading on the CSE within the timeframe currently anticipated.

Although HYTN and PDL consider the factors and assumptions upon which such forward-looking information is based to be reasonable as of the date hereof, such factors and assumptions may prove to be incorrect, and no assurance can be given that the events anticipated by such forward-looking information will transpire or occur within the timeframes anticipated.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or events to differ materially from those anticipated in such forward-looking information. Such risks and uncertainties include, without limitation: the risk that final court approval, CSE approval or other required approvals are not obtained on a timely basis or at all; the risk that the remaining conditions to completion of the Arrangement are not satisfied or waived; the risk that the Arrangement is not completed on the terms or within the timeframe currently contemplated, or at all; the risk that PDL does not satisfy the listing requirements of the CSE; and the risk that the New HYTN Common Shares or PDL Common Shares do not commence trading on the CSE when anticipated.

Readers are cautioned that the foregoing list of factors, assumptions and risks is not exhaustive. Additional information regarding risk factors applicable to HYTN is available in its public disclosure documents filed under HYTN’s issuer profile on SEDAR+.

The forward-looking information contained in this press release is made as of the date hereof, and HYTN and PDL undertake no obligation to update or revise such forward-looking information to reflect new events or circumstances, except as required by applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information.