extractX designs, builds, and operates industrial scale self-contained mobile extraction laboratories equipped with the most effective and reliable equipment, allowing for efficient 24/7 operation, and unlimited scalability to meet the demand of any size operation. Built to GPP/GMP/EU GMP standards, extractX purpose builds mobile extraction laboratories to service biomass cultivators and producers wherever and whenever the service is needed, onsite and on demand anywhere in the world.

Certain statements contained herein constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and 21E of the Exchange Act of 1934. Such statements include, without limitation, statements regarding business and financing, business trends and future operating revenues and expenses. Statements regarding the aforementioned are based on several assumptions and are not to be considered fact. Although extractX Ltd. believes that the statements are reasonable, it can give no assurances that such expectation will prove to be correct. Investors are cautioned that any forward-looking statements made by extractX Ltd. contain no guarantee of future performance and that actual results may differ materially from those set forth in the forward-looking statements. For additional information see the reports filed by the company in its securities filings with applicable securities regulators (currently available at www.sedar.com).

Unless otherwise required by applicable securities laws, extractX Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Albert Iannantuono, Co-CEO
extractX Ltd.
1027 South Pelham St Unit 2,
Welland, Ontario, L3C 3E2
Tel: (905) 327-5313
Web site: www.extractx.com

extractX designs, builds, and operates industrial scale self-contained mobile extraction laboratories equipped with the most effective and reliable equipment, allowing for efficient 24/7 operation, and unlimited scalability to meet the demand of any size operation. Built to GPP/GMP/EU GMP standards, extractX purpose builds mobile extraction laboratories to service biomass cultivators and producers wherever and whenever the service is needed, onsite and on demand anywhere in the world.

Certain statements contained herein constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and 21E of the Exchange Act of 1934. Such statements include, without limitation, statements regarding business and financing, business trends and future operating revenues and expenses. Statements regarding the aforementioned are based on several assumptions and are not to be considered fact. Although extractX Ltd. believes that the statements are reasonable, it can give no assurances that such expectation will prove to be correct. Investors are cautioned that any forward-looking statements made by extractX Ltd. contain no guarantee of future performance and that actual results may differ materially from those set forth in the forward-looking statements. For additional information see the reports filed by the company in its securities filings with applicable securities regulators (currently available at www.sedar.com).

Unless otherwise required by applicable securities laws, extractX Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

extractX designs, builds, and operates industrial scale self-contained mobile extraction laboratories equipped with the most effective and reliable equipment, allowing for efficient 24/7 operation, and unlimited scalability to meet the demand of any size operation. Built to GPP/GMP/EU GMP standards, extractX purpose builds mobile extraction laboratories to service biomass cultivators and producers wherever and whenever the service is needed, onsite and on demand anywhere in the world.

Certain statements contained herein constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and 21E of the Exchange Act of 1934. Such statements include, without limitation, statements regarding business and financing, business trends and future operating revenues and expenses. Statements regarding the aforementioned are based on several assumptions and are not to be considered fact. Although extractX Ltd. believes that the statements are reasonable, it can give no assurances that such expectation will prove to be correct. Investors are cautioned that any forward-looking statements made by extractX Ltd. contain no guarantee of future performance and that actual results may differ materially from those set forth in the forward-looking statements. For additional information see the reports filed by the company in its securities filings with applicable securities regulators (currently available at www.sedar.com).

Unless otherwise required by applicable securities laws, extractX Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

During the quarter the Company continued to work with its two client partners on extraction activities, as well as accelerated its sales and marketing efforts on a global scale.

The Company reported total contract processing revenue of $344,726 for the nine months ended June 30, 2022 ($241,323 for the nine months ended June 30, 2021). The mobile lab in Kentucky generated $207,159, all in the first three months as the client partner did not process any biomass from January 1, 2022, onwards. Processing is expected to resume when the client partner has satisfactorily reduced their inventory of CBD distillate and has secured more biomass to commerce the extraction process again, most likely in the fourth quarter of 2022. The mobile lab in Thailand became operational in October 2021, however a temporary shortage of acceptable hemp biomass resulted in small test batches being run, thus the contract only generated $28,109 for the six months ended March 31, 2022 ($nil – March 31, 2021). Early in May 2022 the client partner confirmed that they had secured a larger quantity of biomass and resumed processing activities, resulting in the generation of $109,458 of processing revenue in the third quarter.

