QUIPT ANNOUNCES EXECUTION OF LOI TO ACQUIRE LEADING RESPIRATORY SUPPLIER WITH APPROXIMATELY $13 MILLION IN ANNUALIZED REVENUE AND $1.6 MILLION IN NET INCOME AND PROVIDES OUTLOOK FOR 2022 CALENDAR END RUN-RATE OF $180-$19

QUIPT ANNOUNCES EXECUTION OF LOI TO ACQUIRE

LEADING RESPIRATORY SUPPLIER

WITH APPROXIMATELY $13 MILLION IN ANNUALIZED REVENUE AND $1.6 MILLION IN NET

INCOME AND PROVIDES OUTLOOK

FOR 2022 CALENDAR END RUN-RATE OF $180-$190 MILLION

WITH $38-$43 MILLION IN ADJUSTED EBITDA

TARGET IS LOCATED AND SERVICES A MAJOR METRO

HUB IN THE MIDWESTERN UNITED

STATES AND WOULD ADD OVER 15,000 ACTIVE PATIENTS

Cincinnati, Ohio - November 16, 2021

- Quipt Home Medical Corp. ("Quipt" or the "Company") (NASDAQ:QIPT; TSXV:QIPT), a U.S. based

leader in the home medical equipment industry, focused on end-to-end respiratory care, is very pleased to announce it has executed a non-binding

letter of intent (the "LOI") today to acquire an arm's length private respiratory care company in the Midwestern

United States reporting unaudited trailing 12-month annual revenues of approximately $13 million, $1.6 million in net income, and positive

Adjusted EBITDA. The Company is also pleased to provide an outlook for 2022 calendar end.

The target has a heavily weighted respiratory

product mix, serving as a leader in the respiratory home care services space for over 25 years in a major metropolitan hub within a Midwestern

U.S. state. The target has several difficult to obtain insurance contracts and would significantly enhance Quipt's presence in the

Midwest with a new location, covering an entire service area of a major metro hub. The target would be expected to increase Quipt's

active patient count by over 15,000, which would bring Quipt's total to approximately 170,000 active patients. The target has a

strong management team in place, and like Quipt, the target offers high-quality service, equipment, and supplies.

Moreover, the target has great diversification

amongst referral sources, and a very strong and diversified payor base resulting in long recurring revenue cycles which fit hand in hand

with Quipt's business model. Furthermore, the target does not have current exposure to ventilation therapy, providing Quipt a significant

growth opportunity to introduce its clinical ventilation therapy program as well as complimentary clinical respiratory products and services.

In addition, the target would add patients to Quipt's existing subscription-based resupply program, and Quipt expects that it would

derive strong revenue synergies from this initiative.

According to the LOI, Quipt expects to close the

acquisition for cash at a reasonable multiple that would immediately be accretive to Quipt's Adjusted EBITDA and net income. As

part of the proposed acquisition the Company would not assume any long term debt of the target. Closing of the acquisition is subject

to final due diligence, final negotiation and execution of a definitive purchase agreement, all closing conditions being satisfied or

waived and all necessary approvals and is expected to occur within the next 60 days.

The acquisition would be expected to increase

Quipt's annual revenues by approximately $13 million and $1.6 million in net income. Leveraging existing infrastructure, Quipt would

expect to achieve additional revenue generated from organic growth, cross selling and corporate synergies.

Outlook for Calendar End 2022 (Fiscal Q1

Based on the current business, market trends and

completed and prospective acquisitions, the Company is providing guidance for its run-rate revenue for end of calendar 2022 (fiscal Q1

2023) of $180 to $190 million with $38-$43 million in Adjusted EBITDA (defined below).

