Month: September 2026

The acquired business generated approximately $6.6 million of adjusted EBITDA in fiscal year 2025; Bloom, Advertise Purple’s proprietary data and analytics platform with more than 111 million performance records, joins ONAR Labs alongside Retina AI and Cortex

Miami, FL, Sept. 30, 2026 (GLOBE NEWSWIRE) — ONAR Holding Corporation (OTC PINK: ONAR) (“ONAR” or the “Company”), an AI-powered marketing platform, today announced that it has completed its acquisition of Advertise Purple, a Santa Monica, California-based affiliate marketing agency, in the largest acquisition in the Company’s history, funded by the $15 million financing announced yesterday. On a pro forma basis, the combined company generated approximately $23.5 million of revenue in fiscal year 2025, approximately seven times ONAR’s reported standalone revenue for the same period. Advertise Purple contributes a business that generated approximately $17.1 million of net revenue and $4.4 million of net income in fiscal year 2025, representing approximately $6.6 million of adjusted EBITDA, a non-GAAP measure reconciled below. Total consideration for the acquisition is up to $27,825,000, assuming all earnout thresholds are met, and the complete terms are set forth in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 30, 2026.

Advertise Purple is a leading U.S. affiliate and partnership marketing agency, managing affiliate programs for more than 400 active brands with no single client representing more than approximately five percent of revenue. Advertise Purple Chief Executive Officer Jonathan Moisan and Chief Growth Officer Rowland Hazard will continue to lead the business, and the consideration is structured so that a meaningful portion is earned through the future growth of the business they run.

The Bloom Platform

At the core of Advertise Purple’s operating model is Bloom, its proprietary data, analytics, and workflow platform. Bloom serves as both the client-facing performance dashboard and the internal operating system through which Advertise Purple manages affiliate programs at scale: it ingests first-party client data across transactions, products, and affiliate activity, and drives partner selection, commission optimization, and program management across the agency’s book. The platform holds more than 111 million performance records accumulated across thousands of client programs, and in the past year Advertise Purple added AI-enabled natural language access to the platform.

Bloom now joins ONAR Labs, the Company’s technology division, alongside Retina AI, ONAR’s predictive customer intelligence platform, and Cortex, its offline and online sales attribution platform. The combination is the reason the Company believes this acquisition is transformational rather than merely additive: affiliate marketing is one of the fastest-growing channels in performance marketing and remains one of the hardest to measure, and the combination of Bloom’s accumulated performance data with Retina AI’s predictive modeling and Cortex’s attribution gives ONAR the components of a measurement capability the affiliate category has lacked. As the Company wrote in its July letter to stockholders, “We buy strong agencies, we put our own technology inside them, and the same team serves more clients.”

The acquisition also transforms the profile of the Company as it pursues the uplisting to the Nasdaq Stock Market announced in its July letter to stockholders. That letter set out four priorities: completing a transformative acquisition, closing a proposed $15 million financing, converting a portion of outstanding debt into equity, and pursuing the Nasdaq listing. With the financing announced yesterday and the acquisition completed today, three of the four are done. The scale, profitability, and technology the combined company now carries are foundational to the fourth, and the pursuit of the listing continues as described in the Company’s filings.

“Fourteen months ago, this company was behind on its filings and carrying a balance sheet that limited every decision we made. Today, Advertise Purple, its team, and the Bloom platform are part of ONAR, and the plan we published in July is three-quarters complete,” said Claude Zdanow, Chief Executive Officer of ONAR. “I want stockholders to understand why this one is different. We didn’t just buy revenue. We bought the largest data asset this company has ever owned, in a channel that’s growing fast and has never been measured well, and we build the technology that fixes exactly that. What comes now is the part I respect most: integration, execution, and earning the numbers. We closed on a date we set ourselves, and we intend to keep working that way.”

“We spent a decade building Advertise Purple into the agency brands trust with their affiliate spend, and Bloom is a big part of why they trust us,” said Jonathan Moisan, Chief Executive Officer of Advertise Purple. “Joining ONAR puts real engineering behind Bloom, and pairing it with Retina AI and Cortex means our clients get answers this channel has never been able to give them. Our team stays, our standards stay, and now we have a platform behind us.”

Advertise Purple was advised by Woodland Park Capital Advisors, with support from PanArgent Capital Advisors.

About Advertise Purple

Advertise Purple is a leading U.S. affiliate and partnership marketing agency based in Santa Monica, California. The agency designs, manages, and optimizes affiliate programs for more than 400 active brands across e-commerce, consumer products, software, and services, powered by Bloom, its proprietary data, analytics, and workflow platform.

About ONAR Holding Corporation

ONAR Holding Corporation (OTC PINK: ONAR) is an AI-powered marketing platform. ONAR owns and operates a group of specialist marketing agencies serving middle-market and growth-stage brands across performance marketing, creative, and commerce. Its technology division, ONAR Labs, develops and houses the Company’s proprietary technology, including ONAR AI, a marketing intelligence platform deployed across the Company’s agencies to improve productivity; Retina AI, a predictive customer intelligence platform; and Cortex, an offline and online sales attribution platform. ONAR continues to expand the platform through disciplined acquisitions, including JUICE, Scale Partner, and Advertise Purple. Learn more at www.onar.com.

Non-GAAP Financial Measures and Unaudited Pro Forma Information

Adjusted EBITDA is a non-GAAP financial measure and should not be considered an alternative to net income or any other measure prepared in accordance with GAAP. Advertise Purple’s adjusted EBITDA for fiscal year 2025 of approximately $6.6 million is derived from its net income of approximately $4.4 million, adjusted for the following items identified in an independent quality of earnings review: compensation-related adjustments of approximately $712,000; state franchise taxes of approximately $520,000; website and software development costs of approximately $435,000; officer compensation of approximately $144,000; excess rent of approximately $116,000; and professional fees, travel and entertainment, and other items of approximately $224,000. Advertise Purple’s historical financial information is unaudited. The pro forma combined revenue figure in this release is preliminary, unaudited, presented for illustrative purposes only, and gives effect to the acquisitions completed by the Company during and after fiscal year 2025 as if they had occurred at the beginning of that period, and is not necessarily indicative of the results that would have been achieved had the transactions occurred on the dates indicated. The Company expects to file the historical financial statements of Advertise Purple and unaudited pro forma financial information required by Items 2.01 and 9.01 of Form 8-K within the time period permitted by those Items.

