Mr. Yoel Rosenheck reports

REVOLUGROUP CANADA INC. ANNOUNCES THE WELCOME OF AN INTERIM CEO, INTERIM CHAIRMAN AND TWO NEW DIRECTORS, AND THE RESIGNATION OF THE CURRENT MEMBERS OF THE BOARD OF DIRECTORS

Revolugroup Canada Inc. has appointed: Erik Aaron Lara Riveros interim chief executive officer and director; interim chairman, Yoel Rosenheck; and of two new directors, Gavin McMillan and Mab Shahriar.

The company also announces the resignation of the actual members of the board of directors. The company also confirms the $7-million private placement from Meridien Holdings LLC led by the new board of directors.

The company acknowledges the services of the outgoing board of directors and welcomes the new members of the board

After the period of time, from to the resignation of the previous CEO and the chairman, the remaining members of the board, Fernando Guillen, Francisco Balboa and Alfredo Manresa, have made a tremendous effort in terms of human and capital resources to be able to fulfill their responsibilities, having to occupy positions and functions for which they were not initially called as board members. In an exercise of responsibility and in view of the urgent financial needs of the company, and with the sole intention of accelerating the capitalization of Revolugroup, they have decided to take a step back and appoint a new board of directors in co-ordination with some of the company's most significant shareholders.

Therefore, the company is pleased to announce the approval with immediate effect of the new board of directors, subject to the TSX Venture acceptance of the requisite PIF (personal information form), as follows:

• Erik Aaron Lara Riveros as interim CEO;

• Yoel Rosenheck as interim chairman;

• Mab Shahriar as director;

• Gavin McMillan as director.

Biographies of the new management team will be added to the corporate website shortly.

This leadership team has been carefully selected to navigate Revolugroup through its current challenges and to capitalize on the opportunities ahead. Mr. Riveros and Mr. Rosenheck bring the leadership and strategic vision necessary to conclude the investment from Meridien and to guide the company toward sustainable growth. Mr. Shahriar's extensive experience on Wall Street will be invaluable in steering our financial strategy, while Mr. McMillan's insights will enhance our strategic direction. As Mr. McMillan was previously the CEO and therefore not considered independent, a fifth independent board member will be appointed as soon as possible once the new board of directors takes office.

The company confirms the commitment of up to $7-million private placement from Meridien Holdings LLC by Revolugroup new board of directors

Revolugroup Canada confirms the commitment of up to $7-million in a non-brokered private placement with Meridien Holdings LLC, as previously announced on July 29, 2024. The newly appointed board of directors will promptly formalize this private placement to provide Revolugroup with the necessary financial resources for maintaining good standing and initiating commercial activities.

Changes to the memorandum of understanding

As per the news release dated July 26, 2024, the original MoU steps have been replaced. Meridien Holdings will now focus solely on the direct private placement. The previously outlined "Step 1" and "Step 2" processes, including the acquisition of warrants and shares, are no longer being pursued. This streamlined approach ensures a direct capital infusion to strengthen Revolugroup's financial stability and operational capacity, reinforcing the partnership's commitment to the company's growth.

We seek Safe Harbor.