Early Warning Report Issued Pursuant to National Instrument 62-103 Intercap Exercises Options to Acquire Shares of E Inc. (TSX: EINC) and Makes Open Market Purchases

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

TORONTO, April 1, 2022 /CNW/ - Intercap Equity Inc. ("Intercap") and its joint actors have exercised 1,065,445 options on existing common shares in E Automotive Inc. d/b/a E Inc. ("E INC") (TSX: EINC) held by certain shareholders of E INC. 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").

On March 31, 2022, Intercap exercised options to acquire 1,065,445 common shares in E INC. from certain of E INC.'s shareholders pursuant to option agreements previously entered into with such shareholders. The 1,065,445 options were exercised at a price of C$6.50 per share for total consideration of C$6,925,392.50.

Prior to the option exercise, Intercap, together with its joint actors, beneficially owned, controlled or directed an aggregate of 29,928,556 common shares, 1,021,240 share purchase warrants, 4,907 deferred share units and the 1,065,445 options to acquire common shares from other E INC. shareholders, representing approximately 62.2% of the outstanding common shares of E INC. on a non-diluted basis and approximately 65.2% on a partially diluted basis, assuming Intercap's exercise of its warrants and options and vesting of Jason Chapnik's deferred share units.

Following the option exercise, Intercap, together with its joint actors, beneficially owns, controls or directs an aggregate of 30,994,001 common shares, 1,021,240 share purchase warrants and 4,907 deferred share units, representing approximately 64.5% of the outstanding common shares of E INC. on a non-diluted basis and approximately 65.2% on a partially diluted basis, assuming Intercap's exercise of its warrants and vesting of Jason Chapnik's deferred share units.

The equity interests of Intercap are beneficially owned, controlled or directed, directly or indirectly, by Jason Chapnik, Chairman and Chief Executive Officer of Intercap, and accordingly Jason Chapnik is considered to be a joint actor. Intercap may, depending on market or other conditions, increase or decrease its beneficial ownership, control or direction over, or exercise its current rights to acquire, common shares through market transactions, private agreements or otherwise.

In addition, on March 25, 2022, Intercap purchased an additional 276,000 common shares in the public market for consideration of $3,568,000.  Since E INC.'s IPO, Intercap has purchased a total of 640,126 common shares of E INC. in the open market.

Intercap's head office is located at 261 Davenport Road, Suite 200, Toronto, Ontario, M5R 1K3. E INC.'s head office is located at 10 Lower Spadina Avenue, Suite 400 and Suite 500, Toronto, Ontario, M5V 2Z2.

An early warning report will be electronically filed by Intercap with the applicable securities commission in each jurisdiction where E INC. is reporting and will be available on SEDAR at www.SEDAR.com.

SOURCE Intercap Equity Inc.

Intercap Equity Inc., James Merkur, President, Tel: [phone], Email: [email protected]