Intelligent Bio Solutions Inc. Reports First Quarter Ending

Bio Solutions Inc. Reports First Quarter Ending September 30, 2022, Preliminary Financial Results and Recent Business Highlights

Acquired Intelligent Fingerprinting Limited and its proprietary drugs of abuse screening technology -

Announced new additions to Board of Directors and name change to Intelligent Bio Solutions Inc. -

Company to host conference call & webcast today at 4:30 p.m. ET -

York, NY, November 9, 2022 - Intelligent Bio Solutions Inc. ("Intelligent Bio Solutions" or the "Company")

(Nasdaq: INBS), a life sciences company developing and delivering intelligent, non-invasive, real-time testing solutions, today announced

its preliminary financial results for the first financial quarter ended September 30, 2022 and provided a business update. Management

will host a webcast and conference call at 4:30 p.m. ET today.

reflected in our name change to Intelligent Bio Solutions, this last quarter represents a sea change in the growth and evolution of the

Company with the highly synergistic acquisition of Intelligent Fingerprinting Limited ("IFP") with its proprietary and already

well-established technology for on-site drugs of abuse testing," stated Harry Simeonidis as Chief Executive Officer of Intelligent

Bio Solutions. "Combining the two businesses presents an exceptional opportunity to benefit from each other's unique expertise

and functional strengths. IFP brings a proven ability to commercialize and grow novel diagnostic products, which fits exceptionally well

with our extensive regulatory experience. Similarly, IFP's successful establishment of a manufacturing facility in the UK will

be invaluable as we ramp up operations at our new facility in Newcastle, Australia. R&D teams are already integrating and exploring

the depth and breadth of saliva- and sweat-based testing for a broad array of potential additional test substrates, including hormones,

infectious diseases, oncology, and fertility among others."

Quarter Highlights, Recent Operational Developments

Partnerships & Pipeline Development

Jason Isenberg currently serves as Assistant General Counsel for RFA Management Company, LLC in Atlanta, Georgia, where he advises a

large, endowment-style portfolio in matters including corporate governance, corporate and real estate transactions, business operations,

employment law and risk mitigation. Jason successfully negotiated strategic transactions exceeding $500,000,000. He obtained his Bachelor

of Arts from the University of Maryland and his juris doctor from New England Law in Boston.

Events and Targeted Milestones for the Coming Fiscal Year

studies, together, are intended to refine saliva collection protocols and enhance the Biosensor performance as we finalize product design

and shift from R&D to manufacturing.

Quarter Ended September 30, 2022, Financial Results

of September 30, 2022, the Company's cash, cash equivalents and marketable securities totaled approximately $5.74 million, compared

to approximately $8.24 million on June 30, 2022.

major components of outflows were expenditure relating to the proposed pilot manufacturing facility in Newcastle, reduction in current

liabilities from June 2022, exchange rate losses from conversion of foreign currency balances to USD, and general overhead.

the quarter ended, September 30, 2022, the Company had a preliminary net loss of $1.21 million or $0.08 per share compared to a net loss

of $1.43 million or $0.10 per share for same period the prior year. This decrease in loss is primarily due to more government support

income recognised on the current period compared to same period the prior year.

support income was $0.31 million compared to $0.00 for the quarter ended September 30, 2022 and 2021 respectively. This is the result

of increased qualifying expenditure incurred in setting up of the pilot manufacturing facility.

Company is of the view that based on the current operating plan and financial resources, its cash, cash equivalents and marketable securities

as of September 30, 2022, will be sufficient to cover expenses and capital requirements into the first half of calendar year 2023. This

cash runway forecast does not incorporate revenue from planned new markets for the IFP product, nor the potential exercise of the glucose

North American license option agreement.

webcast should be accessed 15 minutes prior to the conference call start time.

A replay of the webcast will be available following the conclusion of the live broadcast and will be accessible on the IR section of

the Company's website.

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 consummate the proposed transaction described in this press release, develop and commercialize its 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.

Intelligent Bio Solutions Inc.

Bio Solutions Inc. is a life sciences company developing and delivering intelligent, non-invasive, real-time testing solutions to customers

globally. With its world-first Biosensor Platform, Intelligent Bio Solutions is developing and launching diagnostic tests urgently needed

to help people living with chronic disease. In addition, through its recent acquisition of Intelligent Fingerprinting, the company is

the world leader in the advancement of portable drugs of abuse testing through the analysis of fingerprint sweat. The system is a platform

technology with potential applications in many areas of diagnostics, and its advantages include being non-invasive, hygienic, fast, and

cost-effective. The top selling product screens for recent use of the most commonly taken drugs in workplace settings; opioids, cocaine,

methamphetamine, and marijuana. Sample collection takes just seconds, with results in ten minutes. Customers include employers in safety-critical

industries such as construction, transport and logistics firms, drug treatment organizations, as well as UK coroners. A laboratory confirmation

service is also available.

Arzeno - Vice President of IR & Communications

PRELIMINARY CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

PRELIMINARY CONSOLIDATED BALANCE SHEETS