No Offer or Solicitation

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities. Securities issued in the financing referenced above were offered and sold in a private placement to accredited investors, have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Forward-Looking Statements

This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding the Company’s future financial condition, results of operations, business operations and business prospects, the integration of Advertise Purple, the payment of earnout and seller note obligations, pro forma financial information, any potential conversion of securities, any potential uplisting, and any other potential acquisitions, financings, and debt restructurings, are forward-looking statements. Pro forma combined figures are presented for illustrative purposes only and are not necessarily indicative of the results that would have been achieved had the acquisition occurred in the period presented, and do not constitute guidance. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe,” and similar words and expressions are intended to identify forward-looking statements. These statements reflect the Company’s current expectations, are not guarantees of future performance, and involve known and unknown risks and uncertainties, including the substantial doubt about the Company’s ability to continue as a going concern described in its SEC filings, the Company’s working capital deficit and increased indebtedness following the transactions described above, integration risks, the risk that expected benefits of the acquisition are not realized, the need for additional financing, market conditions, competition, client retention, and regulatory changes, any of which could cause actual results to differ materially. Detailed risk factors are included in the Company’s filings with the SEC, including its Annual Report on Form 10-K and its Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date hereof. The Company assumes no obligation to update these statements except as required by law.

Media and Investor Contact
ONAR Holding Corporation
Investor Relations
IR@onar.com
(213) 437-3081
www.onar.com 

Second renewal since launch follows 3x ridership growth and $4.1 million in provincial funding to support on-demand transit expansion

TORONTO, Sept. 30, 2026 (GLOBE NEWSWIRE) — Argo Corporation (TSXV: ARGH) (OTCQX: ARGHF) (“Argo” or the “Company”) today announced that the Town of Bradford West Gwillimbury (“BWG” or the “Town”) has renewed its Smart Routing™ transit services agreement through December 31, 2027.

This is the second renewal of Argo’s agreement with the Town since Smart Routing™ launched in Bradford in April 2025. Following the Town’s first renewal earlier this year, the Province of Ontario awarded BWG $4,093,337 through the Ontario Transit Investment Fund to support the longer-term expansion of on-demand transit.

As recently reported, average daily transit ridership in Bradford has grown to more than 3x the levels of the Town’s previous fixed-route transit system, while the Town’s cost per ride has declined by more than 50%.

“Significant public funding is available around the world to expand public transit. Our rapidly deployable Smart Routing™ transit infrastructure is proving how municipalities can quickly improve access and economics while helping unlock that funding,” said Praveen Arichandran, Co-founder and CEO of Argo. “In Bradford, ridership has more than tripled, cost per ride has fallen by more than half, and the Town has subsequently secured further funding to support the expansion of on-demand transit.”

Since the BWG launch, Argo has continued the expansion of its Smart Routing™ network in Brampton and Caledon. The Company’s focus remains on expanding the network across Canada, the United States, and internationally.

About Argo

Argo delivers the first-ever vertically and publicly integrated city transit system, designed to augment public transportation and create a network of intelligently routed vehicles that work together to serve and scale to the needs of entire cities, putting people in control of their mobility. Learn more at www.rideargo.com.

Investor Contact	Media Contact
Praveen Arichandran	Christina Ra
Co-founder & CEO Argo Corporation	Argo Corporation christina@rideargo.com
(800) 575-7051	(800) 575-7051

Forward-Looking Information

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. The forward-looking information set out in this news release relates to future events or future performance and includes, without limitation, statements concerning the continued operation of Smart Routing™ in Bradford West Gwillimbury, the use of provincial funding to support further expansion of on-demand transit, the anticipated benefits of Argo’s Smart Routing™ transit system, potential future expansion to other municipalities, and the Company’s plans to expand its network in Canada, the United States and internationally.

Such forward-looking statements are based on a number of assumptions, including: the continued successful operation of the Bradford West Gwillimbury service; maintaining municipal agreements in good standing; receiving required third-party approvals, consents and integrations; operational readiness; ridership adoption levels; technology performance and reliability; the availability and use of government funding; the availability of municipal procurement opportunities and execution of definitive agreements with new municipalities; and general economic conditions. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including but not limited to: operational challenges; failure to meet contractual requirements; loss of required operating authority, insurance or approvals; third-party integration delays or failures; technology failures or cybersecurity incidents; termination or non-renewal of municipal agreements; failure to secure new municipal contracts; regulatory changes; availability of financing; and general economic conditions. Additional risks and uncertainties are described in more detail in the Company’s securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and readers are cautioned against placing undue reliance thereon. The Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.

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

Second renewal since launch follows 3x ridership growth and $4.1 million in provincial funding to support on-demand transit expansion

TORONTO, Sept. 30, 2026 (GLOBE NEWSWIRE) — Argo Corporation (TSXV: ARGH) (OTCQX: ARGHF) (“Argo” or the “Company”) today announced that the Town of Bradford West Gwillimbury (“BWG” or the “Town”) has renewed its Smart Routing™ transit services agreement through December 31, 2027.

This is the second renewal of Argo’s agreement with the Town since Smart Routing™ launched in Bradford in April 2025. Following the Town’s first renewal earlier this year, the Province of Ontario awarded BWG $4,093,337 through the Ontario Transit Investment Fund to support the longer-term expansion of on-demand transit.

As recently reported, average daily transit ridership in Bradford has grown to more than 3x the levels of the Town’s previous fixed-route transit system, while the Town’s cost per ride has declined by more than 50%.

“Significant public funding is available around the world to expand public transit. Our rapidly deployable Smart Routing™ transit infrastructure is proving how municipalities can quickly improve access and economics while helping unlock that funding,” said Praveen Arichandran, Co-founder and CEO of Argo. “In Bradford, ridership has more than tripled, cost per ride has fallen by more than half, and the Town has subsequently secured further funding to support the expansion of on-demand transit.”

Since the BWG launch, Argo has continued the expansion of its Smart Routing™ network in Brampton and Caledon. The Company’s focus remains on expanding the network across Canada, the United States, and internationally.

About Argo

Argo delivers the first-ever vertically and publicly integrated city transit system, designed to augment public transportation and create a network of intelligently routed vehicles that work together to serve and scale to the needs of entire cities, putting people in control of their mobility. Learn more at www.rideargo.com.

Investor Contact	Media Contact
Praveen Arichandran	Christina Ra
Co-founder & CEO Argo Corporation	Argo Corporation christina@rideargo.com
(800) 575-7051	(800) 575-7051

Forward-Looking Information

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. The forward-looking information set out in this news release relates to future events or future performance and includes, without limitation, statements concerning the continued operation of Smart Routing™ in Bradford West Gwillimbury, the use of provincial funding to support further expansion of on-demand transit, the anticipated benefits of Argo’s Smart Routing™ transit system, potential future expansion to other municipalities, and the Company’s plans to expand its network in Canada, the United States and internationally.

