Mr. Justin Rosenberg reports

BLOCKMATE VENTURES PROVIDES UPDATE ON ONGOING INITIATIVES

Blockmate Ventures Inc. has provided an update on certain continuing corporate initiatives.

Midpoint divestiture

The company has completed its previously announced divestiture of Midpoint, its cross-border payments and foreign exchange business. The Midpoint business was assigned to David Wong, in consideration for the assumption of responsibility for all liabilities and obligations associated with the business as well as expenses associated with maintaining its operations.

The divestiture is expected to reduce annual net cash outflows by approximately $500,000. The company is at arm's length from Mr. Wong, and no finders' fees or commissions were paid in connection with completion of the divestiture.

Bess Power Innovation Corp.

The company has elected to terminate the share purchase agreement previously entered into with the shareholders of Bess Power Innovation. The company has determined not to proceed with the acquisition of Bess. No funds were advanced to Bess in connection with the proposed acquisition, and the company has not assumed any continuing liabilities or obligations as a result of termination of the agreement.

Hivello

Hivello Holdings Ltd., an investee of the company, recently completed financings totalling $2.5-million (U.S.). The company holds a 67-per-cent interest in Hivello, and the recent financings give that interest an implied value of approximately $6.7-million (U.S.) ($8.9-million) or 8.1 cents per Blockmate share. Completion of the divestiture of the Midpoint business, and termination of the acquisition of Bess, will allow the company to focus its available resources on the continued development of Hivello as well as the evaluation of other prospective investment opportunities.

About Blockmate Ventures Inc.

Blockmate 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.

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