Toronto, Ontario – TheNewswire - December 22, 2023 - A-Labs Capital V Corp. (TSXV:ALBA.P) (the "Company"), a capital pool company (“CPC”) listed on the TSX Venture Exchange (the “Exchange”), announces that Yosef Shemesh has resigned from his role as director and Chief Financial Officer of the Company.

Subsequent to Mr. Shemesh’s resignation, the board of directors now consists of Rita Alter, Wayne Miller, Jason Saltzman and Hillar Lilles. Subject to the approval of the Exchange, Mr. Noah Herscovici has been appointed as the Chief Financial Officer of the Company, replacing Mr. Shemesh. The audit committee will now be composed of Mr. Jason Saltzman, Mr. Hillar Lillies, and Ms. Rita Alter.

Mr. Noah Herscovici is a finance and business specialist with a successful track record as an advisor to companies in varying industries, leading, and executing strategic transformation projects and complex transactions, such as: M&A (mergers, divestitures, acquisitions, cross border); equity transactions (IPO’s, PIPE’s, secondary offerings); debt structures (investment grade, high-yield, convertibles); venture investments; and financial restructuring transactions. Mr. Herscovici has also held roles focusing on business growth, improving operational performance and corporate governance processes.

In connection with Mr. Herscovici’s appointment as Chief Financial Officer, Mr. Herscovici has subscribed for 100,000 common shares of the Company, on a private placement basis, at a price of $0.05 per common share for gross proceeds of CAD$5,000 ("Private Placement"). Post financing, the Company has 6,751,281 common shares issued and outstanding. The proceeds from the Private Placement are expected to be used for, among other things, working capital, general, administrative, and/or other corporate purposes. All common shares issued under the Private Placement are subject to a four-month hold period and subject to escrow under applicable Canadian securities legislation and stock exchange policy. No commission or finder’s fees have been paid in connection with the Private Placement.

The Company continues to focus on the identification and evaluation of assets or a business with a view to the negotiation of an acquisition or the participation in a business in order to satisfy the conditions of a Qualifying Transaction, as defined under the policies of the Exchange.

For further information, please contact:

Rita Alter
Chief Executive Officer & Secretary
Telephone: (972) 545-4914
E-mail: rita@alabs.co

NEITHER THE TSX VENTURE EXCHANGE INC. NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.