Such forward-looking statements are based on a number of assumptions, including: the continued successful operation of the Bradford West Gwillimbury service; maintaining municipal agreements in good standing; receiving required third-party approvals, consents and integrations; operational readiness; ridership adoption levels; technology performance and reliability; the availability and use of government funding; the availability of municipal procurement opportunities and execution of definitive agreements with new municipalities; and general economic conditions. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including but not limited to: operational challenges; failure to meet contractual requirements; loss of required operating authority, insurance or approvals; third-party integration delays or failures; technology failures or cybersecurity incidents; termination or non-renewal of municipal agreements; failure to secure new municipal contracts; regulatory changes; availability of financing; and general economic conditions. Additional risks and uncertainties are described in more detail in the Company’s securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and readers are cautioned against placing undue reliance thereon. The Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.

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

Beamr secured a three-year renewal with a major global streaming platform, representing a significant change from its customary annual renewals. The Company expects 2026 revenues to increase based on existing agreements, renewals and broader business activities.

Herzliya, Israel, Sept. 30, 2026 (GLOBE NEWSWIRE) — Beamr Imaging Ltd. (Nasdaq: BMR), a leader in video optimization technology and solutions, today announced a three-year renewal of its license agreement with a major global streaming platform, extending the agreement through October 2029. The Company expects fiscal year 2026 revenues to be approximately $4.5 million, increasing by approximately $1.5 million, reflecting expected revenue growth of approximately 50% over fiscal year 2025, based on its current expectations regarding existing customer agreements, renewals and broader business activities.

“We believe this multi-year renewal, together with other customer renewals, reflects the continued value and sustainability of Beamr’s technology, expertise and services,” said Sharon Carmel, CEO of Beamr. “Based on our current expectations regarding existing customer agreements, renewals and broader business activities, we currently expect fiscal year 2026 revenues to increase by approximately $1.5 million compared with fiscal year 2025. We believe this renewal enhances our visibility into our anticipated future revenues while we continue to pursue new growth opportunities across our media and entertainment, AI and autonomous vehicle initiatives.”

The renewal supports Beamr’s established media and entertainment business. Beamr also sees potential opportunities to broaden its engagements with existing and new customers through additional products and services, while continuing to pursue growth across media and entertainment, AI and autonomous vehicles.

The revenue guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause the Company’s actual results to differ materially from these forward-looking statements, as well as the Company’s Annual Report on 20-F for the fiscal year ended December 31, 2025, including in “Operating and Financial Review and Prospects” and “Risk Factors”, for further context.

About Beamr

Beamr (Nasdaq: BMR) is a world leader in content-adaptive video compression, trusted by top media companies including Netflix and Paramount. Beamr’s perceptual optimization technology (CABR) is backed by 53 patents and a winner of Emmy® Award for Technology and Engineering. The innovative technology reduces video file sizes by up to 50% while preserving quality and enabling AI-powered enhancements.

Beamr powers efficient video workflows across high-growth markets, such as media and entertainment, user-generated content, machine learning, and autonomous vehicles. Its flexible deployment options include on-premises, private or public cloud, with convenient availability for Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI) customers.

For more details, please visit www.beamr.com or the investors’ website www.investors.beamr.com and follow us on Linkedin and X.

Forward-Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements in this communication may include, among other things, statements about Beamr’s strategic and business plans, technology, relationships, objectives and expectations for its business, the impact of trends on and interest in its business, intellectual property or product and its future results, operations and financial performance and condition, including statements relating to the Company’s anticipated revenues and other results for the full year 2026, pursuing new growth opportunities across its media and entertainment, AI and autonomous vehicle initiatives and potential opportunities to broaden its engagements with existing and new customers through additional products and services, while continuing to pursue growth across media and entertainment, AI and autonomous vehicles.. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report filed with the SEC on February 26, 2026 and in subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of the date hereof and the Company undertakes no duty to update such information except as required under applicable law.

Investor Contact:

investorrelations@beamr.com

Beamr secured a three-year renewal with a major global streaming platform, representing a significant change from its customary annual renewals. The Company expects 2026 revenues to increase based on existing agreements, renewals and broader business activities.

Herzliya, Israel, Sept. 30, 2026 (GLOBE NEWSWIRE) — Beamr Imaging Ltd. (Nasdaq: BMR), a leader in video optimization technology and solutions, today announced a three-year renewal of its license agreement with a major global streaming platform, extending the agreement through October 2029. The Company expects fiscal year 2026 revenues to be approximately $4.5 million, increasing by approximately $1.5 million, reflecting expected revenue growth of approximately 50% over fiscal year 2025, based on its current expectations regarding existing customer agreements, renewals and broader business activities.

“We believe this multi-year renewal, together with other customer renewals, reflects the continued value and sustainability of Beamr’s technology, expertise and services,” said Sharon Carmel, CEO of Beamr. “Based on our current expectations regarding existing customer agreements, renewals and broader business activities, we currently expect fiscal year 2026 revenues to increase by approximately $1.5 million compared with fiscal year 2025. We believe this renewal enhances our visibility into our anticipated future revenues while we continue to pursue new growth opportunities across our media and entertainment, AI and autonomous vehicle initiatives.”

The renewal supports Beamr’s established media and entertainment business. Beamr also sees potential opportunities to broaden its engagements with existing and new customers through additional products and services, while continuing to pursue growth across media and entertainment, AI and autonomous vehicles.

The revenue guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause the Company’s actual results to differ materially from these forward-looking statements, as well as the Company’s Annual Report on 20-F for the fiscal year ended December 31, 2025, including in “Operating and Financial Review and Prospects” and “Risk Factors”, for further context.

About Beamr

Beamr (Nasdaq: BMR) is a world leader in content-adaptive video compression, trusted by top media companies including Netflix and Paramount. Beamr’s perceptual optimization technology (CABR) is backed by 53 patents and a winner of Emmy® Award for Technology and Engineering. The innovative technology reduces video file sizes by up to 50% while preserving quality and enabling AI-powered enhancements.

Beamr powers efficient video workflows across high-growth markets, such as media and entertainment, user-generated content, machine learning, and autonomous vehicles. Its flexible deployment options include on-premises, private or public cloud, with convenient availability for Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI) customers.

For more details, please visit www.beamr.com or the investors’ website www.investors.beamr.com and follow us on Linkedin and X.

