Mr. Jouni Keranen reports

KUUHUBB ANNOUNCES CORPORATE UPDATE; FUNDING SHORTFALL, ANTICIPATED REGULATORY CEASE TRADE ORDER AND DIRECTOR AND OFFICER RESIGNATIONS

Kuuhubb Inc. has provided a corporate update in relation to its status.

By way of background, the company has made significant efforts during the past year to organize sufficient financing to enable it to retain its corporate status following the events in 2021 and 2022, during which its principal operating subsidiary, Kuuhubb Oy, of Helsinki, Finland, was placed under restructuring in accordance with the Restructuring of Enterprises Act (Finland), from which it emerged by way of an order of the court in Finland, certified in May, 2002, and under which it is obliged to make annual instalment payments for a total of 1,523,958 euros over the period ending Sept. 30, 2029. Kuuhubb Oy was able to meet the instalment obligation due on Sept. 30, 2022, and has been able to make the instalment payment due on Sept. 30, 2023, by obtaining a forbearance agreement, which currently remains in place, under which the principal creditors agree to postpone their entitlement.

Earlier in 2023, the company was able to renegotiate the terms of a two-million-euro unsecured debt, which had been in default since 2021, but as a result of the shortfall of revenues generated in Kuuhubb Oy and its own lack of working capital, the company will be unable to maintain its monthly interest payment obligations on that debt, and is currently endeavouring to negotiate a forbearance agreement with that creditor.

The company is endeavouring to negotiate a forbearance agreement with its principal secured creditor, which is owed 2,372,753 euros and $2,452,876 (U.S.).

The company further announces that, following the resignation of its auditor in February, 2023, attempts to retain a new auditor have so far been unsuccessful, owing in particular to the lack of funds to pay the necessary retainer. As a consequence of the lack of funding and of audited financial statements for the year ended June 30, 2023, the company anticipates that it will not be able to meet the filing deadline for audited annual financial statements and related regulatory filings on Oct. 30, 2023, or pay annual regulatory fees, which will lead to a filing default and issuance of a cease trade order by the securities regulatory agencies on or immediately after Oct. 31, 2023.

The company further announces that two of its directors, Andre Ludi and Douglas Ibbitson, have resigned from the board, and Charles Sung has resigned as chief financial officer, leaving Jouni Keranen as the sole remaining director and officer. The company does not anticipate that it will be able to find replacements to fill the vacancies on the board and CFO position unless and until it is able to raise new working capital and negotiate a forbearance agreement with its principal unsecured creditor.

About Kuuhubb Inc.

Kuuhubb is a mobile game development and publishing company, targeting the female audience with bespoke mobile experiences. Its mission is to become a top player in the female mobile game space. The company believes in empowering women by creating games and apps that will have its female audience relax, express and entertain themselves every day. Through Kuuhubb's games and partnerships with select developers, the company explores new lifestyle trends that can be converted into games and apps which will bring value to its users, employees and shareholders. Headquartered in Helsinki, Finland, Kuuhubb has a global presence with a strong focus on the United States and Asian markets.

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