INEO Tech Corp. Announces Closing of Acquisition of INEO Solutions Inc.

INEO Tech Corp. Announces Closing of Acquisition of INEO Solutions Inc.

VANCOUVER, British Columbia – Jan. 27, 2020 – INEO Tech Corp., formerly known as Metron Capital Corp., (“INEO” or the “Company”) is pleased to announce that, further to its news releases dated November 6 and November 7, 2019, it has closed its previously announced acquisition (the “Acquisition”), pursuant to which the Company, acquired of all of the issued and outstanding shares of INEO Solutions Inc. In connection with the closing of the Acquisition, the net proceeds of the Company’s private placement of subscription receipts in support of the Acquisition (the “Offering”) have been released to the Company from escrow. Immediately prior to closing of the Acquisition, the Company completed a consolidation of its common shares (the “Consolidation”) on the basis of 1.6191 pre-Consolidation common shares to one (1) post-Consolidation common share (each post-Consolidation common share, a “Common Share”), as well a name change changing the name of the Company from Metron Capital Corp. to INEO Tech Corp. The Company anticipates that trading in the Common Shares will recommence on the TSX Venture Exchange (the “TSXV”) under the symbol “INEO”, at the open of market on January 29, 2020.

For further information related to INEO, please see the Company’s filing statement dated January 20, 2020, available under the Company’s profile on SEDAR.

Conversion of Subscription Receipts

As previously announced, the Company completed an offering of 8,048,498 subscription receipts (the “Subscription Receipts”) at a price of CDN $0.35 per Subscription Receipt for aggregate gross proceeds of CDN $2,816,974. On completion of the Acquisition, the Subscription Receipts were automatically converted in accordance with their terms into one Common Share of the Company. In addition, the Company issued 262,181 warrants to finders in connection with the financing, each entitling the holder to acquire one common share of the company at a price of $0.35 per Common Share for a period of 24 months from their date of issue.

Completion of Acquisition
Pursuant to a share exchange agreement dated November 4, 2020 (the “Share Exchange Agreement”) amongst the Company, INEO Solutions Inc., and the shareholders of INEO Solutions Inc., the Company acquired all of the issued and outstanding common shares of INEO Solutions Inc. in consideration for an aggregate of 19,626,409 post Consolidation Common Shares at a deemed value of $0.35 per Common Share. The Company also issued options to purchase 175,863 Common Shares at a price of $0.088 per Common Share in exchange for existing outstanding options of INEO Solutions Inc. On completion of the Acquisition the Company repaid certain outstanding bridge loans in the amount of $261,000.

Board of Directors and Management

The board of directors of the Company on closing of the Acquisition consists of Greg Watkin, Kyle Hall, Steve Matyas, Gurminder Sangha and Jurgen Wolf.

Mr. Kyle Hall has been appointed Chief Executive Officer, Mr. Greg Watkin has been appointed President and Corporate Secretary, and Zara Kanji has been appointed Chief Financial Officer of the Company.

Escrowed Securities

An aggregate of 18,341,311 Common Shares held former shareholders of INEO Solutions Inc. and one director of the Company are subject to a value security escrow agreement pursuant to the policies of the TSX Venture Exchange. In addition, 1,688,293 Common Shares are subject to seed share resale restrictions in accordance with the policies of the TSX Venture Exchange.

Investors are cautioned that, except as disclosed in the disclosure document to be prepared in connection with the transaction, any information released or received with respect to the Acquisition 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, the results of financing efforts and the parties’ due diligence reviews, 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 from time to time on SEDAR (see 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.

For further information: Kyle Hall, Chief Executive Officer, INEO Tech Corp., Email: [email protected]

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