Mr. Paul Dickson reports

VPN TECHNOLOGIES ANNOUNCES CLOSING OF OVERSUBSCRIBED NON-BROKERED PRIVATE PLACEMENT

VPN Technologies Inc., further to its news release of April 24, 2023, has closed its oversubscribed non-brokered private placement, issuing 15.9 million units at a price of five cents per unit, raising total gross proceeds of $795,000.

Each unit will comprise one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one share of the company at a price of 7.5 cents per share for a period of one year from the date of closing of the private placement.

The company intends to use the proceeds from the private placement for research and development, sales and marketing, and general working capital. No finders' fees were paid in connection with the private placement.

Paul Dickson, chief executive officer and a director of the company, purchased 200,000 units, and Curtis Ingleton, chief technology officer and a director of the company, purchased 400,000 units in the private placement.

All securities issued pursuant to the private placement are subject to a mandatory four-month hold period.

As a result, the private placement transaction is a related party transaction (as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The company relied upon Section 5.5(b) -- Issuer Not Listed on Specified Markets and Section 5.7(a) -- Fair Market Value Not More than $2,500,000, and exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.

About VPN Technologies Inc.

VPN Technologies is a provider of virtual private network (VPN) services to the retail market, and small- and medium-sized enterprises. Greentech Hydrogen Innovations Corp. is a wholly owned subsidiary of VPN Technologies, a start-up energy company formed to identify opportunities in both the science for the purpose of commercialization, and the development of products and services addressing the growth in a wide range of long-term hydrogen businesses related to global energy policy objectives and targets.