Forward-Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements in this communication may include, among other things, statements about Beamr’s strategic and business plans, technology, relationships, objectives and expectations for its business, the impact of trends on and interest in its business, intellectual property or product and its future results, operations and financial performance and condition, including statements relating to the Company’s anticipated revenues and other results for the full year 2026, pursuing new growth opportunities across its media and entertainment, AI and autonomous vehicle initiatives and potential opportunities to broaden its engagements with existing and new customers through additional products and services, while continuing to pursue growth across media and entertainment, AI and autonomous vehicles.. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report filed with the SEC on February 26, 2026 and in subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of the date hereof and the Company undertakes no duty to update such information except as required under applicable law.

Investor Contact:

investorrelations@beamr.com

• DARPA states that the program, if successful, will fundamentally change the Standard of Care for Treatment Resistant Depression. The Military has recognized that current treatments for depression are not deployable in operational military settings.
• The SPARC-TMS Single Day treatment protocol, which involves the use of Robotic Neuronavigated Transcranial Magnetic Stimulation (TMS) augmented by NRx’s neuroplastic investigational drug NRX-101, is based on a recently completed randomized-controlled trial funded by DARPA and published real world findings of 91% treatment response and 69% remission at 3 months post treatment with traditional TMS + D-cycloserine (an active ingredient of NRX-101).
• If the above results are replicated in the SPARC-TMS trial, it has the potential to serve as an FDA registration study for approval of NRX-101 in conjunction with TMS for people with Treatment Resistant Depression
• NRx Defense Systems is partnered with HOPE Therapeutics (an NRx sister company), Harvard Medical School’s McLean Hospital, Arizona State University, Zeta Surgical Systems, and Neurocare of America.
• Plans are underway to expand the SPARC-TMS trial to leading military hospitals.
• NRx Defense systems is led by a team of former senior military officers and former employees of the Office of the Secretary of Defense with advanced degrees in medicine, psychology, and data science.

MIAMI, Sept. 30, 2026 (GLOBE NEWSWIRE) — NRx Defense Systems, (“NRx Defense”, “NRXD” or “Company” an NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) subsidiary company, today announced the award of an initial $11,177,757.27 contract issued by the Defense Advanced Research Projects Agency, a Branch of the United States Department of War. The underlying clinical trial, the Synaptic Plasticity Augmented Rapid Circuit Stimulation (SPARC-TMS) trial has been approved by the US Food and Drug Administration (www.clinicaltrials.gov NCT07227103) and will now begin enrolling patients.

The SPARC-TMS trial will be conducted at Harvard Medical School’s McLean Hospital, Arizona State University, and HOPE Therapeutics. Several leading military hospitals will also be affiliated with the study.

The focus of SPARC-TMS is to test whether an entire course of TMS delivered in a single day can effectively treat major depressive disorder when combined with mechanism-guided pharmacologic augmentation with NRX-101. TMS is thought to exert its therapeutic effects primarily through synaptic plasticity – the cellular basis of learning and memory. Synaptic plasticity is mediated by NMDA receptors. NRX-101 combines two drugs that may enhance NMDA receptor function through complementary mechanisms: d-cycloserine, an NMDA receptor partial agonist, and lurasidone, which has been shown to increase NMDA receptor expression through 5-HT7 antagonism. The treatment to be tested requires a single day in an outpatient clinic, involves no psychedelic experience or intense supervision, no anesthesia, and can be delivered by a robotic targeting system originally developed for neurosurgery with precision of 1mm or less. The preamble to the DARPA contract states that,

Current treatments for Treatment Resistant Depression … require weeks of daily outpatient treatment, have modest response rates of 30%-50%, and are not easily deployable in military operational settings… The “nearly universally accessible” nature of a validated one-day TMS treatment suggests a large potential for adoption, aiming to change the standard of care.

NRX-101, the investigational drug to be tested in this trial was originally conceived by NRx Pharmaceuticals as a Breakthrough therapy drug for treatment of suicidal bipolar depression and so far has demonstrated a reduction in both suicidality and akathisia compared to lurasidone a standard of care drug approved by the FDA in bipolar depression. The SPARC-TMS trial has the potential to serve as an FDA registration study for the use of NRX-101 in conjunction with TMS for people with Treatment Resistant Depression. a far larger population of patients, estimated at 8.9 million American adults with an estimated $44 Billion burden of illness.¹

Military personnel, veterans, and first responders are known to have substantially elevated rates of depression and suicidality, compared to civilians, an issue that has been addressed by the President of the United States, multiple cabinet-level officials, and numerous public service organizations.

The SPARC-TMS project is based on multiple years of research led by NRXD’s Chief Medical Innovation Officer, Prof. Joshua Brown, MD, PhD, who has pioneered the understanding of the interplay between small molecule drugs for improving neuroplasticity and TMS. Prof. Daniel Javitt, NRx’s co-founder originally reported the role of the NMDA receptor in psychiatric disease in 1987.

NRx Defense Systems was founded as a subsidiary of NRx Pharmaceuticals by Prof. Jonathan Javitt, MD, MPH, CEO and founder of NRXP, Prof. Joshua Brown, MD, PhD, and Dr. Dennis McBride, PhD, (CAPT Medical Service Corps US Navy, Retired, former Senior Executive Leader National Defense University and Office of the Secretary of Defense). Dr. McBride served multiple tours of duty, including scientific leadership roles at six military laboratories and as the first behavioral neuroscientist to be named a DARPA program manager during his highly-decorated Navy career. Their team is augmented by Dr. Martin Goodwin, PhD, a psychologist and data scientist who has just completed a decorated tour of duty as District Commodore for the US Coast Guard Auxiliary.

“I am delighted to unite with my former colleagues at DARPA to reinvent the paradigm for treating depression and suicidality for all Americans,” said Dr. McBride, “During my time at DARPA we advanced cognitive-based artificial intelligence with the ambition to use advanced computational techniques to solve humanity’s greatest challenges. It is inspiring to be part of this AI-empowered mission because it will save countless lives.”

“The chance to see fundamental research mature from my laboratory to a technology that has the potential to save lives and end suffering is the dream of any physician scientist,” said Dr. Brown, “while success is far from guaranteed in any clinical trial, DARPA has a long track record of supporting pioneering efforts with far-reaching impact, and their support gives us the strongest possible foundation for success.

About NRx Defense Systems

NRx Defense Systems (NRXD) is a newly-formed US subsidiary established by NRx Pharmaceuticals, Inc. (Nasdaq:NRXP) to serve as a fully-qualified defense contractor focused on treating causes of death and disability in military personnel, veterans, and first responders. NRXD maintains military grade cybersecurity and personnel security clearances suitable for operating within military and first responder environments. The company is led by medical professionals and scientists who are able to understand disease processes at a molecular and data science level and translate that understanding into technologies that can be deployed rapidly, efficiently, and at scale.

