Mr. Paul Kania reports

SOL GLOBAL ANNOUNCES FINANCIAL RESULTS FOR FISCAL 2023

SOL Global Investments Corp. has released audited financial results for the year ended Nov. 30, 2023. The company has also presented a general operational update regarding its assets and investments.

Audited year-end results:

• For the year ended Nov. 30, 2023, the company recorded a net loss of $34-million versus the year ended Nov. 30, 2022, net loss of $297-million. This represents a favourable change of $263-million.
• Total unrealized loss from investments totalled $29-million for the year ended Nov. 30, 2023, compared with an unrealized loss of $204-million for the year ended Nov. 30, 2022. This represents a favourable change of $175-million between periods.
• Total realized loss from investments totalled $10-million for the year ended Nov. 30, 2023, compared with a realized loss of $35-million for the year ended Nov. 30, 2022. This represents a favourable change of $25-million between periods.
• The net asset value per share is equal to 14 cents at Nov. 30, 2023, versus $1.17 at Nov. 30, 2022.

"During the last year, we have restructured key components of the company while streamlining costs and continue to work co-operatively with our creditors," stated Paul Kania, interim chief executive officer and chief financial officer. "Our continued focus is to assist our investee companies on a path forward to liquidity for the benefit of SOL."

2023 highlights (see management's discussion and analysis for complete portfolio update):

