Mr. John Henderson reports

MOBILUM TECHNOLOGIES RECEIVES SHAREHOLDER APPROVAL AND CLOSES SHARES FOR DEBT TRANSACTION

Further to Mobilum Technologies Inc.'s news release dated Dec. 18, 2023, the company received shareholder approval of and closed the debt settlement transaction with Blockchain Lab SA and TTP Ltd. (collectively, the creditors), pursuant to which the company has settled indebtedness owing to the creditors in an amount equivalent to $721,799.65 based upon prevailing exchange rates.

Pursuant to the transaction, the indebtedness was settled through the issuance of 6,808,000 common shares of the company to Blockchain Lab and 65,371,965 common shares to TTP, all at a deemed price of one cent per common share.

The company received shareholder approval of the transaction at its annual general and special meeting of shareholders held on Jan. 23, 2024. All securities pursuant to the transaction are subject to a statutory four-month-and-one-day hold period.

Wojciech Kaszycki, a director of the company, is a director of TTP and has investment control and direction over any securities of the company received by TTP in settlement of the Indebtedness. Mr. Kaszycki is a member of the supervisory board of Blockchain Lab but does not have control and direction over securities of the company. Mr. Kaszycki does not have ownership of any securities of TTP or Blockchain Lab, and as a result the settlement of the indebtedness does not constitute a related party transaction for the purposes of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.

Mr. Kaszycki currently holds 24,860,449 common shares of the company. Following completion of the transaction, Mr. Kaszycki has investment control and direction over a further 65,371,965 common shares of the company held by TTP. Together, Mr. Kaszycki has control and direction over 90,232,414 common shares of the company which represents approximately 38.1 per cent of the outstanding common share capital of the company.

TTP has acquired the common shares of the company for investment purposes. Depending on market conditions and other factors, Mr. Kaszycki or TTP may from time to time acquire or dispose of securities of the company or continue to hold their current positions.

A copy of the early warning report required to be filed with the applicable securities commission in connection with the acquisition of the common shares by TTP will be available on SEDAR+ and can be obtained by contacting the company.

About Mobilum Technologies Inc.

Mobilum Technologies is a technology company currently developing new solutions and is currently engaged in licensing new software within artificial intelligence and marketing technologies. The organization is no longer in the payment services space nor engaged in any activities related to cryptocurrencies. Mobilum has its office in Canada.

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