About NRx Pharmaceuticals, Inc.

NRx Pharmaceuticals, Inc. (www.nrxpharma.com), is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal depression, chronic pain, and PTSD. The Company is developing NRX-100 (preservative-free intravenous ketamine) and NRX-101, (oral D-cycloserine/lurasidone). NRX-100 has been awarded Fast Track Designation for the treatment of Suicidal ideation in Depression, including Bipolar Depression. NRX-101 has been awarded Breakthrough Therapy Designation for the treatment of suicidal bipolar depression. NRx has filed an Abbreviated New Drug Application (ANDA), and initiated a New Drug Application filing for NRX-100 with an application for the Commissioner’s National Priority Voucher Program for the treatment of suicidal ideation in patients with depression, including bipolar depression.

Notice Regarding Forward-Looking Statements

The information contained herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “believe,” “intend,” “look forward,” and other similar expressions among others. These statements relate to future events or to the Company’s future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The Company has reported regulatory milestones as they have been achieved but has not predicted the outcome of any future regulatory determination. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, including uncertainties and assumptions relating to the Company’s operations, results of operations, growth strategy, and, among other things, liquidity. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in NRx Pharmaceuticals, Inc.’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. Except as may be required by applicable law, the Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, whether as a result of new information, future events or otherwise.

For further information:

Brian Korb
Managing Partner, astr partners
(917) 653-5122
brian.korb@astrpartners.com

Martin Goodwin, PhD
Chief Operating Officer
inquiries@nrxdefense.com

_____________________

¹ Zhdanava M, Pilon D, Ghelerter I, et al. The prevalence and national burden of treatment-resistant depression and major depressive disorder in the United States. J Clin Psychiatry. 2021;82(2):20m13699.

• DARPA states that the program, if successful, will fundamentally change the Standard of Care for Treatment Resistant Depression. The Military has recognized that current treatments for depression are not deployable in operational military settings.
• The SPARC-TMS Single Day treatment protocol, which involves the use of Robotic Neuronavigated Transcranial Magnetic Stimulation (TMS) augmented by NRx’s neuroplastic investigational drug NRX-101, is based on a recently completed randomized-controlled trial funded by DARPA and published real world findings of 91% treatment response and 69% remission at 3 months post treatment with traditional TMS + D-cycloserine (an active ingredient of NRX-101).
• If the above results are replicated in the SPARC-TMS trial, it has the potential to serve as an FDA registration study for approval of NRX-101 in conjunction with TMS for people with Treatment Resistant Depression
• NRx Defense Systems is partnered with HOPE Therapeutics (an NRx sister company), Harvard Medical School’s McLean Hospital, Arizona State University, Zeta Surgical Systems, and Neurocare of America.
• Plans are underway to expand the SPARC-TMS trial to leading military hospitals.
• NRx Defense systems is led by a team of former senior military officers and former employees of the Office of the Secretary of Defense with advanced degrees in medicine, psychology, and data science.

MIAMI, Sept. 30, 2026 (GLOBE NEWSWIRE) — NRx Defense Systems, (“NRx Defense”, “NRXD” or “Company” an NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) subsidiary company, today announced the award of an initial $11,177,757.27 contract issued by the Defense Advanced Research Projects Agency, a Branch of the United States Department of War. The underlying clinical trial, the Synaptic Plasticity Augmented Rapid Circuit Stimulation (SPARC-TMS) trial has been approved by the US Food and Drug Administration (www.clinicaltrials.gov NCT07227103) and will now begin enrolling patients.

The SPARC-TMS trial will be conducted at Harvard Medical School’s McLean Hospital, Arizona State University, and HOPE Therapeutics. Several leading military hospitals will also be affiliated with the study.

The focus of SPARC-TMS is to test whether an entire course of TMS delivered in a single day can effectively treat major depressive disorder when combined with mechanism-guided pharmacologic augmentation with NRX-101. TMS is thought to exert its therapeutic effects primarily through synaptic plasticity – the cellular basis of learning and memory. Synaptic plasticity is mediated by NMDA receptors. NRX-101 combines two drugs that may enhance NMDA receptor function through complementary mechanisms: d-cycloserine, an NMDA receptor partial agonist, and lurasidone, which has been shown to increase NMDA receptor expression through 5-HT7 antagonism. The treatment to be tested requires a single day in an outpatient clinic, involves no psychedelic experience or intense supervision, no anesthesia, and can be delivered by a robotic targeting system originally developed for neurosurgery with precision of 1mm or less. The preamble to the DARPA contract states that,

Current treatments for Treatment Resistant Depression … require weeks of daily outpatient treatment, have modest response rates of 30%-50%, and are not easily deployable in military operational settings… The “nearly universally accessible” nature of a validated one-day TMS treatment suggests a large potential for adoption, aiming to change the standard of care.

NRX-101, the investigational drug to be tested in this trial was originally conceived by NRx Pharmaceuticals as a Breakthrough therapy drug for treatment of suicidal bipolar depression and so far has demonstrated a reduction in both suicidality and akathisia compared to lurasidone a standard of care drug approved by the FDA in bipolar depression. The SPARC-TMS trial has the potential to serve as an FDA registration study for the use of NRX-101 in conjunction with TMS for people with Treatment Resistant Depression. a far larger population of patients, estimated at 8.9 million American adults with an estimated $44 Billion burden of illness.¹

Military personnel, veterans, and first responders are known to have substantially elevated rates of depression and suicidality, compared to civilians, an issue that has been addressed by the President of the United States, multiple cabinet-level officials, and numerous public service organizations.

The SPARC-TMS project is based on multiple years of research led by NRXD’s Chief Medical Innovation Officer, Prof. Joshua Brown, MD, PhD, who has pioneered the understanding of the interplay between small molecule drugs for improving neuroplasticity and TMS. Prof. Daniel Javitt, NRx’s co-founder originally reported the role of the NMDA receptor in psychiatric disease in 1987.

NRx Defense Systems was founded as a subsidiary of NRx Pharmaceuticals by Prof. Jonathan Javitt, MD, MPH, CEO and founder of NRXP, Prof. Joshua Brown, MD, PhD, and Dr. Dennis McBride, PhD, (CAPT Medical Service Corps US Navy, Retired, former Senior Executive Leader National Defense University and Office of the Secretary of Defense). Dr. McBride served multiple tours of duty, including scientific leadership roles at six military laboratories and as the first behavioral neuroscientist to be named a DARPA program manager during his highly-decorated Navy career. Their team is augmented by Dr. Martin Goodwin, PhD, a psychologist and data scientist who has just completed a decorated tour of duty as District Commodore for the US Coast Guard Auxiliary.

