Toronto, Ontario--(Newsfile Corp. - March 28, 2018) - This news release is issued pursuant to the early warning requirements of
National Instrument 62-103 with respect to the common shares ("Common Shares") of Targeted Microwave Solutions Inc. (the
"Company") (TSXV: TMS) (OTCQB: TGTMF) (FSE: T651).
Satellite Overseas (Holdings) Limited ("SOHL") announces that, on March 27, 2018, it acquired indirect beneficial
ownership of, and control over a total of 39,834,828 Common Shares (the "Debt Settlement Shares") at a deemed price of $0.05
per share in exchange for the settlement of $1,991,741.40 of outstanding indebtedness that had previously been owing by the Company
to SOHL pursuant to a loan agreement originally dated March 8, 2016 and subsequent amendments thereto. The Debt Settlement Shares
are registered in the name of SOHL, Inc., as nominee for SOHL.
Immediately, following the acquisition of the Debt Settlement Shares, SOHL, together with its joint actors, had beneficial
ownership of, and/or exercised control over 55,981,161 Common Shares (approximately, 49.53% of the issued and outstanding Common
Shares. The Debt Settlement Shares were acquired and are being held by it for investment purposes. However, SOHL may propose
changes to the Company's board of directors, as it deems appropriate. Depending on a number of factors, including market
conditions, general economic and industry conditions, the Company's business, financial condition, strategic initiatives, the
investment objectives, strategies and objects and restrictions of SOHL or its joint actors, as applicable, and/or other relevant
factors, SOHL and/or any of its joint actors may develop such plans or intentions in the future
This news release is being issued under the early warning provisions of Canadian provincial securities legislation. A report
respecting this transaction will be electronically filed with the applicable securities regulators and will be available for
viewing under the Company's profile on SEDAR (www.sedar.com). A copy of this report may also be
obtained by contacting the Company using the contact information below.
Contact:
Dr. James Young,
Chief Executive Officer and Chairman, of Targeted Microwave Solutions Inc. at 778 995-5833.
