Further to Pharmagap Inc.’s press releases of February 4, 2013 and February 6, 2013 and in accordance with TSX Venture Policy 2.5, the company has not maintained the requirements for a TSX Venture Tier 2 company. Therefore, effective at the opening on May 9, 2013, the company's listing will transfer to NEX, the company's Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Toronto to NEX. As of May 9, 2013, the company is subject to restrictions on share issuances and certain types of payments as set out in the NEX policies. Further to the TSX Venture bulletin dated May 6, 2013, trading in the shares of the company will remain suspended.

Pharmagap Inc. announced that Robert C. McInnis, President and Chief Executive Officer has assumed the role of Corporate Secretary on the resignation of Ms. Sue Kavanagh from that position effective immediately.

PharmaGap Inc. received notice from the TSX Venture Exchange (the Exchange) advising the Company of deficiencies in the exchange's Tier 2 listing requirements related to a Working Capital and Assets and Operations. The Exchange has placed the Company on notice, with a deadline of May 7, 2013 by which time the Company is required to provide a submission to the Exchange evidencing that it meets the Tier 2 continued listing requirements. If the Company is not able to satisfy the Exchange that it meets all Tier 2 continued listing requirements by May 7, 2013, the Exchange will proceed to transfer the Company's listing to NEX, without further notice. At this time the company does not expect to make a submission to Exchange to seek delay of transfer to NEX.