Quipt receives another unsolicited offer from Forager

Mr. Gregory Crawford reports QUIPT HOME MEDICAL CONFIRMS RECEIPT OF FORAGER'S REPETITIVE UNDERVALUED OFFER; BOARD DENOUNCES INFERIOR TERMS AND SELF-SERVING TACTICS Quipt Home Medical Corp. has acknowledged the receipt of another unsolicited, non-binding and indicative proposal dated Aug. 25, 2025, from Forager Capital Management LLC to acquire all of the company's issued and outstanding common shares for $3.10 (U.S.) per share. The August proposal follows several prior, similarly non-binding offers from Forager, including the $3.10 (U.S.) offer Forager publicly disclosed on May 19, 2025. In addition, the repeated offers follow an earlier non-binding offer by Forager in January, 2025, to acquire all shares at $3.90 (U.S.) per share (26 per cent more than they are currently offering). In addition, although Forager is, and was, a Schedule 13D filer when it submitted its January proposal, it, for some reason, chose not to comply with U.S. securities laws and publicly report the January proposal in an amended Schedule 13D. The company's board of directors declined the January proposal after reviewing the complete deal terms presented, determining that it undervalued the company at that time by only offering a small premium to the then current market price, and that selling the company at a price that undervalues its current and prospective future would not be in the best interests of the company and its shareholders. It is therefore unclear how Forager thinks the August proposal should be taken seriously by the board or any shareholders of the company. Since receipt of the January proposal, the company has: (i) acquired a full-service durable medical equipment provider, wholly owned by Ballad Health, adding unaudited revenue of $6.6-million (see July 7, 2025, news release); (ii) entered into a joint venture to acquire a 60-per-cent ownership interest in Hart Medical Equipment, adding unaudited revenue of $60-million and $7-million of adjusted earnings before interest, taxes, depreciation and amortization (see Aug. 12, 2025, news release); and (iii) stabilized its revenue. The fact that Forager has since reduced its offer price while also failing to disclose the January proposal in its required U.S. securities filings, raises further concerns about its credibility. On numerous occasions, Forager has repeatedly chosen not to engage through the company's appointed financial adviser, Truist Securities Inc., despite being explicitly instructed to do so by the board. Instead, Forager continues to bypass proper channels and make self-serving public offers that the board believes significantly undervalue the company. This failure to constructively engage with the company, coupled with its failures to comply with U.S. securities law and its contractual obligations under the non-disclosure and standstill agreement with the company, calls into question the true motives of Forager. That said, if Forager agrees to enter into and actually comply with a confidentiality agreement with the company, the board would be pleased to engage with Forager on a friendly basis in an effort to determine if Forager could realistically make a bid that would provide real value to its fellow shareholders. Acting with the benefit of advice from Truist and its legal counsel, the board remains firmly committed to safeguarding and enhancing long-term shareholder value. The company does not intend to comment further on the engagement of Truist, Forager's self-serving inferior and declining offers, or any related matter unless and until it determines that additional disclosure is appropriate or required. 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 U.S. health care 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. We seek Safe Harbor.