Mr. Hubert Lau reports

TRUSTBIX INC. ANNOUNCES LETTER OF INTENT TO ACQUIRE 100% OF ALBERTA FOOD SECURITY INC., AN INNOVATIVE INDOOR FARMING BUSINESS, AND PRIVATE PLACEMENT

On Aug. 13, 2023, Trustbix Inc. signed a non-binding letter of intent (LOI) with Alberta Food Security Inc. (AFS), a private Canadian company.

AFS holds the exclusive Alberta territory licence, along with the option to acquire additional North American and international territories from AgriPlay, an innovative controlled environment agriculture (CEA) vertical indoor farming company. This acquisition allows Trustbix to harness the potential of the AgriPlay technology and amplifies the company's efforts in promoting sustainable agriculture practices with complete traceability from Gate to Plate.

Trustbix will acquire 100 per cent of the issued and outstanding shares of AFS. The purchase consideration will be by the issuances of 25 million common shares of the company (subject to applicable escrow and resale restrictions, and TSX Venture Exchange acceptance).

Hubert Lau, chief executive officer of Trustbix, stated: "The deep-rooted commitment of AFS to enhance food security and sustainability aligns with our mission to transform the agri-food industry. The combination of our technological prowess and AgriPlay's innovative CEA solution holds tremendous potential to revolutionize, initially in Alberta, the agricultural landscape, fostering transparency, efficiency and resilience."

Adam Morand, president of AFS, stated: "Collaborating with a company that shares our vision and values is a remarkable opportunity. Together, we can leverage technology to address some of the most pressing challenges in agriculture, ensuring a secure and sustainable food supply for Albertans."

Trustbix and AFS have agreed to make their best efforts to negotiate and prepare the definitive agreement on or before Aug. 31, 2023. The transaction is subject to, among other matters, standard due diligence review by Trustbix, board approvals for the transaction by each party, execution of assignments and consents to all key agreements, regulatory and exchange approval, and signing of a binding definitive agreement. Trustbix will issue a news release updating this information, and providing more detail on the parties and finalized terms once the definitive agreement has been concluded.

Private placement

The company is also pleased to announce a non-brokered private placement of up to five million units at two cents per unit for gross proceeds of up to $100,000, subject to regulatory approval. The net proceeds from the private placement will be used for general working capital.

Each unit is composed of one common share in the capital of Trustbix and one common share purchase warrant, whereby each warrant entitles the holder to purchase one common share at a price of five cents for period of one year from the date of closing. The securities issued under the private placement are subject to a four-month-plus-one-day hold period from the time of closing of the private placement.

About Alberta Food Security Inc.

AFS is dedicated to advancing food security and agricultural sustainability within the province of Alberta. As the exclusive territory licencee for AgriPlay, with the option to expand into other territories and regions throughout North America and internationally, AFS aims to harness innovative solutions to ensure a resilient and sustainable food supply chain for the benefit of all Albertans.

About Trustbix Inc.

The vision is to create a world where people trust more and waste less by leveraging Trustbix and its technology solutions. Trustbix delivers independent validation of provenance and sustainable practices within multiple supply chains and industries.

Trustbix location services offer solutions to supply chains that bring situational awareness for high-value assets.

ViewTrak Technologies Inc., a wholly owned subsidiary, provides a suite of hardware and software solutions to the livestock industry in North America and China.

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