“I am delighted to unite with my former colleagues at DARPA to reinvent the paradigm for treating depression and suicidality for all Americans,” said Dr. McBride, “During my time at DARPA we advanced cognitive-based artificial intelligence with the ambition to use advanced computational techniques to solve humanity’s greatest challenges. It is inspiring to be part of this AI-empowered mission because it will save countless lives.”

“The chance to see fundamental research mature from my laboratory to a technology that has the potential to save lives and end suffering is the dream of any physician scientist,” said Dr. Brown, “while success is far from guaranteed in any clinical trial, DARPA has a long track record of supporting pioneering efforts with far-reaching impact, and their support gives us the strongest possible foundation for success.

About NRx Defense Systems

NRx Defense Systems (NRXD) is a newly-formed US subsidiary established by NRx Pharmaceuticals, Inc. (Nasdaq:NRXP) to serve as a fully-qualified defense contractor focused on treating causes of death and disability in military personnel, veterans, and first responders. NRXD maintains military grade cybersecurity and personnel security clearances suitable for operating within military and first responder environments. The company is led by medical professionals and scientists who are able to understand disease processes at a molecular and data science level and translate that understanding into technologies that can be deployed rapidly, efficiently, and at scale.

About NRx Pharmaceuticals, Inc.

NRx Pharmaceuticals, Inc. (www.nrxpharma.com), is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal depression, chronic pain, and PTSD. The Company is developing NRX-100 (preservative-free intravenous ketamine) and NRX-101, (oral D-cycloserine/lurasidone). NRX-100 has been awarded Fast Track Designation for the treatment of Suicidal ideation in Depression, including Bipolar Depression. NRX-101 has been awarded Breakthrough Therapy Designation for the treatment of suicidal bipolar depression. NRx has filed an Abbreviated New Drug Application (ANDA), and initiated a New Drug Application filing for NRX-100 with an application for the Commissioner’s National Priority Voucher Program for the treatment of suicidal ideation in patients with depression, including bipolar depression.

Notice Regarding Forward-Looking Statements

The information contained herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “believe,” “intend,” “look forward,” and other similar expressions among others. These statements relate to future events or to the Company’s future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The Company has reported regulatory milestones as they have been achieved but has not predicted the outcome of any future regulatory determination. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, including uncertainties and assumptions relating to the Company’s operations, results of operations, growth strategy, and, among other things, liquidity. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in NRx Pharmaceuticals, Inc.’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. Except as may be required by applicable law, the Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, whether as a result of new information, future events or otherwise.

For further information:

Brian Korb
Managing Partner, astr partners
(917) 653-5122
brian.korb@astrpartners.com

Martin Goodwin, PhD
Chief Operating Officer
inquiries@nrxdefense.com

_____________________

¹ Zhdanava M, Pilon D, Ghelerter I, et al. The prevalence and national burden of treatment-resistant depression and major depressive disorder in the United States. J Clin Psychiatry. 2021;82(2):20m13699.

Excuse Tequila Diamond Edition enters U.S. distribution as Company advances Excuse Mixers, Mr. Cliff’s Premium Bourbon and key corporate initiatives

LOS ANGELES, Sept. 30, 2026 (GLOBE NEWSWIRE) — Chilco River Holdings, Inc. (OTCID: CRVH) (“Chilco River” or the “Company”), a beverage alcohol holding company focused on premium tequila, bourbon and ready-to-drink (“RTD”) spirits, today provided shareholders with an update on recent operational progress and the Company’s near-term commercialization priorities.

Building the Foundation for Commercial Growth

Over the past year, Chilco River has continued its transition into a focused beverage alcohol holding company built around a portfolio of premium consumer brands spanning tequila, bourbon and ready-to-drink cocktails.

Management’s strategy has centered on establishing the operational foundation necessary for sustainable commercialization: completing production, securing required regulatory approvals, establishing distribution relationships, developing direct-to-consumer capabilities and concentrating resources in select strategic markets.

With production of Excuse Tequila Diamond Edition now complete and initial U.S. distribution underway, the Company believes it has reached an important stage in that strategy as its focus increasingly shifts from product development toward commercialization, distribution and consumer adoption.

Chilco River intends to concentrate initially on key markets including Texas, Illinois and California, while building the distribution, marketing and e-commerce infrastructure necessary to support additional expansion nationally.

Excuse Tequila Diamond Edition

Production of Excuse Tequila Diamond Edition has been completed through the Company’s distillery partner in the highlands of Jalisco, Mexico.

The product has secured required regulatory approvals, including U.S. federal label approval and authorization from the Texas Alcoholic Beverage Commission (“TABC”) for sale within Texas.

Importation and initial U.S. distribution are now underway, beginning with the Houston market.

The Company is actively developing and evaluating distribution relationships within its previously announced target markets of Houston, Chicago and Los Angeles as it builds the commercial footprint for the brand.

In parallel, a dedicated Excuse Tequila e-commerce platform is nearing completion and is expected to provide an additional direct-to-consumer channel for eligible consumers across the continental United States, subject to applicable state and local regulations.

Management believes the combination of targeted distributor relationships and e-commerce will provide the Company with multiple avenues for building brand awareness and expanding consumer access.

Excuse Mixers

Chilco River continues to advance the planned commercial launch of its Excuse Mixers ready-to-drink cocktail portfolio.

Manufacturing of the product containers has been completed, and labels for the Company’s four planned launch flavors — Margarita, Strawberry Margarita, Paloma and Purple Punch — have been submitted to the Alcohol and Tobacco Tax and Trade Bureau (“TTB”) for approval.

Following required regulatory approvals, the Company expects to proceed with final label assembly and co-packing as it prepares the products for commercial launch.

Management views the mixer line as an important complement to the Company’s broader beverage portfolio and an additional opportunity to reach consumers across multiple product categories and price points.

Mr. Cliff’s Premium Bourbon

Mr. Cliff’s Premium Bourbon continues to build its presence in Texas through consumer events, tastings and market-development activities.

The Company has also completed a new premium label design for the brand, which is expected to be submitted to the TTB for regulatory approval.

These initiatives are intended to position Mr. Cliff’s for expanded commercial activity while allowing the Company to continue building brand recognition within a targeted initial market.

Corporate and Capital Markets Initiatives

In addition to advancing its operating businesses, Chilco River continues to work on several corporate initiatives intended to strengthen the Company’s public-market infrastructure and shareholder communications.

The Company’s Form 211 process under Rule 15c2-11 and its PCAOB audit remain underway and continue to progress.

Chilco River is also developing updated corporate and brand websites, expanded social-media channels and improved digital communications designed to provide consumers, business partners and shareholders with greater access to Company and brand information.

