Mr. Mike Marrandino reports

INVERITE AI OPEN BANKING PLATFORM ACHIEVES RECORD TRANSACTIONS IN Q1-2024

Inverite Insights Inc.'s Inverite Verifications platform continues its growth trajectory, setting a new quarterly transaction record for Q1 2024.

Revenue-based transactions increased in Q1 2024 as compared with Q1 2023 by nearly 29 per cent. As well, revenue-based transactions increased in Q1 2024 as compared with Q4 2023 by over 10 per cent.

Karim Nanji, chief executive officer, stated: "Growth in the alternative finance remains strong as we have experienced our best quarter since acquiring our open banking platform in April, 2021. With the proposed consumer-directed finance (open banking) legislation introduced in the federal budget last week, we are extremely bullish on the products and platform we offer lenders in their loan adjudication process with consumers." Mr. Nanji continued: "Our partnership with FinCuro Solutions (see news release March 28, 2024) will enable Inverite to further capitalize on the low-hanging fruit in growing our revenue by improving efficiencies in converting data requests into revenue transactions. We clearly see a path towards profitably in the near future as the company remains laser focused on revenue growth and cost-efficiencies."

The company has extended the data analytics advisory engagement with Jason Wang for another year (see news release dated April 3, 2023). Inverite will issue 400,000 restricted share units to Mr. Wang, pursuant to the company's omnibus equity incentive plan.

Each RSU represents the right to receive, once vested, one common share in the capital of the company. The RSUs vest as follows: 25 per cent of the RSUs vest on July 1, 2023, and 25 per cent vest of the RSUs every three months thereafter. The grant of the RSUs is subject to approval from the Canadian Securities Exchange.

Inverite has also closed its fifth tranche of the private placement it announced previously (see news release dated Jan. 30, 2024) in the amount of 1.02 million units for aggregate proceeds of $51,000. Each unit comprises a common share and one whole warrant, with a whole warrant exercisable to purchase a common share at a price of 10 cents for a period of two years. All securities issued are subject to a hold period until Aug. 25, 2024.

Insiders of the company purchased 1.02 million units, representing the total number of units issued pursuant to the closing, with the associated common shares representing approximately 0.5 per cent of the then-issued common shares following closing and, if the associated warrants are exercised, an aggregate number of common shares representing approximately 1.0 per cent of the then-issued common shares following closing. The participation by the insider constitutes a related party transaction within the meaning of the policies of the CSE and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and (b) and 5.7(1)(a), respectively, of MI 61-101 on the basis that neither the fair market value of the subject matter of nor the fair market value of the consideration for the transaction, insofar as it involves interested parties (within the meaning of MI 61-101) in the placement, exceeds 25 per cent of the company's market capitalization calculated in accordance with MI 61-101 and on the basis that no securities of the company are listed or quoted on a stock exchange as specified in MI 61-101.

About Inverite Insights Inc.

Inverite Insights is a Vancouver-based, AI-driven (artificial intelligence) software provider specializing in real-time financial data. With a vast database of over seven billion financial data points from more than four million unique Canadian consumer transactions, Inverite empowers businesses to transact more effectively with consumers through innovative solutions for data enrichment, identity, risk management and compliance.

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