Mississauga, Ontario--(Newsfile Corp. - April 24, 2026) - Further to its press release dated April 8, 2026, MyndTec Inc. (CSE: MYTC) ("MyndTec" or the "Company") announced today that, having been unable to secure the additional financing required to continue operations, it has made a voluntary assignment in bankruptcy for the general benefit of its creditors pursuant to section 49 of the Bankruptcy and Insolvency Act (Canada) (the "BIA").

After careful consideration of available alternatives and in consultation with insolvency counsel and the Trustee, the board of directors of the Company determined that a restructuring of the Company's financial affairs through a proposal to creditors under Part III of the BIA was not feasible in the circumstances, and that it was in the best interests of the Company and its stakeholders to make the assignment. Russo Corp. has consented to act as Licensed Insolvency Trustee (the "Trustee") and will administer the Company's estate and realize on the Company's assets in accordance with the BIA.

In connection with the BIA proceedings, each of the directors and officers of the Company has resigned effective upon the assignment.

Trading in the Company's common shares on the Canadian Securities Exchange (the "CSE") has been halted, and the Company expects that trading will be suspended and the Company's common shares delisted in accordance with CSE policies. There can be no assurance as to any recovery for holders of the Company's common shares.

A notice of the bankruptcy and particulars of the first meeting of creditors will be sent to creditors by the Trustee and published in accordance with the requirements of the BIA. All enquiries from creditors and other stakeholders in respect of the bankruptcy should be directed to the Trustee at the following coordinates:

Russo Corp.
78 Wellington Street East
Aurora, Ontario L4G 1H8
Telephone: 905-503-3328
Facsimile: 905-503-2338
Email: info@russocanhelp.com

About MyndTec

MyndTec Inc. was incorporated under the Business Corporations Act (Ontario) and was listed on the Canadian Securities Exchange under the symbol MYTC. The Company developed and commercialized the MyndMove™ system, a patented functional electrical stimulation platform cleared by the U.S. Food and Drug Administration and licensed by Health Canada for the treatment of upper and lower body paralysis in stroke and spinal cord injury patients. Additional information about the Company is available on SEDAR+ at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements that constitute "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). All statements in this news release that are not historical facts are forward-looking statements, including, but not limited to, statements regarding the administration of the Company's estate by the Trustee, the realization of the Company's assets, the anticipated status of trading in the Company's securities, and any potential outcomes for creditors or shareholders of the Company. Forward-looking statements are typically, but not always, identified by words such as "expects", "anticipates", "intends", "may", "should", "could", "would", "will" or variations of such words and phrases.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by the Company as of the date hereof, are inherently subject to significant uncertainties and contingencies. Important risks and uncertainties that could cause actual results or events to differ materially from expectations include, but are not limited to: the risk that the Company's assets may not realize sufficient value to satisfy creditor claims; the risk that holders of the Company's common shares may receive no recovery; the risk that the CSE may suspend or delist the Company's securities; and other risks and uncertainties described in the Company's public filings, including its most recent MD&A, available under the Company's profile on SEDAR+ at www.sedarplus.ca.

The Company has attempted to identify important factors that could cause actual results, performance or achievements to vary from those expressed or implied by the forward-looking statements; however, there may be other factors that cause results, performance or achievements not to be as expected. These forward-looking statements are only current as of the date of this news release. The Company does not undertake any obligation to update forward-looking statements, other than as required by applicable law. Readers should not place undue reliance on forward-looking statements. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement.

The CSE has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294217

Source: MyndTec Inc.