• Damon Motors Inc., a global technology leader disrupting urban mobility and maker of the award-winning HyperSport electric motorcycle, announced on Oct. 23, 2023, that it had entered into a definitive agreement with Inpixon Ltd. to undergo a reverse merger with a proposed spinoff entity of Inpixon, Grafiti Holding Inc., consisting of Inpixon's data analytic division based in the United Kingdom. This strategic move aims at listing the company on the Nasdaq, subject to initial listing application approval, reflecting a significant step toward enhancing market visibility and shareholder value. With over $85-million in preproduction reservations, this merger is poised to bolster Damon's financial standing and market presence while aligning with its mission of advancing motorcycle safety and performance through cutting-edge technology.
• Kiwi Campus Inc., a robotic last-mile delivery service, is operating more than 550 robots in over 35 locations across the United States, as well as in Dubai. 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.
• On Feb. 22, 2023, it announced a deal worth $10-million with Swiss-based Kineo finance to invest in its fleet of autonomous robots. Prior to the deal, Kiwibot signed a $20-million contract with food service giant, Sodexo, to deploy more than 1,200 delivery Kiwibots across 50 college campuses in the United States. Sodexo is a global food service and facility company in more than 80 countries that operates in college campuses across the United States.
• Tevva Motors Ltd., a United Kingdom-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-ton truck. On March 9, 2023, Tevva secured government plug-in truck grant (PITrG) eligibility for its 7.5-ton battery-electric truck, making it the only battery-electric truck from a British manufacturer to qualify for the award. The grant pays for 20 per cent of the purchase price, representing a 16,000-pound-sterling reduction in the total cost of ownership. Tevva continues to make strides in the hydrogen and electrification systems for commercial vehicles, working toward contributing to the reduction of emissions and advancing zero-emission transportation solutions.
• Onet Global Inc., 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. Investors include Boston-based NextView Ventures and Propeller VC, as well as individuals like Rich Miner, the Cambridge-based co-creator of the Android operating system, and Google co-founder Sergey Brin. Tesla chief executive officer Elon Musk was recently spotted taking the sleek-looking Navier prototype for a test drive in San Francisco Bay. In 2023, Navier announced the start of its pilot program with San Francisco Water Taxi. It plans to use the pilot program to transport people around the Bay Area as a way of showing how smaller hydrofoil vehicles can ease traffic jams in coastal cities for much less money and with much less pollution than big ferries. It also revealed a deal with payment processing company, Stripe, to take its workers in the Bay Area back and forth from their workplaces, reducing a 60-minute commute to 10 minutes for many.
• Core Scientific Inc., the Texas-based bitcoin mining firm, announced on Jan. 23, 2024, that it had completed its Chapter 11 reorganization, materializing with a strengthened balance sheet. The listing of its common stock, tranche 1 warrants and tranche 2 warrants on the Nasdaq under the symbols CORZ, CORZW and CORZZ, respectively, occurred on Jan. 24, 2024. Core Scientific has made significant progress throughout its emergence, including paying off its DIP financing and finalizing an oversubscribed $55-million equity rights offering, as well as self-mining 13,762 bitcoin and approximately 5,512 bitcoin from hosted miners. SOL Global invested $11.3-million (U.S.) in senior secured convertible notes in September, 2022. Under the terms of the restructuring plan, SOL Global received convertible notes and stock equal to approximately $1.203 of value for every $1 par face amount of principal. Approximately 46 per cent of recovered securities were received in the form of new secured convertible notes and 54 per cent in new freely trading common shares.
• Andretti Acquisition Corp. announced on Jan. 29, 2024, the effectiveness of registration statement and shareholder approval of its previously announced business combination with Zapata AI, an industrial generative artificial intelligence software company using advanced algorithms that leverage quantum techniques and have the potential to revolutionize existing AI solutions. Zapata AI currently has a commercial partnership with Andretti Autosport, in which Zapata AI's Orquestra platform provides the Andretti Indycar team with real-time analytics to inform race strategy and deliver performance edges.
• Build a Rocket Boy, a Scotland-headquartered game development company founded by one of the former lead developers behind the Grand Theft Auto franchise, announced Jan. 17, 2024, that it had raised $110-million in a Series D round of financing ahead of commercial launch. The company has pitched community-driven gaming with an immersive open-world platform. Build a Rocket Boy's Series D round was led by New York-based investment firm RedBird Capital Partners, with participation from NetEase Games, Galaxy Interactive, Endeavor, Alignment Growth, Woodline Partners and GTAM Partners, among others. SOL Global participated in the Series C round in January, 2022, through an investment in the amount of $2-million (U.S.) through a third party limited partnership.
• On March 14, 2024, Jones Soda Co. announced its financial results for the fourth quarter and full year ended Dec. 31, 2023. The company continued to gain market share in its core soda business with the addition of new partners across its distribution. Net loss improved to $4.9-million, or five cents per share, compared with a net loss of $6.4-million, or seven cents per share. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) improved to ($4.1-million) compared with ($4.6-million).
• On Aug. 29, 2023, Simply Better Brands Corp. announced second quarter sales of $23.6-million while investing in brand growth and capability expansion. As a result of Trubar exceeding the bar category sales velocities at Costco, Trubar was able to begin national distribution at Costco during the quarter. PureKana, a leading plant-based wellness brand, remained focused on its customer acquisition initiative, adding over 61,925 customers during the quarter and replenishing the sales funnel into a subscription model.
• House of Lithium Ltd. is the company's electric mobility platform and climate technology focused portfolio investment. It continues to support its portfolio companies 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 update:

• 2400 to 2500 North Miami Ave. is set to be the most prestigious residential address in Wynwood with a thoughtful and diverse unit mix, an abundance of amenities, significant office space in a submarket eager for continued deliveries, and activated ground-floor destination retail space. The site's premier location offers immediate access to a variety of landscaped parks, diverse indoor and outdoor restaurants and food halls, and premier shops.
• The project includes a total floor area of 936,573 square feet and a total residential unit count of 542 apartments, including a mix of unit types ranging from studios to two-plus bedrooms with 196 units under 650 square feet and 346 units that exceed 650 square feet. The project is designed to incorporate a wide array of indoor and outdoor amenities, reflecting the unique scale and culture of the Wynwood area. The prime location of the site provides residents with immediate access to beautifully landscaped parks, a variety of indoor and outdoor dining options, including food halls, and top-tier shopping destinations.

About SOL Global Investments Corp.

SOL Global is a diversified international investment and private equity holding company. Its investment partnerships range from minority positions to large strategic holdings and advisory mandates. Key business segments include electric mobility, digital asset technology, e-sports and gaming, New Age wellness, and residential commercial real estate.

We seek Safe Harbor.