Mr. Bill Hong Ye reports

HOPE WELL TERMINATES LETTER OF INTENT WITH LOC8 CORP. AND UPDATES MANAGEMENT CHANGE

Hope Well Capital Corp. and Loc8 Corp. have mutually agreed to terminate the letter of intent entered into on Feb. 6, 2020, as amended on March 11, 2020. The LOI was for a proposed qualifying transaction of Hope Well, whereby Hope Well would acquire all of the issued and outstanding securities of Loc8, with such acquisition constituting a reverse takeover of Hope Well.

The primary reason for the termination is the delay of the completion of the audit of Loc8's financial statements. Loc8's operations are based in India, which is affected by the COVID-19 pandemic, and, as a result, there is significant uncertainty on when the Loc8 audit can be completed in the near future.

Hope Well will seek out other potential targets for its qualifying transaction. Trading in the common shares of Hope Well has been halted since May 10, 2019. Trading will remain halted until, among other things, Hope Well completes a qualifying transaction, in accordance with the policies of the TSX Venture Exchange.

Hope Well also announced the addition of Judith Hong Wilkin as a director, effective Aug. 6, 2019. Ms. Wilkin also took over the corporate secretary roll from Bill Hong Ye on May 19, 2020.

We seek Safe Harbor.