Mr. Michael Gaffney reports

LEONOVUS ANNOUNCES TWO NEW DIRECTORS

Two additional directors were nominated and elected at LeoNovus Inc.'s annual general meeting on Oct. 4, 2016. Adding Michael Gaffney and Denis Archambault increases the size of the board to five. The additions to the board of directors are subject to approval by the TSX Venture Exchange.

Mr. Gaffney is a successful serial technology entrepreneur and has sat on several public company boards. He is a graduate of the University of Ottawa (BSc) and the John Molson School of Business in Montreal (MBA). From 2004 to 2013, he was chief executive officer of InTouch Insight Inc. and is currently sits on the InTouch Insight board as the executive chair. In 2002, he was co-founder, chairman and chief executive officer of Blufyre One Inc., which became Soltoro Inc. In 2001, he was co-founder and chief executive officer of ENQ Semiconductor Inc. Both Blufyre and ENQ were successful start-ups and later sold to larger companies. In 1996, he founded Learnsoft Inc., which then went on to create the world's first private on-line university, which was subsequently sold in 2001. From 1991 to 1996, he was a vice-president at Newbridge Networks. Over the years, Mr. Gaffney has been active in community organizations such as the former chair of the Queensway Carleton Hospital and also as a Canadian national Olympic diving coach.

Mr. Archambault holds a bachelor of business administration from the University of Ottawa and held, for 25 years, professional designations in the real estate industry. Mr. Archambault has served on the national board of the Real Estate Institute of Canada, along with appointments on its finance committee, and he currently serves on the board of a hotel and multiuse property in South Florida. He also currently serves on a finance committee of a pension fund located in Montreal. Mr. Archambault was a senior commercial loan account manager for a Montreal trust company in Ottawa. He also served as director of finance and development co-ordinator for a major real estate developer/owner in the Ottawa area, where his duties included strategic mortgage analysis, acquisitions and development of a varied portfolio of real estate assets. He was also dean of faculty for the finance program for the Real Estate Institute of Canada for over 20 years. He is presently president of DMAC Group Inc., an investment company that acquires, self-manages, finances and develops various real estate endeavours and performs consultations and training for lenders, pension fund managers and real estate portfolio owners. Mr. Archambault also performs various seminars relating to mortgage financing and real estate investment analysis. Fluently bilingual, he is based in Ottawa.

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