File: '\\swfile\EmailIn\20241016 200518 Attachment GCAC - News Release - Debt Settlement [October 16 2024].docx'

PO Box 43, Suite 830, 1100 Melville Street

Vancouver, BC Canada V6E 4A6

LEGAL_45040945.5

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Global Compliance Applications Corp. Announces Proposed Debt Settlement

Vancouver, British Columbia, Canada, October 16, 2024 - Global Compliance Applications Corp. ("GCAC" or the "Company") (CSE: APP, FSE: 2FA, OTCQB: FUAPF) announces that the Company intends to settle an aggregate of $125,500 in debt owed by the Company to six creditors through the distribution of 12,550,000 common shares in the capital of the Company (each a "Share") at a deemed price of $0.01 per Share (the "Debt Settlement").

It is anticipated that 9,750,000 Shares issued in connection with the Debt Settlement (each a "Debt Settlement Share") will be issued pursuant to the Employee, Executive Officer, Director, and Consultant exemption set forth in Section 2.24 of National Instrument 45-106 - Prospectus Exemptions, and as a result, such Debt Settlement Shares will not be subject to a hold period under the prevailing Canadian securities laws. However, the remaining 2,800,000 Debt Settlement Shares will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold in the United States or to, or for the account or benefit of, "U.S. persons" (as those terms are defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About GCAC

GCAC is a global leader in designing and developing innovative blockchain technologies and machine learning solutions to improve real-world businesses. GCAC's leading solution is Efixii, an Ethereum Layer 2 blockchain and EVM programming functionality that is on par with other Layer- 2's, such as Polygon. GCAC can quickly connect each participant from product producers, distributors, manufacturers and retailers through a series of value chain dApps that allows for data connectivity to drive better consumer experiences and sales. GCAC created clearESG to assist businesses in communicating their sustainability goals and earned attributes on the blockchain through a series of ESG (Environmental, Social & Governance) merit badges. As an interconnected supply chain solution, the Efixii solution pays tokens for attesting to a product's value, or truthness, through a reward program. GCAC works in many agricultural industries providing a value-added blockchain offering through a cost-effective SaaS licensing model.

For more Company information, please visit www.gcac.tech or review its profiles on www.sedarplus.ca and on the Canadian Securities Exchange's website www.thecse.com.

Press Contact

Phone: +1 (800) 409-5679

Email: info@cannappscorp.com

Forward-Looking Information

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.