On March 2, 2023, P.V. Nano Cell Ltd. appointed Avi Magid and Keinan Maman to serve on the Company's Board of Directors, as directors with such appointment to become effective as of March 2, 2023 for Avi Magid and March 6, 2023 for Keinan Maman, pending the completion of the necessary appointment procedures. Avi Magid shall continue serving as the Company's Chief Executive Officer. Keinan Maman was also appointed as member of the Audit Committee of the Board of Directors.

Mr. Keinan replaces Mr. David Boas, who resigned from the Board of Directors effective as of January 1, 2023, as previously reported. Mr. Maman (and previously Mr. Boas) were nominated by the investor group who participated in the previously announced $3.0 million private placement of Company securities, pursuant to the right granted to them in connection with the private placement. Mr. Keinan was appointed to serve as a Class II director, until the annual general meeting of shareholders of the Company to be held in 2024.

Mr. Keinan Maman, age 46, is an experienced executive with proven track record in financial and business performance optimization. Since 2022, he has been serving as CFO of Keshet-Teamim, an Israeli supermarket chain. Prior to this position, from 2019 to 2022 he served as CFO of Fibernet, an Israeli company which designs, develops and implements cybersecurity, multimedia and fiber optic based solutions.

Prior thereto, from 2014 to 2019, he served as General Manager of Greenland, an Israeli retail chain. Mr. Maman holds a BA degree in accounting from Haifa University and a M.B.A. degree in business administration from Tel-Aviv University. Mr. Avi Magid has been serving as the Company's CEO since July 17, 2022.