STANDARD MERCANTILE ACQUISITION CORP. ANNOUNCES RESIGNATION OF DIRECTOR

TORONTO, July 20, 2023 /CNW/ - Standard Mercantile Acquisition Corp. (TSX: SMA) (the "Company") today announces that it has accepted the resignation of Bradley Nathan from the Company's board of directors (the "Board"). As a result of the progress in completing the wind-up activities for the Company, Mr. Nathan has determined that it is an appropriate time to resign to focus on his other business interests. Management and the Board thank him for his more than two years of service.

Forward-Looking Statements

Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as "anticipates", "plans", "proposes", "estimates", "intends", "expects", "believes", "may" and "will". The forward-looking statements are founded on the basis of expectations and assumptions made by the Company. Details of the risk factors relating to the Company and its business are discussed under the heading "Business Risks and Uncertainties" in the Company's annual Management's Discussion & Analysis for the year ended December 31, 2022 and under the heading "Risk Factors" in the Company's Annual Information Form dated March 24, 2023, copies of which are available on the Company's SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

SOURCE Standard Mercantile Acquisition Corp.

Jordan Kupinsky, Chairman and CEO, Tel: [phone]), Email: [email protected]