ImmunoPrecise Antibodies Ltd

This Annual Report contains “forward-looking statements” and “forward-looking information” within the meaning of United States and Canadian securities laws (collectively, “forward-looking statements”) about the Company which reflect management's expectations regarding the Company's future growth, results of operations, operational and financial performance and business prospects and opportunities. In addition, the Company may make or approve certain statements in future filings with Canadian and United States regulatory authorities, in news releases, or in oral or written presentations by representatives of the Company that are not statements of historical fact and may also constitute forward-looking statements. All statements, other than statements of historical fact, made by the Company that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements, including, but not limited to statements preceded by, followed by, or that include words such as "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intends", "plan", "forecast", "budget", "schedule", "project", "estimate", "outlook", or the negative of those words or other similar or comparable words.

Forward-looking statements involve significant risks, assumptions, uncertainties, and other factors that may cause actual future performance, achievements, or other realities to differ materiality from those expressed or implied in any forward-looking statements and, accordingly, should not be read as guarantees of future performance, achievements, or realities. Although the forward-looking statements contained in this Annual Report and the documents incorporated by reference herein and therein reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Company cannot be certain that actual results will be consistent with these forward-looking statements. A number of risks and factors could cause actual results, performance, or achievements to differ materially from the results expressed or implied in the forward-looking statements. Such risks and factors include, but are not limited to, the following:

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negative operating cash flow;

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liquidity and future financing risk;

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the financial position of the Company and its potential need for additional liquidity and capital in the future;

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the success of any of the Company's current or future strategic alliances;

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the Company may become involved in regulatory or agency proceedings, investigations and audits;

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the Company may be subject to litigation in the ordinary course of its business;

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the ability of the Company to obtain, protect and enforce patents on its technology and products;

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risks associated with applicable regulatory processes;

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the ability of the Company to achieve publicly announced milestones;

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the effectiveness of the Company's business development and marketing strategies;

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the competitive conditions of the industry in which the Company operates;

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market perception of smaller companies;

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the Company cannot assure the production of new and innovative processes, procedures or innovative approaches to antibody production or new antibodies;

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the ability of the Company to manage growth;

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the selection and integration of acquired businesses and technologies;

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the Company may lose clients;

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any reduction in demand;

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any reduction or delay in government funding of research and development ("R&D");

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costs of being a public company in the United States;

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the Company may fail to meet the delivery and performance requirements set forth in client contracts;

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the Company may become subject to patent and other intellectual property litigation;

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the Company's dependence upon key personnel;

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the Company may not achieve sufficient brand awareness;

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the Company's directors and officers may have interests which conflict with those of the Company;

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the outsourcing trend in non-clinical discovery stages of drug discovery;

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the Company's products, services and expertise may become obsolete or uneconomical;

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the effect of global economic conditions;

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the Company has a limited number of suppliers;

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the Company may become subject to liability for risks against which it cannot insure;

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clients may restrict the Company's use of scientific information;

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the Company may experience failures of its laboratory facilities;

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any contamination in animal populations;

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any unauthorized access into information systems;

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prospective investors' ability to enforce civil liabilities;

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the Company's status as a foreign private issuer;

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exposure to foreign exchange rates;

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the effects of future sales or issuances of equity securities or debt securities;

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the market price of the common shares of the Company (the “Common Shares”) may experience volatility;

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the Company has not declared or paid any dividends on the Common Shares and does not intend to do so in the foreseeable future; and

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a liquid market for the Common Shares may not develop.

Although the Company has attempted to identify important risks and factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Further, any forward-looking statements are made as of the date of the Annual Report or the documents incorporated by reference herein and therein, as applicable. Other than as required by applicable securities laws, the Company assumes no obligation to update or revise them to reflect new events or circumstances. New factors emerge from time to time, and it is not possible for management to predict all such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual realities to differ materially from those contained in any forward-looking statement. Accordingly, readers should not place undue reliance on forward-looking statements contained in this Annual Report or the documents incorporated by reference herein and therein. All forward-looking statements disclosed in this Annual Report and the documents incorporated by reference herein and therein are qualified by this cautionary statement.