Mr. Paul Kania reports

SOL GLOBAL ANNOUNCES FINANCIAL RESULTS FOR FISCAL 2022 AND FIRST QUARTER 2023

SOL Global Investments Corp. has released audited financial results for the year ended Nov. 30, 2022, and first quarter financial results for the three months ended Feb. 28, 2023. The Company is also pleased to present a general operational update regarding its assets and investments. All figures in this press release are in Canadian dollars, unless otherwise indicated.

Unaudited Q1 FY 2023 ResultsFor the quarter-ended February 28, 2023, the Company recorded a net loss of $11 million vs. quarter-ended February 28, 2022, net loss of $75 million. This represents a favourable change of $64 million. Total unrealized loss from investments totalled $7 million for the quarter-ended February 28, 2022, compared to an unrealized loss of $93 million for the quarter-ended February 28, 2022. This represents a favourable change of $86 million between periods. Total realized loss from investments totalled $6 million for the quarter-ended February 28, 2022, compared to a realized gain of $11 million for the quarter-ended February 28, 2022. This represents an unfavourable change of $17 million between periods. The unaudited Net Asset Value ("NAV") per share is equal to $0.91 at February 28, 2023, vs. $5.14 at February 28, 2022.

"SOL remains confident in its core holdings and continues to be committed in evaluating opportunities in the market," said Paul Kania, CFO and Interim CEO. "Signs of stability have allowed us to better assess these opportunities, with de-leveraging our balance sheet being our underlying focus."

Audited Year-End ResultsFor the year-ended November 30, 2022, the Company recorded a net loss of $297 million vs. year-ended November 30, 2021, positive net income of $159 million. This represents an unfavourable change of $456 million.Total unrealized loss from investments totaled $204 million for the year-ended November 30, 2022, compared to an unrealized loss of $32 million for the year-ended November 30, 2021. This represents an unfavourable change of $172 million between periods. Total realized loss from investments totaled $33 million for the year-ended November 30, 2022, compared to a realized gain of $339 million for the year-ended November 30, 2021. This represents an unfavourable change of $372 million between periods. This was mainly due to Verano Holdings Corp position sold in 2021.The Net Asset Value ("NAV") per share is equal to $1.17 at November 30, 2022 vs. $6.29 at November 30, 2021.

Highlights for Q4 2022 and Q1 2023

Damon Motors Inc. ("Damon"), a global technology company in urban mobility, continued to build its order book throughout the quarter, approaching a total order book of $100M to date globally, with the potential of exceeding $250M through international partnerships, including its partnership with Latin America's Auteco Mobility. Additionally, it entered a partnership with Indika Energy, Indonesia's leading diversified energy company, as a means of penetrating the largest two-wheeled vehicle market in the world. To fulfil its large order book, Damon has leased a 108,000 square foot plant in Surrey, British Columbia as it prepares to scale manufacturing to produce its flagship HyperSport electric motorcycle.

Kiwi Campus Inc. ("Kiwibot"), a robotic last-mile delivery service, announced a deal worth $10 million on February 22, 2023, with Swiss-based Kineo finance to invest in their fleet of autonomous robots. Prior to the deal, Kiwibot signed a $20 million contract with food services giant, Sodexo, to deploy more than 1,200 delivery "Kiwibots" across 50 college campuses in the US. Sodexo is a global food services and facilities company in more than 80 countries that operates in college campuses across the United States. Kiwibot also signed an agreement for an additional 1,200 robots with Careem in Dubai for last-mile food delivery services. Careem is Uber's food delivery service in the Middle East.

