Elevai Labs, Inc. announced on March 1, 2024, Ms. Crystal Muilenburg, an independent director of the company notified the board of directors of the company (the board) of her intention to resign as a director and as chair of the compensation committee of the company (the compensation committee) and as a member of the nominating and audit committees of the company, effective on March 1, 2024. Ms. Muilenburg?s resignation was not the result of any dispute or disagreement with the company or the Board or any matter relating to the operation, policies or practices of the company. Ms. Muilenburg cited limited availability due to other prior commitments as to the reason why she no longer could satisfy her duties in good faith as a director of the company.

The resignation of Ms. Muilenburg has been approved by the nominating committee and the Board. On March 6, 2024, due to Ms. Muilenburg?s resignation and at the recommendation of the Compensation Committee and nomination committee of the Board, the Board appointed Mr. George Kovalyov, as independent director of the Company, as a member of the audit and nomination committee of the Board, and as chairman to the Compensation Committee. Mr. Kovalyov as the succeeding chair of the compensation committee of the Board.

Mr. Kovalyov accepted an offer letter from the Company dated March 6, 2024 and agreed to receive the foregoing compensation in exchange for his services. Mr. Kovalyov, age 39, has acted as Chief Financial Officer and Treasurer of Marizyme, Inc.) since December 2021. Since November 2022, Mr. Kovalyov has also been a director of DGTL Holdings Inc. Previously he served as the chief operating officer and director of Health Logic Interactive Inc. (?HLII?) from September 2020 to November 2021, and as HLII?s chief financial officer from December 2021 to September 2022.

In addition, Mr. Kovalyov served as a director and audit committee member of Margaret Lake Diamonds Inc. from January 2021 to August 2022. From September 2018 to September 2020, Mr. Kovalyov was VP of Finance and director of Phivida Holdings Inc. From October 2016 to September 2020, he was the principal owner of Schindler and Company. Mr. Kovalyov is a chartered accountant and is a member of Chartered Professional Accountants of Canada.

He graduated from Kwantlen University College with a Bachelor of Business Administration (BBA), Accounting.