Early Warning Report Issued Pursuant to National Instrument 62-103

Acquisition of Securities of MediaValet Inc.

/NOT FOR DISTRIBUTION TO UNITED STATES OF AMERICA WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA/

TORONTO, May 13, 2022 /CNW/ - This press release is being disseminated as required by National Instrument 62–103 - The Early Warning System and Related Take Over Bids and Insider Reporting Issuers in connection with the filing of an early warning report (the "Early Warning Report") regarding the acquisition of securities of MediaValet Inc. (TSX: MVP) (the "Issuer"), with its head office located at 505 – 990 Homer Street, Vancouver, British Columbia, V6B 2W7, by Shen Capital Fund I L.P., by its General Partner, Shen Capital Management Inc. ("Shen Capital"), with its head office located at 130 Bloor Street West, Suite 905, Toronto, Ontario, M5S 1N5.

Shen Capital purchased 1,925,000 common shares of the Issuer ("Common Shares") pursuant to a block trade completed on May 12, 2022 (the "Transaction") for $1.20 per Common Share, for aggregate proceeds of $2,310,000.

Prior to the Transaction, Shen Capital owned, directly and indirectly, 5,752,786 Common Shares, representing 14.8% of the issued and outstanding Common Shares on a non-diluted basis.  Following the Transaction, Shen Capital holds, directly and indirectly, an aggregate of 7,677,786 Common Shares, such amount representing 19.8% of the issued and outstanding Common Shares. 

In addition to the foregoing, Shen Capital may increase or decrease its beneficial ownership or control depending on market or other conditions.

A copy of the Early Warning Report with additional information in respect of the foregoing matters may be found on www.SEDAR.com.

SOURCE Shen Capital Management Inc.

Shen Capital Fund I L.P., by its General Partner, Shen Capital Management Inc., Andrew Shen, Vice-President, Tel: [phone], Email: [email protected]