Tevva Motors Ltd. ("Tevva"), a UK-based designer and manufacturer of zero-emission medium-duty trucks with an innovative combination of battery electric and hydrogen fuel-cell range extender technology, is currently launching large-scale commercial production of its fully electric 7.5 tonne truck. On March 9, 2023, Tevva secured government plug-in truck grant (PITrG) eligibility for its 7.5t battery-electric truck, making it the only battery-electric truck from a British manufacturer to qualify for the award. The grant pays for 20% of the purchase price, representing a pounds sterling16,000 reduction in the total cost of ownership. It previously announced the launch of its 7.5-tonne hydrogen fuel cell-supported heavy goods vehicle to be manufactured, designed, and mass-produced in the UK. The hydrogen-electric truck will have a range of up to 310 miles, and its hydrogen tanks can be refilled in 10 minutes.

Onet Global Inc. ("Navier"), a long-range, high-speed electric hydrofoiling boat manufacturer is beginning production on its 30-foot, all-electric, Navier 30 model for direct consumer sales. It recently announced its plan to begin test runs in San Francisco Bay for its water taxi service pilot for commercial fleet sales.

Simply Better Brands Operational Update

On January 26, 2023, Simply Better Brands Corp. ("SBBC") announced its preliminary 2022 results and 2023 outlook, including the following select guidance and drivers, which highlights the strong growth of its brands portfolio:

Preliminary 2022 ResultsPreliminary unaudited net sales for 2022 are expected to be between $65.5 million - $66.0 million USD compared to net sales of $15.6 million achieved in 2021Preliminary fourth quarter net sales are expected to be between $23.1 - $23.6 million USDIn 2022, the key drivers of growth were robust PureKana customer acquisition, distribution, and the expansion of TRUBARPreliminary unaudited 67% gross margin for the fourth quarter and the full year 2022, consistent with the gross margin for the nine months ended September 30, 2022

2023 Outlook Expectation for consolidated net sales to exceed $80 million USD Expected gross margin as a % of net sales to be between 58% - 60%Expected positive adjusted EBITDA in the range of $3 million - 4 million USD

Non-Brokered Private Placement

On February 22, 2023, SBBC announced the successful closing of a $2 million second tranche to fully complete its $7 million non-brokered private placement offering of units at a price of $0.25 per unit. It is anticipated that the net proceeds of the offering will be used for new product development, channel expansion, debt reduction, and general working capital purposes.

Jones Soda Operational Update

On March 9, 2023, Jones Soda Co. ("Jones Soda") announced its Q4 2022 and full year ended December 31, 2022. The company continued to gain market share in its core soda business with the addition of new partners across its distribution channels.

Fourth Quarter 2022 Financial Summary vs. Year-Ago QuarterRevenue increased 28% to $3.7 million compared to $2.9 million Gross profit as a % of revenue was 24.8% compared to 26.5%

Full Year 2022 Financial Summary vs. Prior YearRevenue increased 29% to $19.1 million compared to $14.8 million Gross profit as a % of revenue was 26.9% compared to 29.7%Net loss was $6.4 million or $(0.07) per share, compared to a net loss of $1.8 million, or $(0.03) per share

House of Lithium UpdateHouse of Lithium Ltd. ("House of Lithium") is the Company's electric mobility platform and climate tech focused subsidiary. It continues to advance towards its previously announced planned public listing while closely monitoring market conditions. The Company is confident that House of Lithium is poised for significant growth given the long-term tailwinds for the electric mobility and climate technology industries as the world continues to electrify to support the transition to lower-emission transportation and energy.

Real Estate UpdateSince prior to the COVID-19 pandemic, SOL Global was working on diversifying its investments by entering the real estate market. SOL Global, through a majority-owned subsidiary, acquired three properties in the Wynwood neighbourhood of Miami, which have a fair market value of $20,963,781 as of November 30, 2022. Real estate prices in the booming Wynwood market have increased 50% since last year, as it continues to attract new tech companies, and has many new residential, office, and mixed-use developments underway.

About SOL Global Investments Corp.:

SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. The Company's investment partnerships range from minority positions to large strategic holdings with active advisory mandates. The Company's six primary business segments include Retail (QSR & Hospitality), Agriculture (including Cannabis), Technology (with a focus on Clean-Tech and Electric Vehicles), Esports and Gaming, Cryptocurrency, and New Age Wellness.

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