Management intends to provide additional updates as material milestones are achieved.

Management Commentary

“Over the past year, our objective has been to turn the foundation we have built into tangible commercial progress,” said Will Lovett, Chief Executive Officer of Chilco River Holdings.

“Excuse Tequila Diamond Edition has moved from development through production and regulatory approval and is now entering U.S. distribution. At the same time, Excuse Mixers and Mr. Cliff’s continue moving through the steps required for broader commercialization.”

Lovett continued, “Our focus remains disciplined execution. We believe building these brands market by market, while simultaneously strengthening our corporate and public-market infrastructure, provides the appropriate foundation for the next stage of Chilco River’s development. We look forward to providing shareholders with additional updates as these initiatives advance.”

About Chilco River Holdings, Inc.

Chilco River Holdings, Inc. (OTCID: CRVH) is a beverage alcohol holding company focused on the acquisition, development, marketing and distribution of premium alcohol brands, including tequila, bourbon and ready-to-drink cocktails.

The Company’s strategy centers on developing a diversified portfolio of consumer-focused beverage brands through disciplined market expansion, strategic distribution relationships, direct-to-consumer capabilities and selective partnerships.

Shareholders and prospective investors are encouraged to review the Company’s filings and public disclosures available through OTC Markets.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding distribution expansion, e-commerce capabilities, regulatory approvals, anticipated product launches, commercialization initiatives, corporate filings and other future business activities.

Forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Forward-looking statements speak only as of the date of this release, and the Company undertakes no obligation to update such statements except as required by applicable law.

Contact

Chilco River Holdings, Inc.
Phone: 1-800-421-6581
Email: info@chilcoriver.com
Website: www.chilcoriver.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e8ce770e-0141-4e32-a90f-cd0cc1069d95

Excuse Tequila Diamond Edition enters U.S. distribution as Company advances Excuse Mixers, Mr. Cliff’s Premium Bourbon and key corporate initiatives

LOS ANGELES, Sept. 30, 2026 (GLOBE NEWSWIRE) — Chilco River Holdings, Inc. (OTCID: CRVH) (“Chilco River” or the “Company”), a beverage alcohol holding company focused on premium tequila, bourbon and ready-to-drink (“RTD”) spirits, today provided shareholders with an update on recent operational progress and the Company’s near-term commercialization priorities.

Building the Foundation for Commercial Growth

Over the past year, Chilco River has continued its transition into a focused beverage alcohol holding company built around a portfolio of premium consumer brands spanning tequila, bourbon and ready-to-drink cocktails.

Management’s strategy has centered on establishing the operational foundation necessary for sustainable commercialization: completing production, securing required regulatory approvals, establishing distribution relationships, developing direct-to-consumer capabilities and concentrating resources in select strategic markets.

With production of Excuse Tequila Diamond Edition now complete and initial U.S. distribution underway, the Company believes it has reached an important stage in that strategy as its focus increasingly shifts from product development toward commercialization, distribution and consumer adoption.

Chilco River intends to concentrate initially on key markets including Texas, Illinois and California, while building the distribution, marketing and e-commerce infrastructure necessary to support additional expansion nationally.

Excuse Tequila Diamond Edition

Production of Excuse Tequila Diamond Edition has been completed through the Company’s distillery partner in the highlands of Jalisco, Mexico.

The product has secured required regulatory approvals, including U.S. federal label approval and authorization from the Texas Alcoholic Beverage Commission (“TABC”) for sale within Texas.

Importation and initial U.S. distribution are now underway, beginning with the Houston market.

The Company is actively developing and evaluating distribution relationships within its previously announced target markets of Houston, Chicago and Los Angeles as it builds the commercial footprint for the brand.

In parallel, a dedicated Excuse Tequila e-commerce platform is nearing completion and is expected to provide an additional direct-to-consumer channel for eligible consumers across the continental United States, subject to applicable state and local regulations.

Management believes the combination of targeted distributor relationships and e-commerce will provide the Company with multiple avenues for building brand awareness and expanding consumer access.

Excuse Mixers

Chilco River continues to advance the planned commercial launch of its Excuse Mixers ready-to-drink cocktail portfolio.

Manufacturing of the product containers has been completed, and labels for the Company’s four planned launch flavors — Margarita, Strawberry Margarita, Paloma and Purple Punch — have been submitted to the Alcohol and Tobacco Tax and Trade Bureau (“TTB”) for approval.

Following required regulatory approvals, the Company expects to proceed with final label assembly and co-packing as it prepares the products for commercial launch.

Management views the mixer line as an important complement to the Company’s broader beverage portfolio and an additional opportunity to reach consumers across multiple product categories and price points.

Mr. Cliff’s Premium Bourbon

Mr. Cliff’s Premium Bourbon continues to build its presence in Texas through consumer events, tastings and market-development activities.

The Company has also completed a new premium label design for the brand, which is expected to be submitted to the TTB for regulatory approval.

These initiatives are intended to position Mr. Cliff’s for expanded commercial activity while allowing the Company to continue building brand recognition within a targeted initial market.

Corporate and Capital Markets Initiatives

In addition to advancing its operating businesses, Chilco River continues to work on several corporate initiatives intended to strengthen the Company’s public-market infrastructure and shareholder communications.

The Company’s Form 211 process under Rule 15c2-11 and its PCAOB audit remain underway and continue to progress.

Chilco River is also developing updated corporate and brand websites, expanded social-media channels and improved digital communications designed to provide consumers, business partners and shareholders with greater access to Company and brand information.

Management intends to provide additional updates as material milestones are achieved.

Management Commentary

“Over the past year, our objective has been to turn the foundation we have built into tangible commercial progress,” said Will Lovett, Chief Executive Officer of Chilco River Holdings.

“Excuse Tequila Diamond Edition has moved from development through production and regulatory approval and is now entering U.S. distribution. At the same time, Excuse Mixers and Mr. Cliff’s continue moving through the steps required for broader commercialization.”

Lovett continued, “Our focus remains disciplined execution. We believe building these brands market by market, while simultaneously strengthening our corporate and public-market infrastructure, provides the appropriate foundation for the next stage of Chilco River’s development. We look forward to providing shareholders with additional updates as these initiatives advance.”

About Chilco River Holdings, Inc.

Chilco River Holdings, Inc. (OTCID: CRVH) is a beverage alcohol holding company focused on the acquisition, development, marketing and distribution of premium alcohol brands, including tequila, bourbon and ready-to-drink cocktails.

The Company’s strategy centers on developing a diversified portfolio of consumer-focused beverage brands through disciplined market expansion, strategic distribution relationships, direct-to-consumer capabilities and selective partnerships.

