VANCOUVER, BC / ACCESSWIRE / July 7, 2023 / Core One Labs Inc. (CSE:COOL), (OTCQB:CLABF), (Frankfurt:LD6), (WKN: A3CSSU) (the "Company" or "Core One") is pleased to announce that its wholly owned subsidiary, Vocan Biotechnologies Inc. ("Vocan"), has completed final steps of its research for its biosynthetic production system (the System) and has filed a patent under the Patent Cooperation Treaty (PCT) (the "Patent" or "Filing") for international protection of its novel production techniques for biosynthesized psilocybin (the "Invention").

Vocan's filling of this international patent is a monumental step in the patenting of its revolutionary biosynthetic psilocybin production method. Prior to the PCT patent, Vocan had filed a provisional patent (the "Provisional Patent") with the United States Patent and Trademark Office (the "USPTO") in January 2022, outlining its theory for a proprietary biosynthetic psilocybin production process. Over the past year, Vocan scientists have been able to prove their concept through rigorous experimentation and testing, successfully documenting and defending the breakthrough production method. The summation of Vocan's findings has resulted in today's announced international patent filing, the success of which will ensure Vocan's revolutionary biosynthetic production system for psilocybin would remain the exclusive property of the Company.

This filing marks a major milestone in the Company's progression towards becoming an industry frontrunner in the psychedelic space as a leading producer of psychedelic drugs, given Core One's proprietary production systems having the ability to yield 100% pure API grade psilocybin through an extremely cost and time efficient method. The current market price of reliable API and GMP compliant psilocybin, produced via conventional synthetic and extraction/isolation production methods, ranges between US$7,000 - US$10,000 per gram.¹ The Company's novel recombinant System can cut production costs significantly with increased efficiency, which could, as a result, lead to substantially lower market price of API and GMP compliant psilocybin and potentially transform psychedelic-based mental health care worldwide.

The Patent is a result of a culmination of three (3) years of diligent research and trials, conducted and perfected by Vocan's team of scientists, and holds considerable importance for the Company and its investors, since the Patent's success will enhance and solidify Core One's ability to protect its Invention across many countries; and as a result, prevent it from being copied and manipulated by competitors.

The Provisional Patent detailed a proof-of-concept production method for the biosynthetic production of psychedelic compounds, whereby its scientists used a recombinant protein expression process technology to convert a chosen bacterial strain into a production factory to produce psilocybin (the "Production Method"). The Production Method utilized by Vocan effectively inserts and manipulates DNA segments to add to the genetic make-up of the chosen bacteria, so that the bacteria contain appropriate biosynthetic enzymes (proteins that help to catalyze and speed up chemical reactions in the bacteria) and allow the organism to produce psilocybin at yields that Vocan scientists have deemed suitable for scale-up production capabilities.

"The filling of the international patent is the biggest achievement Vocan has made to date. Since the inception of Vocan, its team of scientists have been dedicated to completing the work required to file this patent. Now that this milestone has been completed, the Company will focus on refining the biosynthetic production process to increase yield and decrease cost," stated Joel Shacker, Core One CEO.

About Core One Labs Inc.

Core One Labs is a life sciences biotechnology research and development company focused on bringing psychedelic medicines to market through the development and production of psychedelic compounds, the advancement of psychedelic assisted treatments, and the integration of novel delivery systems technology.

The Company has a multi-faceted business approach and incorporates several complementary lines of businesses and units in establishing itself as an industry leader in the rapidly growing and emerging psychedelics market space.

Core One, through its wholly owned subsidiary Vocan Biotechnologies Inc., has developed and filed for patent protection of a proprietary psilocybin production system using engineered bacteria. It is also the holder of 4 provisional patents for the development of psychedelic-based pharmaceutical formulations targeting neurological and mental health disorders, under its 100% owned subsidiary Akome Biotech Ltd., and 3 provisional patents under its other 100% owned subsidiary, Awakened Biosciences Inc., for additional synthetic technologies for psilocybin and psilocin production methods.

In addition to the development of psychedelics and psychedelic compounds, Core One holds an interest in four medical clinics which maintain a combined database of more than 275,000 patients. Through its clinics the Company intends to integrate a roll out of its intellectual property related to psychedelic technologies and participate in the advancement of psychedelic-based treatments for mental health disorders.

Core One Labs Inc.

Joel Shacker
Chief Executive Officer

FOR MORE INFORMATION, PLEASE CONTACT:
info@core1labs.com
1-888-452-6731

Cautionary Disclaimer Statement:

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with strict regulatory regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

In addition, psilocybin is currently a Schedule III drug under the Controlled Drugs and Substances Act (Canada) and it is a criminal offence to possess substances under the Controlled Drugs and Substances Act (Canada) without a prescription or authorization. Health Canada has not approved psilocybin as a drug for any indication. Core One does not have any direct or indirect involvement with illegal selling, production, or distribution of psychedelic substances in jurisdictions in which it operates. While Core One believes psychedelic substances can be used to treat certain medical conditions, it does not advocate for the legalization of psychedelics substances for recreational use. Core One does not deal with psychedelic substances, except within laboratory and clinical trial settings conducted within approved regulatory frameworks.

¹ _{Psilocybin - Current Market Prices}

_{SOURCE: Core One Labs Inc.}