OV2 Investment 1 Inc. Provides Update on Qualifying Transaction

TORONTO, June 10, 2020 /CNW/ - OV2 Investment 1 Inc. (the "Corporation") (TSXV: OVO.P), a Capital Pool Company under Policy 2.4 of the TSX Venture Exchange, announces that the previously announced proposed qualifying transaction between the Corporation and Freightera Logistics Inc. ("Freightera") will not be proceeding. The business combination agreement among the Corporation, Freightera and 1221126 B.C. Ltd. dated August 30, 2019 has been terminated.

The Corporation is actively pursuing alternative transactions that could be completed as its qualifying transaction and expects to be in a position to provide further details on these alternatives shortly.

Forward Looking Information 
This news release contains statements about the Company's expectations regarding the completion of the application for listing and the commencement of trading on the TSXV that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as final listing approval from the TSXV. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to fulfill conditions of listing on the TSXV and inability to obtain required regulatory approvals. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE OV2 Investment 1 Inc.

Babak Pedram, Director, OV2 Investment 1, Tel. [phone]