Toronto, Ontario--(Newsfile Corp. - November 1, 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.
("TMS").
Satellite Overseas (Holdings) Limited ("SOHL") announces that today it has sold all of the Common Shares beneficially
held by SOHL, and all of SOHL's right, title and interest in and to the indebtedness (the "Outstanding Debt") owed by TMS to
SOHL, all pursuant to the terms of a share purchase agreement (the "Share Purchase Agreement") dated October 30, 2018
between Lornex Financial Group Inc. ("Lornex"), on behalf of itself and various purchasers (collectively with Lornex, the
"Purchaser"), SOHL and Dr. James Young.
Under the terms of the Share Purchase Agreement, SOHL sold and assigned to the Purchaser a total of 55,981,161 Common Shares of
TMS (the "SOHL Sale Shares"), representing approximately, 49.53% of the issued and outstanding Common Shares
(assuming that 113,024,439 Common Shares were outstanding on closing) and Outstanding Debt in the amount of US$499,326. As a result
of the completion of the sale transaction, SOHL no longer holds any Common Shares or debt of TMS.
In connection with the sale and assignment of the SOHL Sale Shares and Outstanding Debt, Dr. Young, Chairman of the board of
directors of TMS, also sold 27,341,611 Common Shares to the Purchaser pursuant to the Share Purchase Agreement.
The sale by SOHL of the SOHL Sale Shares and the Outstanding Debt was carried out by SOHL in connection with its decision to
divest its interest in TMS and was completed on November 1, 2018.
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 TMS's profile on SEDAR (www.sedar.com). A copy of the report may also be obtained
by contacting TMS using the contact information below.
Contact:
Dr. James Young, Chairman of Targeted Microwave Solutions Inc.
at 778 995-5833.