The Company has also designed a lab to meet EU GMP regulations and standards, which will enable extractX to provide pharmaceutical-grade mobile labs for the pharmaceutical sector. This will be the production model and standard as the Company moves forward. These initiatives were supported in part through a 50% cost sharing grant under the Agricultural Clean Technology Program of the Canadian Government.

The Company’s sales and marketing programs continue to generate qualified leads from around the globe and management is in various stages of discussion and contract negotiations with several parties.

The condensed interim consolidated financial statements of the Company as at and for the three and nine months ended June 30, 2022 and accompanying management’s discussion and analysis have been filed with the securities regulators and are available on SEDAR at www.sedar.com under the Company’s issuer profile.

No stock exchanges have reviewed or accepted responsibility for the adequacy or accuracy of the content of this press release.

extractX designs, builds, and operates industrial scale self-contained mobile extraction laboratories equipped with the most effective and reliable equipment, allowing for efficient 24/7 operation, and unlimited scalability to meet the demand of any size operation. Built to GPP/GMP/EU GMP standards, extractX purpose builds mobile extraction laboratories to service biomass cultivators and producers wherever and whenever the service is needed, onsite and on demand anywhere in the world.

Certain statements contained herein constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and 21E of the Exchange Act of 1934. Such statements include, without limitation, statements regarding business and financing, business trends and future operating revenues and expenses. Statements regarding the aforementioned are based on several assumptions and are not to be considered fact. Although extractX Ltd. believes that the statements are reasonable, it can give no assurances that such expectation will prove to be correct. Investors are cautioned that any forward-looking statements made by extractX Ltd. contain no guarantee of future performance and that actual results may differ materially from those set forth in the forward-looking statements. For additional information see the reports filed by the company in its securities filings with applicable securities regulators (currently available at www.sedar.com).

Unless otherwise required by applicable securities laws, extractX Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

During the quarter the Company continued to work with its two client partners on extraction activities, as well as accelerated its sales and marketing efforts on a global scale.

The Company reported total contract processing revenue of $235,268 for the six months ended March 31, 2022 ($37,171 for the six months ended March 31, 2021). The mobile lab in Kentucky generated $207,159, all in the first three months as the client partner did not process any biomass from January 1, 2022, on. Processing is expected to resume when the client partner has satisfactorily reduced their inventory of CBD distillate and has secured more biomass to commerce the extraction process again, most likely in the fourth quarter of 2022. The mobile lab in Thailand became operational in October 2021, however a temporary shortage of acceptable hemp biomass resulted in small test batches being run, thus the contract only generated $28,109 for the six months ended March 31, 2022 ($nil – March 31, 2021). Early in May 2022 the client partner confirmed that they had secured a larger quantity of biomass and resumed processing activities.

The Company has also designed a lab to meet EU GMP regulations and standards, which will enable extractX to provide pharmaceutical-grade mobile labs for the pharmaceutical sector. This will be the production model and standard as the Company moves forward. These initiatives were supported in part through a 50% cost sharing grant under the Agricultural Clean Technology Program of the Canadian Government.

The Company’s sales and marketing programs continue to generate qualified leads from around the globe and management is in various stages of discussion and contract negotiations with several parties.

The condensed interim consolidated financial statements of the Company as at and for the three and six months ended March 31, 2022 and accompanying management’s discussion and analysis have been filed with the securities regulators and are available on SEDAR at www.sedar.com under the Company’s issuer profile.

No stock exchanges have reviewed or accepted responsibility for the adequacy or accuracy of the content of this press release.

extractX designs, builds, and operates industrial scale self-contained mobile extraction laboratories equipped with the most effective and reliable equipment, allowing for efficient 24/7 operation, and unlimited scalability to meet the demand of any size operation. Built to GPP/GMP/EU GMP standards, extractX purpose builds mobile extraction laboratories to service biomass cultivators and producers wherever and whenever the service is needed, onsite and on demand anywhere in the world.

Certain statements contained herein constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and 21E of the Exchange Act of 1934. Such statements include, without limitation, statements regarding business and financing, business trends and future operating revenues and expenses. Statements regarding the aforementioned are based on several assumptions and are not to be considered fact. Although extractX Ltd. believes that the statements are reasonable, it can give no assurances that such expectation will prove to be correct. Investors are cautioned that any forward-looking statements made by extractX Ltd. contain no guarantee of future performance and that actual results may differ materially from those set forth in the forward-looking statements. For additional information see the reports filed by the company in its securities filings with applicable securities regulators (currently available at www.sedar.com).

