INEO Completes Public Offering of Units and Private Placement of Units, Notes for Total Proceeds of C$2.74 Million

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

SURREY, BC, Nov. 17, 2022 /CNW/ - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) ("INEO" or the "Company"), the innovative developer and operator of the INEO Media Network, a digital advertising and analytics solution for retailers, has closed its previously announced best efforts public offering of 12,025,000 units (the "Units") of the Company at a price of $0.12 per Unit for aggregate gross proceeds of 1,443,000 (the "Offering").

Each Unit consisted of one common share of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable to acquire one Common Share (a "Warrant Share") for a period of 36 months following the closing of the Offering (the "Closing") at an exercise price of $0.19 per Warrant Share.

The Offering was conducted by a syndicate of agents led by Beacon Securities Limited (the "Lead Agent") and including Echelon Wealth Partners Inc., PI Financial Corp., Haywood Securities Inc., and Paradigm Capital Inc. (collectively with the Lead Agent, the "Agents"). On Closing the Company issued to the Agents an aggregate of 923,720 compensation warrants, with each compensation warrant entitling the holder to purchase one Common Share at a price of $0.12 per share for 36 months from the date of issuance.

The Company intends to use the net proceeds from the Offering for the manufacturing and deployment of the INEO Welcoming System to existing and future customers, as well as for working capital and general corporate purposes.

The Offering was completed by way of a short-form prospectus filed in each of the Provinces of Canada, except Quebec. The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

Concurrent with the Offering, the Company completed a non-brokered private placement of 2,500,000 Units at the Issue Price for gross proceeds of $300,000. Units sold under this non-brokered private placement are subject to statutory hold period of four-month and one day from the date of issuance. No finder's fees or commissions were paid on the non-brokered private placement.

Additionally, the Company completed its previously announced $1,000,000 non-brokered private placement of unsecured promissory notes (the "Notes") with Pathfinder Asset Management Limited. The Notes bear interest at 12% per annum payable semi-annually and will mature three years after the date of issue.  In connection with the issuance of the Notes the Company also issued 1,428,571 bonus shares to the purchaser of the Notes, being equal to 20% of the principal amount of the Notes divided by $0.14.

"We are very appreciative of our shareholders who supported us in this financing and we welcome new investors to the INEO family.  This funding will strengthen our balance sheet, thereby allowing us to continue to execute on our existing commitments with our large retail chain customers and accomplish our growth plans for 2023.  This financing represent a key component of INEO's roll-out and expansion plans across the globe."

About INEO Tech Corp.:

INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., operates the INEO Media Network, a digital advertising and analytics solution for retailers. INEO's patented technology integrates and monetizes digital screens with theft detection sensor gates at the entrance of retail stores. The Company's cloud-based platform uses IoT (Internet of Things) and AI (Artificial Intelligence) technology to deliver customized digital advertising to each retail location based on the demographic mix, such as age and gender, of customer traffic at each location. The Company also deploys the INEO Welcoming Network technology through a SaaS-based solution to larger retail chains. INEO is headquartered in Surrey, Canada and publicly traded on the TSX-Venture Exchange under the symbol "INEO" and on the OTCQB Venture Market under the symbol "INEOF".

Forward-Looking Statements:

Investors are cautioned that, except as disclosed in the final prospectus, 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. Forward looking statements made in this news release include the anticipated timing of the completion of the Offering and Concurrent Private Placement, and the use of proceeds from each of the Offering and Concurrent Private Placement.  Important factors – including the receipt of regulatory approvals, 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 Annual Information Form for the period ended June 30, 2022 filed on SEDAR November 4, 2022 (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.

SOURCE INEO Tech Corp.

Pardeep Sangha, Investor Relations, INEO Tech Corp., [email protected], [phone], CO: INEO Tech Corp.