Novation Companies, Inc. announced that on January 18, 2022, the Company appointed Michael Wyse as Chief Restructuring Officer. In that role, Mr. Wyse will explore strategic alternatives for the Company, including the potential sale of the Company's wholly-owned subsidiary, Healthcare Staffing, Inc. (HCS"). The Board determined to appoint a Chief Restructuring Officer as a result of declining revenue at HCS during 2021, caused in part by the loss of two CSB customers, one of which was significant, as disclosed in the Company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2021, previously filed with the Securities and Exchange Commission.

Michael Wyse, age 45, has served as the Founder & Managing Partner of Wyse Advisors LLC, a consulting firm, since 2015. Through WALLC, Mr. Wyse has advised numerous companies, bringing comprehensive solutions to complex situations, including through serving as an interim officer and/or director.