Lophos Holdings Inc. Celebrates Successful Conclusion of Inaugural Annual General Meeting, Confirms Board Members and Stock Options Plan

VANCOUVER, British Columbia, March 28, 2024 (GLOBE NEWSWIRE) -- Lophos Holdings Inc. (CSE: MESC) ("Lophos" or the "Company") is pleased to announce all matters presented for approval at the annual general meeting of the shareholders of the Company held earlier today March 28, 2024 (the "Meeting") have been approved. A total of 26,839,013 common shares representing 31.26% of the Company’s issued and outstanding common shares were voted in connection with the Meeting.

Each of the four nominees proposed by Lophos and as set out in the Information Circular provided to shareholders in connection with the Meeting were duly elected as directors. The four directors are Jacqueline Claire Lupo, John Karagiannidis, Jeremy Pestun and Evan Stawnyczy.

At the Meeting, shareholders also approved the Company’s 10% rolling incentive stock option plan (the “Stock Option Plan”), and Clearhouse LLP, Chartered Accountants, were appointed auditors of the Company for the ensuing year and the Board of Directors of Lophos (the "Board") were authorized to fix their remuneration.

The Company also announces that it has granted a total of 3,260,000 stock options to new and existing officers, directors, staff, and a consultant pursuant to the Company’s Stock Option Plan. The options have a grant date of March 28, 2024, and have a term of five years expiring on March 28, 2029. Each option will allow the holder to purchase one common share in the Company at a price of $0.06. The options vest immediately. Following the issuance, the Company has 7,585,000 incentive stock options outstanding. The Company’s Stock Option Plan allows the Board to issue the equivalent of up to 10%, subject to certain restrictions, of the issued and outstanding shares of the Company on a rolling basis. The foregoing grant is subject to the necessary regulatory approvals including that of the Canadian Securities Exchange.

The Board would also like to thank Ms. Elyssia Patterson and Mr. Solomon Elimimian, two of the founding directors whose term on the Board ended at the Meeting, for their contributions to the success of the Company and wish them continued success in their other professional endeavours.

About Lophos

Lophos Pharmaceuticals Corp., a wholly-owned subsidiary of Lophos Holdings Inc. (CSE:MESC), stands as a prominent biosciences company specializing in the cultivation, research, and sale of peyote. Distinguished by its Controlled Substances Dealers License (CSDL), the subsidiary is authorized for the possession, sale, sending, transportation, and delivery of various controlled substances, including mescaline, psilocin, psilocybin, LSD, DMT, MDMA, and ketamine. Additionally, the license grants permission for the production of mescaline, psilocin, and psilocybin, showcasing the comprehensive scope of our operations.