Intelligent Bio Solutions Inc. Announces Exercise of Previously Issued Warrants for $1.77 Million in Gross Proceeds

Bio Solutions Inc. Announces Exercise of Previously Issued Warrants for $1.77 Million in Gross Proceeds

YORK, February 05, 2024 - Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"),

a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced an agreement between the

Company and several current warrant holders to exercise certain existing Series E Warrants (the "Existing Warrants") to purchase

up to an aggregate of 606,064 shares of common stock that were issued on October 4, 2023, in an underwritten public offering. The Existing

Warrants have an exercise price of $2.9232 per share.

shares of common stock issuable upon exercise of the Existing Warrants are registered pursuant to a registration statement that was filed

and declared effective by the Securities and Exchange Commission (the "SEC"). The gross proceeds to the Company from the

exercise of the Existing Warrants are expected to be approximately $1.77 million prior to deducting placement agent fees and estimated

consideration for the immediate exercise of the Existing Warrants for cash, the exercising holders will receive new unregistered warrants

(the "Replacement Warrants") to purchase shares of common stock in a private placement pursuant to Section 4(a)(2) of the

Securities Act of 1933, as amended (the "1933 Act"). The Replacement Warrants will be exercisable into an aggregate of up

to 606,064 shares of common stock, at an exercise price of $4.50 per share, and a term of exercise equal to five-and-one-half years from

Company intends to use the net proceeds from the offering for working capital and general corporate purposes.

Thalmann & Co. Inc. acted as the exclusive placement agent for the warrant exercise transaction.

Replacement Warrants described above were offered in a private placement pursuant to an applicable exemption from the registration requirements

of the 1933 Act and, along with the shares of common stock issuable upon their exercise, have not been registered under the 1933 Act,

and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration

requirements. The securities were offered only to accredited investors. The Company has agreed to file a registration statement with

the SEC covering the resale of the shares of common stock issuable upon exercise of the Replacement Warrants.

press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities

in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the

securities laws of any such jurisdiction.

Intelligent Bio Solutions Inc.

Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company delivering innovative, rapid, non-invasive testing solutions. The Company

believes that its Intelligent Fingerprinting Drug Screening System will revolutionize portable testing through fingerprint sweat analysis,

which has the potential for broader applications in additional fields. Designed as a hygienic and cost-effective system, the test screens

for recent use of drugs commonly found in the workplace, including opiates, cocaine, methamphetamine, and cannabis. With sample collection

in seconds and results in under ten minutes, this technology would be a valuable tool for employers in safety-critical industries. Additionally,

the Company's biosensor platform has the potential to test for up to 130 indications, ranging from glucose to immunological conditions

and communicable diseases. The Company's current customer segments include construction, manufacturing and engineering, transport

and logistics firms, drug treatment organizations, and coroners.

For more information, visit: http://www.ibs.inc/

of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section

21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties.

Forward-looking statements in this press release include, without limitation, Intelligent Bio Solutions Inc.'s ability to successfully

develop and commercialize its drug and diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure

regulatory approvals, among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected in such forward-looking

statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or

implied by such forward-looking statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking statements by terminology,

including "believes," "estimates," "anticipates," "expects," "plans," "projects,"

"intends," "potential," "may," "could," "might," "will," "should,"

"approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements.

These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, included in Intelligent

Bio Solutions' public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this

release speak only as of its date. Intelligent Bio Solutions undertakes no obligation to update any forward-looking statements contained

in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.