Management Commentary

"This is an extremely exciting growth period

for Quipt as we see continued acceleration within the existing business and a plethora of strategic acquisition opportunities that we

hope will help us scale into attractive markets across the United States," said Greg Crawford, Chairman and CEO of Quipt. "This

acquisition target is very powerful as it services a significant metro hub in the Midwest and after closing, we plan on quickly integrating

their business operations and leveraging the Company's payor contracts across our existing Midwest locations. We anticipate that this

acquisition would be immediately accretive to Quipt's Adjusted EBITDA, overall profitability and would add approximately $13 million

to the top-line and $1.6 million in net income. Additionally, we expect to see cross-selling growth from lathering on our clinical ventilation

therapy program as an extension to their existing respiratory product mix. We expect to remain very active as we close out 2021 and enter

2022 and look forward to sharing our progress."

Chief Financial Officer, Hardik Mehta added, "This

target is a prime example of our ability to execute on our stated three-tiered acquisition strategy and we look forward to a potential

closing on this exciting respiratory care company that strategically assists us in further penetrating the favorable Midwest region. We

are also taking this opportunity to significantly increase guidance of our run-rate revenue by end of calendar 2022. This considerable

increase stems from the ongoing strength of the business, favorable industry dynamics and robust acquisition pipeline. As a reminder our

balance sheet remains very solid with over $30 million in cash and an untapped $20 million credit facility, giving us ample flexibility

as we continue on our strategic path."

ABOUT QUIPT HOME MEDICAL CORP.

The Company provides in-home monitoring and disease

management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue

to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease,

sleep disorders, reduced mobility and other chronic health conditions. The primary business objective of the Company is to create shareholder

value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company's

organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the

patient's services, and making life easier for the patient.

Readers are cautioned that the financial information

regarding the target disclosed herein is unaudited and derived as a result of the Company's due diligence, including a review of

the target's bank statements and tax returns.

There can be no assurance that any of the potential

acquisitions in the Company's pipeline or in negotiations will be completed as proposed or at all and no definitive agreements have

been executed. Completion of any transaction will be subject to applicable director, shareholder and regulatory approvals.

Unless otherwise specified, all dollar amounts

in this press release are expressed in U.S. dollars.

Neither the TSX Venture Exchange nor its Regulation

Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy

Forward-Looking Statements

Certain statements contained in this press

release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The

words "may", "would", "could", "should", "potential", "will", "seek",

"intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook",

and similar expressions as they relate to the Company, including: post integration financial results (revenue and Adjusted EBITDA) of

the acquisition target; the Company's acquisition approach; the Company adding patients to its existing subscription-based

resupply program; the Company being extremely optimistic that it will maintain momentum in closing additional targets; the Company's

outlook for calendar 2022; the Company being extremely confident in its acquisition pace staying strong through the remainder of 2021

and into 2022; Quipt expecting that it would derive strong revenue synergies from the acquisition; Quipt expecting to achieve additional

revenue generated from organic growth, cross selling and corporate synergies with the acquisition; Quipt anticipating that this

acquisition would be immediately accretive to Quipt's Adjusted EBITDA, overall profitability and would add approximately $13

million to the top-line and $1.6 million in net income; Quipt expecting to see cross-selling growth from lathering on our clinical

ventilation therapy program as an extension to their existing respiratory product mix; and Quipt expecting to remain very active

as it closes out 2021 and enters 2022; are intended to identify forward-looking information. All statements other than statements

of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect

to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including:

the acquisition targets achieving results at least as good as historical performances; the financial information regarding the target

being verified when included in the Company's consolidated financial statements prepared in accordance with generally accepted accounting

principles in Canada as set out in the CPA Canada Handbook - Accounting under Part I, which incorporates International

Financial Reporting Standards as issued by the International Accounting Standards Board ; the Company successfully identified,

negotiating and completing additional acquisitions, including accretive acquisitions; the Company organically growing at a rate of 10%

and completing acquisitions that add at least $45 million in new revenue in order to meet 2022 outlook. Many factors could cause the actual

results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described

herein should one or more of these risks or uncertainties materialize. Examples of such risk factors include, without limitation: credit;

market (including equity, commodity, foreign exchange and interest rate); liquidity; operational (including technology and infrastructure);