Mr. Jeffrey Mandel reports

MITEC ANNOUNCES SHARE CONSOLIDATION, ANTICIPATED DELISTING FROM TSX VENTURE "NEX" MARKET AND DISTRIBUTION

Mitec Technologies Inc.'s board of directors has authorized a consolidation of the issued and outstanding common shares of the corporation on the basis of one postconsolidated common share for 5.2 million preconsolidation common shares, as outlined in the resolution passed by the corporation at the special and annual meeting, which took place on June 6, 2016.

Initially announced in March, 2016, the consolidation and a subsequent payment, set at two cents per common share to all postconsolidation fractional shareholders, was proposed to the corporation's shareholders as the best strategy to wind up the corporation's operations as a publicly traded, listed company as opposed to ultimately wiping out all shareholder value through the associated costs relating to continuing a public company listing.

It should be noted that the payment will be made to only postconsolidation fractional shareholders and that the corporation's remaining sole shareholder waived any pro rata cash payment, so that fractional shareholders could benefit from as much liquidity as the corporation could generate.

Since the corporation will no longer meet listing requirements postconsolidation, it is anticipated that Mitec's common shares will no longer be traded once the consolidation takes place and that the TSX Venture Exchange will initiate a delisting process in the very near future.

Mitec expects to amend its articles of incorporation, which will effect the consolidation on Sept. 30, 2016, and has arranged with its service providers to make the two-cent distribution to its shareholders as soon as possible thereafter.

We seek Safe Harbor.