Shareholders and prospective investors are encouraged to review the Company’s filings and public disclosures available through OTC Markets.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding distribution expansion, e-commerce capabilities, regulatory approvals, anticipated product launches, commercialization initiatives, corporate filings and other future business activities.

Forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Forward-looking statements speak only as of the date of this release, and the Company undertakes no obligation to update such statements except as required by applicable law.

Contact

Chilco River Holdings, Inc.
Phone: 1-800-421-6581
Email: info@chilcoriver.com
Website: www.chilcoriver.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e8ce770e-0141-4e32-a90f-cd0cc1069d95

BOSTON, Sept. 30, 2026 (GLOBE NEWSWIRE) — Tiziana Life Sciences, Ltd. (Nasdaq: TLSA) (“Tiziana” or the “Company”), a biotechnology company developing breakthrough immunomodulation therapies with its lead development candidate, intranasal foralumab, a fully human, anti-CD3 monoclonal antibody, today announced that it has submitted a request to the U.S. Food and Drug Administration (FDA) for Orphan Drug Designation for intranasal foralumab for the treatment of Multiple System Atrophy (MSA).

MSA is a rare, rapidly progressive neurodegenerative disorder that affects autonomic functions (such as blood pressure and bladder control) and motor control, leading to severe disability and shortened life expectancy. There are currently no FDA-approved disease-modifying therapies for MSA. The disease has a mean incidence in the U.S. of approximately 0.6 per 100,000 person-years, rising to about 3 per 100,000 in those aged 50 and older, with prevalence estimates of roughly 1.9–4.9 per 100,000 worldwide. Median survival is typically 6–9 years. Neuroinflammation and microglial activation are increasingly recognized as key contributors to MSA pathogenesis.

Orphan Drug Designation is granted by the FDA to drugs or biologics intended to treat rare diseases or conditions affecting fewer than 200,000 people in the United States. The FDA’s Office of Orphan Products Development (OOPD) aims to complete its review of an orphan drug designation (ODD) request within 90 days of receipt. If granted, the designation would provide potential benefits including seven years of market exclusivity upon approval, tax credits for qualified clinical testing, waiver of certain FDA application fees, and eligibility for protocol assistance.

Tiziana is currently evaluating intranasal foralumab in a Phase 2a open-label clinical trial (ClinicalTrials.gov Identifier: NCT06868628) in patients with MSA. The six-month study is designed to assess effects on microglial activation (via PET imaging), clinical outcomes, and safety. Foralumab is administered via nasal spray across eight 3-week dosing cycles. The Phase 2a trial is being conducted within the MyTrial Program at Brigham and Women’s Hospital in Boston under the leadership of Principal Investigator Vikram Khurana, MD, PhD, Tracy T. Batchelor Endowed Chair and Division Chief of Movement Disorders at Mass General Brigham.

Dr Khurana commented: “Multiple system atrophy remains one of the most challenging neurodegenerative diseases we face, with rapid progression and no approved therapies that alter its course. The growing recognition of neuroinflammation and microglial activation as central drivers of MSA pathology makes intranasal foralumab a particularly compelling candidate. By harnessing the immune system’s regulatory pathways in a targeted, non-systemic way, this approach has the potential to address a critical unmet need. The ongoing clinical study, which includes PET imaging of microglial activity, will provide important early insights into whether this strategy can meaningfully impact the disease process.”

Ivor Elrifi, Chief Executive Officer of Tiziana Life Sciences, commented: “Filing for Orphan Drug Designation for intranasal foralumab in MSA represents an important regulatory step as we advance this novel therapy for patients facing a devastating disease with no approved disease-modifying options. Foralumab administered intranasally induces regulatory T cells and modulates T-cell-driven inflammation. Its ability to reduce microglial activation offers a promising strategy to slow neuronal damage in neuroinflammatory and neurodegenerative conditions including MSA. This non-systemic approach is designed to promote immune tolerance while minimizing systemic immune suppression.”

About Foralumab
Foralumab, a fully human anti-CD3 monoclonal antibody, is a biological drug candidate that has been shown to stimulate T regulatory cells when dosed intranasally. At present, 14 patients with Non-Active Secondary Progressive Multiple Sclerosis (na-SPMS) have been dosed in an open-label intermediate sized Expanded Access (EA) Program (NCT06802328) with either an improvement or stability of disease seen within 6 months in all patients. In addition, intranasal foralumab is currently being studied in a Phase 2a, randomized, double-blind, placebo-controlled, multicenter, dose-ranging trial in patients with non-active secondary progressive multiple sclerosis (NCT06292923), as well as additional Phase 2 trials in AD and MSA.

Intranasal foralumab is the only fully human anti-CD3 monoclonal antibody (mAb) currently in clinical development. Immunomodulation by intranasal foralumab represents a novel avenue for the treatment of neuroinflammatory and neurodegenerative human diseases.^[1],[2]

About Tiziana Life Sciences

Tiziana Life Sciences is a clinical-stage biopharmaceutical company developing breakthrough therapies using transformational drug delivery technologies to enable alternative routes of immunotherapy. Tiziana’s innovative intranasal approach has the potential to provide an improvement in efficacy as well as safety and tolerability compared to intravenous (IV) delivery. Tiziana’s lead candidate, intranasal foralumab, which is the only fully human anti-CD3 mAb currently in clinical development, has demonstrated a favorable safety profile and clinical response in patients in studies to date. Tiziana’s technology for alternative routes of immunotherapy has been patented with several applications pending and is expected to allow for broad pipeline applications.

For more information about Tiziana Life Sciences and its innovative pipeline of therapies, please visit www.tizianalifesciences.com.

Forward-Looking Statements

Statements in this press release may be “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, that concern matters that involve risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in the forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as ‘anticipates,’ ‘expects,’ ‘intends,’ ‘plans,’ ‘believes,’ ‘seeks,’ ‘estimates,’ and similar expressions are intended to identify forward-looking statements. These forward-looking statements reflect the current beliefs and expectations of Tiziana’s management and include statements regarding the closing of the Offering. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company’s control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled ‘Risk Factors’ in Tiziana’s Annual Report on Form 20-F for the year ended December 31, 2025, and other periodic reports filed with the SEC from time to time. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

For further inquiries:

Tiziana Life Sciences Ltd
Paul Spencer, Business Development, and Investor Relations
+44 (0) 207 495 2379
email: info@tizianalifesciences.com

[1] https://www.pnas.org/doi/10.1073/pnas.2220272120
[2] https://www.pnas.org/doi/10.1073/pnas.2309221120