Mr. Paul Kania reports

SOL GLOBAL PROVIDES INTERIM UNAUDITED FINANCIALS FOR THE FIRST QUARTER ENDED FEBRUARY 2024

SOL Global Investments Corp. has released unaudited financial results for the first quarter ended Feb. 29, 2024. The company has presented a general operational update regarding its assets and investments.

Unaudited Q1 fiscal 2024 results:

• For the quarter ended Feb. 29, 2024, the company recorded a net loss of $1.5-million versus the quarter ended Feb. 28, 2023, net loss of $10.8-million. This represents a favourable change of $9.3-million between periods.
• Total unrealized gain from investments totalled $700,000 for the quarter ended Feb. 29, 2024, compared with an unrealized loss of $12.8-million for the quarter ended Feb. 28, 2023. This represents a favourable change of $13.5-million between periods.
• Total realized loss from investments totalled $200,000 for the quarter ended Feb. 29, 2024, compared with a realized loss of $5.9-million for the quarter ended Feb. 28, 2023. This represents a favourable change of $5.7-million between periods.
• The unaudited net asset value per share is equal to 11 cents on Feb. 29, 2024, versus 91 cents on Feb. 28, 2023.

"SOL is confident that it has turned the corner and will see good results in the coming months ahead," said Paul Kania, chief financial officer and interim chief executive officer. "Some of our core holdings have been trending upwards, and we have significant liquidity events on the horizon."

Portfolio highlights for Q1 2024:

• Damon Motors Inc., a global technology leader disrupting urban mobility and maker of the award-winning HyperSport electric motorcycle: Anchored by its proprietary electric powertrain, HyperDrive, Damon aims to set a new standard for motorcycle safety and sustainability worldwide. On Oct. 23, 2023, Damon announced 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 $88-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. In March, 2024, Damon announced that it had taken a significant step toward full-scale commercialization by partnering with Swiss die-casting company, Aluwag AG, and Taiwan-based advanced manufacturing company, Fukuta Elec & Mach. Co. Together, these companies will help Damon produce its innovative die-cast battery case and compact motor gearbox at scale.
• 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.
• Kiwi Campus Inc. (Kiwibot), 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 has 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. In April, 2024, Kiwibot acquired Auto Mobility Solutions, a Taipei-based company specializing in chips for robotics and autonomous driving. Kiwibot aims to enhance its capabilities by integrating Auto's technology into its artificial-intelligence-powered robotics and expand into Asia, leveraging Auto's presence in Taiwan and China to extend beyond college campuses. In December, 2023, it announced a $10-million deal 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.
• 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. 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. In January, 2024, Navier announced a new partnership with Stripe. Under the agreement, Stripe will pay Navier to shuttle employees from Larkspur, where a number of them are concentrated, to its office near Oyster Point, both reducing emissions and also saving passengers hours of commuting time. 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.
• 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. On March 12, 2024, Core Scientific announced, in its fiscal year 2023 results, that it owned and managed 724 megawatts of infrastructure, the largest owned infrastructure footprint among publicly listed miners in North America. A total of 19,274 bitcoin were earned in its data centres, 13,762 bitcoin by self-mining for its account, more than any other publicly listed miner in North America, and an estimated 5,512 for its hosting clients' accounts. 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.: On March 28, 2024, Andretti announced the closing of its business combination with Zapata AI. This merger marks a significant milestone for both entities, combining Zapata AI's expertise in industrial generative artificial intelligence with Andretti's capital resources. The completion of this transaction positions the newly formed entity to leverage its collective strengths and pursue growth opportunities in the evolving landscape of artificial intelligence and industrial applications. Zapata AI is an industrial generative AI 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, 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.
• Jones Soda Co.: On March 14, 2024, Jones Soda 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).
• Simply Better Brands Corp.: On Nov. 29, 2023, SBBC announced third quarter sales of $19.4-million or 45-per-cent year-over-year growth. Third quarter results reflect year-over-year growth in all strategic brands of Trubar, No B.S. Skincare, PureKana and Vibez, while delivering positive adjusted EBITDA of $100,000. As a result of Trubar exceeding the bar category sales velocities at Costco, Trubar was able to obtain national distribution at Costco during the previous 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 total floor area of 900,000-plus 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.

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