PRINCIPAL TECHNOLOGIES FINAL REBRAND AND STRENGTHENS ADVISORY BOARD

VANCOUVER, BC, Aug. 22, 2023 /CNW/ - Principal Technologies Inc. (the "Company" or "Principal") (TSXV: PTEC.P), a healthcare technologies investor, is pleased to provide a corporate update to shareholders and also announces that it has updated and upgraded its website (www.principal-technologies.com) to better reflect the strategic focus of the Company.

Principal's focus is to capitalize on arbitrage situations by acquiring healthcare technology companies with proven and leading technologies in the European Union ("EU"), expanding sales globally and taking advantage of the higher valuations in North America.

The Company plans to acquire a substantial private healthcare technology company within 12 months which will transform Principal and provide a platform for future growth and profitability.

The Company has access to both acquisition targets and significant EU capital through its high profile management team and advisors. Key people include:

Jerry Trent – President, CEO Chief Executive Officer and Director
Mr. Trent is the founder of Trent Investments, a multi-family direct investment agency for European ultra-high net-worth individuals and asset management funds. In Europe, he served as the head of global markets and investment banking at SberBank, as well as the head of M&A, and member of the Global Deals Origination Group at PricewaterhouseCoopers. Mr. Trent's experience also includes being a successful Wall Street investor and portfolio manager.

Prince Alfred of Liechtenstein – Chairman, Board of Directors
Prince Alfred of Liechtenstein has served on numerous boards and in several supervisory positions, including at LGT Group (the largest family-owned asset management group globally). He holds a master's degree in economics and informatics and has authored numerous books and articles on a wide range of topics. Prince Alfred is also the Chairman of the advisory board of the International Peace Foundation, of which 19 advisors are Nobel Prize Laureates, including four in the medical field. His Serene Highness has also received multiple awards and prizes for his healthcare initiatives and humanitarian activity.

Dr. Leopold Specht - Director
Dr. Specht is a veteran attorney with extensive investment experience. He is the owner of international corporate law firm Specht & Partner. In addition to serving on numerous boards, he is a member of the Economic Council at Harvard Institute for Global Law at Harvard Law School. Widely renowned for his expertise, Dr. Specht regularly serves as a guest lecturer at institutions such as Harvard University, Brown University, the University of Turin, and the University of Sapienza Rome.

Dr. Gerald Rainer - Chairman, Board of Advisors
Dr. Rainer is the former CEO of Julius Baer, a USD$400 billion asset management company in Switzerland. He has also served as a board member and trustee of several large international organizations. His impressive business acumen and extensive international network have allowed him to also thrive as a serial entrepreneur.

Dr. Ivo Ivanovski - Board of Advisors
Dr. Ivanovski served as the IT Minister of the Republic of Macedonia from 2006 to 2015. He then entered the private sector as head of mergers and acquisitions, international affairs and regulations at A1 Telekom Austria Group, where he now serves as the CEO of the exchange-listed Tower Co. Dr. Ivanovski has received multiple awards over the course of his career, including the International Telecommunication Union's Distinguished Silver Star Award and an Honorary Doctorate for Technology Leadership.

Rick Geoffrion - Board of Advisors
Mr. Geoffrion has been president and CEO of multiple healthcare technology companies that have developed proprietary systems to significantly improve patient outcomes. Over the course of his 35-year career, Mr. Geoffrion has also served in board positions at numerous healthcare technology companies. Currently, he is vice-chairman of the Mullings Group, a leading career development firm focused on the healthcare sector.

Peter McKeown - CFO
A seasoned finance and business professional, Mr. McKeown has founded and served in executive positions at multiple successful Canadian public companies. Armed with decades of experience, Peter is a serial entrepreneur focused on the technology and resource sectors. He is a CPA and obtained a B.Comm from Carleton University.

The Company has made a few strategic acquisitions to date, primarily made to provide a technical due diligence team based in the EU and also to substantiate the valuation model. 

E&E CRO Consulting GmbH ("E&E")
An 80-percent-owned clinical research organization, E&E facilitates the international distribution permits process for healthcare technology companies. This strategic investment will allow Principal to build a unique database which it will leverage to improve patient outcomes, serve the industry (hospitals, insurers and other stakeholders seeking medical information), as well as find new acquisition targets for its international rollout process. Based in the EU, E&E is a cash-flow-positive company with stable revenue and a highly experienced in-house technical due diligence team.

Vision Surgery AI ("Vision")
A minor equity investment with the capacity for expanded ownership as operations increase, Vision uses advanced computer vision and artificial intelligence technology for real-time monitoring of surgical teams and operating room equipment. Its technology detects and sends alerts about any anomaly or deviation from typical surgical procedures, significantly reducing complications and fatalities. Vision's technology also leverages collected observations to build a database of medical information for machine learning purposes. Given that roughly 80 percent of surgical fatalities stem from human error, Vision has the potential to considerably improve surgical outcomes.

The Company is now fully operational and pursuing its strategic focus. In the next 12 months it plans to acquire a substantial private healthcare technology company which will transform Principal and provide a platform for future growth and profitability.

ON BEHALF OF THE BOARD

"Jerry Trent"

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

Forward-looking statements:

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of the Company in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause the Company's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking information or statements except as may be required.

SOURCE Principal Technologies Inc.

Jerry Trent, Chief Executive Officer, [email protected]; For investor inquiries, please contact: [email protected]