Mr. Wouter Witvoet reports

EV TECHNOLOGY GROUP ANNOUNCES C$2.5 MILLION CONVERTIBLE NOTE FINANCING

EV Technology Group Ltd. intends to offer up to $2.5-million aggregate principal amount of unsecured convertible notes on a private placement basis.

The notes will mature one year from the date of issuance, unless repurchased, redeemed or converted in accordance with their terms prior to the maturity date, and shall accrue interest at the rate of 7 per cent per annum. At the company's election, the notes may be converted to common shares of the company on the maturity date at a price equal to the trading price of the common shares on the Cboe Canada, the new business name of the Neo Exchange, less a 10-per-cent discount. Furthermore, upon the occurrence of a qualifying transaction, including for example a public offering of the securities of the company in the United States or a merger, amalgamation or combination of the company with a public company whose securities are listed on the Nasdaq Stock Market, the NYSE American or the New York Stock Exchange, the notes shall automatically convert into common shares at a conversion price equal to the ascribed price per common share in the relevant transaction giving rise to the automatic conversion less a 75-per-cent discount, provided that the maturity conversion price and the QT conversion price shall not be lower than 4.5 cents per common share.

The offering is subject to a number of conditions, including final approval of the Cboe Canada. Funds from the offering will be used for general working capital, acquisitions and to advance the company's business.

Corporate update

This offering occurs at a key moment of growth for EV Technology Group, and at its completion will help the company continue to execute on its strategy of acquiring and electrifying iconic automotive brands.

EV Technology Group's strategic partner MOKE International continues to prove out the power of this strategy. It has recently opened its order books for the new Electric MOKE Californian, and inspired the public in its appearances at Goodwood and with Miami photographer Jordan Braun.

Wouter Witvoet, chief executive officer and founder of EV Technology Group, said: "As the MOKE brand's continued growth demonstrates, our strategy of acquiring and electrifying iconic automotive brands has resonance with a large market. This offering is being made in a context of funding continued transformational growth for EV Technology Group and our strategic partners."

About EV Technology Group Ltd.

EV Technology Group was founded in 2021 with a vision of electrifying iconic brands -- and a mission of redefining the joy of motoring for the electric age. By acquiring iconic brands and bringing beloved motoring experiences to the electric age, EV Technology Group is driving the electric vehicle revolution forward. Backed by a diversified team of passionate entrepreneurs, engineers and driving enthusiasts, EV Technology Group creates value for its customers by owning the total customer experience -- acquiring and partnering with iconic brands with significant growth potential in unique markets and controlling end-to-end capabilities.

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