Mr. Justin Rosenberg reports

BLOCKMATE VENTURES TO DIVEST MIDPOINT BUSINESS

Yesterday, Sept. 21, 2023, Blockmate Ventures Inc. entered into a binding agreement to divest its Midpoint foreign exchange business.

The 100-per-cent sale of Midpoint to David Wong for a nominal figure will allow Blockmate to focus all of its resources toward the blockchain, battery and clean energy ventures within its portfolio. By divesting Midpoint, Blockmate is expected to reduce its net cash outflows by approximately $500,000 per annum.

Justin Rosenberg, chief executive officer of Blockmate, said: "Blockmate is focused on building fast-growing technology businesses and we have identified exciting opportunities in the climate and energy storage sectors. The sale of Midpoint frees up our resources to pursue those opportunities. We wish David and the rest of the Midpoint team every success."

The offer from Mr. Wong came after negotiations between Blockmate and Klearium Inc. to acquire 85 per cent of Midpoint Group concluded without a binding agreement.

Pending approval from the TSX Venture Exchange, settlement of the transaction is expected to take place on or before Oct. 31, 2023.

No finders' fees or commissions are payable in connection with the transaction.

About Blockmate Ventures Inc.

Blockmate Ventures is a venture creator focusing on building fast-growing technology businesses relating to cutting-edge sectors such as blockchain, climate and energy storage. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects toward monetization. Recent projects include Hivello and Sunified, digitizing solar energy.

We seek Safe Harbor.