Unless otherwise required by applicable securities laws, extractX Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

During the year and following the successful operation and proof-of-concept of the prototype mobile lab, the Company accelerated its sales and marketing efforts on a global scale. As a result of these focused sales and marketing activities, in 2021, the Company entered into two commercial contracts for the provision of mobile extraction labs.

The first contract is for the provision and operation of a mobile extraction lab to a client partner in Franklin, Kentucky. The lab was successfully shipped in March 2021, and the extractX installation team completed the installation and commissioning of the lab within four weeks. The lab was operational shortly thereafter, and successfully processing biomass to distillate. During the first quarter, the mobile lab generated $210,716 of revenue ($nil in Q1 2021). Through the process, the extractX team identified and implemented additional productivity upgrades and operational changes as part of the Company’s continuous improvement program.

The second contract is for the provision of a mobile lab to a client partner in Chiang Mai, Thailand for a three year contract to process CBD from hemp. In mid-July 2021 the mobile lab was shipped from the manufacturing facility in Winnipeg and arrived in Chiang Mai on September 18, 2021. Using the Company’s Installation & Commissioning Guide, as well as support from the extractX team, the team in Thailand were able to get the lab operational within the expected timeframe and this mobile lab started to run the commissioning tests in October 2021 using small batches of biomass during the quarter ended December 31, 2021, generating $14,704 of revenue.

With the Company’s mobile lab deployed and operational in two locations, the Company is now developing the next generation mobile lab, which is expected to provide a substantial increase in biomass throughput over the previous mobile labs. This increase in throughput is expected to be accomplished using the same footprint as previous labs.
The Company is also currently designing an approved lab to meet EU GMP regulations and standards, which will enable extractX to provide pharmaceutical-grade mobile labs for the pharmaceutical sector. This will be the production model and standard as the Company moves forward. These initiatives were supported in part through a 50% cost sharing grant under the Agricultural Clean Technology Program of the Canadian Government.

The Company’s sales and marketing programs continue to generate qualified leads from around the globe and management is in various stages of discussion and contract negotiations with several parties.

The consolidated financial statements of the Company as at and for the three months ended December 31, 2021 and accompanying management’s discussion and analysis have been filed with the securities regulators and are available on SEDAR at www.sedar.com under the Company’s issuer profile.

No stock exchanges have reviewed or accepted responsibility for the adequacy or accuracy of the content of this press release.

extractX designs, builds, and operates industrial scale self-contained mobile extraction laboratories equipped with the most effective and reliable equipment, allowing for efficient 24/7 operation, and unlimited scalability to meet the demand of any size operation. Built to GPP/GMP/EU GMP standards, extractX purpose builds mobile extraction laboratories to service biomass cultivators and producers wherever and whenever the service is needed, onsite and on demand anywhere in the world.

Certain statements contained herein constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and 21E of the Exchange Act of 1934. Such statements include, without limitation, statements regarding business and financing, business trends and future operating revenues and expenses. Statements regarding the aforementioned are based on several assumptions and are not to be considered fact. Although extractX Ltd. believes that the statements are reasonable, it can give no assurances that such expectation will prove to be correct. Investors are cautioned that any forward-looking statements made by extractX Ltd. contain no guarantee of future performance and that actual results may differ materially from those set forth in the forward-looking statements. For additional information see the reports filed by the company in its securities filings with applicable securities regulators (currently available at www.sedar.com).

Unless otherwise required by applicable securities laws, extractX Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Jones & O’Connell LLP Chartered Professional Accountants were appointed as auditors of the Company at a remuneration to be fixed by the directors.

The Company’s existing 10% rolling Stock Option Plan was ratified by shareholders.

No stock exchanges have reviewed or accepted responsibility for the adequacy or accuracy of the content of this press release.

extractX designs, builds, and operates industrial scale self-contained mobile extraction laboratories equipped with the most effective and reliable equipment, allowing for efficient 24/7 operation, and unlimited scalability to meet the demand of any size operation. Built to GPP/GMP/EU GMP standards, extractX purpose builds mobile extraction laboratories to service biomass cultivators and producers wherever and whenever the service is needed, onsite and on demand anywhere in the world.