Prosegur to fund and install pilot systems in some of the world’s largest retailers.

Surrey, BC – January 7, 2021 – INEO Tech Corp. (TSX-V: INEO) (“INEO” or the “Company”), an innovative provider of location based digital advertising, data analytics and loss prevention solutions for retailers, is pleased to announce it has entered into a Letter of Intent (“LOI”) with Prosegur EAS USA Inc., a wholly owned subsidiary of Prosegur Compania de Seguridad (collectively “Prosegur”), to distribute and install INEO’s Welcoming Systems in Prosegur’s retail customers in North America, Latin America and Europe. Headquartered in Madrid, Spain, Prosegur is a multi-national company that reported sales of approximately 4.2 billion Euros in 2019 while operating in 26 countries with over 160,000 employees offering global and comprehensive security solutions.

Under the terms of the LOI, INEO grants Prosegur non-exclusive global distribution rights to secure, place and install the INEO Welcoming System within Prosegur’s retail customers. Prosegur will be responsible for the funding, manufacturing, distribution, in-store setup and in-store maintenance of INEO’s Welcoming Systems. INEO will be responsible for online provisioning, operating, and managing the INEO Welcoming Network in addition to providing location-based analytics to Prosegur and its retail clients for which INEO will receive a monthly recurring revenue fee.

“Prosegur has enormous reach into some of the largest retailers in the world and we are excited to launch our relationship with them,” said Kyle Hall, CEO of INEO. “Prosegur has a very strong brand name, significant financial means and an enormous distribution network to scale the INEO Welcoming Network. Together our aim is to roll out and expand the INEO Welcoming Network to thousands of retail locations around the globe. This arrangement with Prosegur also shifts INEO on to a Software-as-a-Service (SaaS) business model with high-margin revenue streams and predictable cash flows.”

INEO and Prosegur are expected to enter into a Definitive Agreement in the first quarter of 2021. Both parties are currently actively working on securing and installing INEO’s Welcoming Systems in several pilot locations within some of the world’s largest retailers. Under the terms of the LOI, Prosegur is also granted the right to fund and prosecute intellectual property rights and protection, on INEO’s behalf, for the Company’s proprietary patented technology.

Greg Watkin, Chairman and President of INEO commented, “This partnership with Prosegur positions INEO for significant growth through the global expansion of the INEO Welcoming Network into large national and international retailers. Working with Prosegur will significantly boost our sales, manufacturing, distribution and installation capabilities, thereby allowing INEO to concentrate on advancing its intellectual property and extending the features and functions of its best-in-class technology solutions.”

About INEO:

INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., provides retailers with the INEO Welcoming Network, a patented in-store and online location-based advertising network which enhances the customer experience, monetizes the entrances of retail stores and protects against retail theft. The INEO Welcoming Network is a revolutionary cloud-based digital advertising and data analytics system, which sends customized advertising to digital screens integrated with theft detection sensor gates at the entrance of retail stores. INEO is headquartered in Surrey, Canada and publicly traded on the TSX-Venture Exchange under the symbol “INEO”. For more information, please visit www.ineosolutionsinc.com.

Forward-Looking Statements:

Investors are cautioned that, except as disclosed in the disclosure document, any information released or received with respect to the Company may not be accurate or complete and should not be relied upon. Trading in securities of the Company should be considered highly speculative. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors – including the availability of funds, acceptance of the Company’s products, competition, and general market conditions – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed on SEDAR, including the Company’s Annual Information Form dated December 3, 2020 (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

Pardeep S. Sangha,

Investor Relations

INEO Tech Corp.

[email protected]

(604) 572-6392