SOL Global Provides Interim Unaudited Financials for the Second Quarter Ended May 2023

Toronto, Ontario--(Newsfile Corp. - July 26, 2023) - SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) (FSE: 9SB) ("SOL Global" or the "Company") today reported unaudited financial results for the second quarter ended May 31, 2023. The Company is also pleased to present a general operational update regarding its assets and investments. All figures in this press release are in Canadian dollars, unless otherwise indicated.

Unaudited Six-Month Period Ended Results

• For the six-months period ended May 31, 2023, the Company recorded a net loss of ($12.2) million vs. six-months period ended May 31, 2022, net loss of ($161.1) million. This represents a favourable change of $148.9 million.

• For the three-months period ended May 31, 2023, the Company recorded a net loss of ($1.2) million vs the three-months period ended May 31, 2022, net loss of ($86.7) million. This represents a favourable change of $85.5 million.

• Total loss from investments totalled ($9.4) million for the six-month period ended May 31, 2023, compared to loss of ($177.3) million for the six-month period ended May 31, 2022. This represents a favourable change of $167.9 million between periods.

• Total income from investments totalled $2.8 million for the three-month period ended May 31, 2023, compared to a loss of ($96.2) million for the three-month period ended May 31, 2022. This represents a favourable change of $99.0 million between periods.

• The unaudited Net Asset Value ("NAV") per share is equal to $0.89 at May 31, 2023, vs. $3.43 at May 31, 2022.

"SOL's focus on operating efficiency has helped navigate this period of uncertainty," said Paul Kania, CFO and Interim CEO. "We continue to see our portfolio companies operate well in this environment, and coupled with our cost cutting efforts, we feel SOL has built a great foundation."

Portfolio Highlights for Q2 2023

• Damon Motors Inc. ("Damon"), a global technology company in urban mobility, continued to build its order book throughout the quarter, approaching a total order book of $100M to date globally, with the potential of exceeding $250M through international partnerships, including its partnership with Latin America's Auteco Mobility. Additionally, it entered a partnership with Indika Energy, Indonesia's leading diversified energy company, as a means of penetrating the largest two-wheeled vehicle market in the world. To fulfil its large order book, Damon has leased a 108,000 square foot plant in Surrey, British Columbia as it prepares to scale manufacturing to produce its flagship HyperSport electric motorcycle. Visit www.damon.com.

• Kiwi Campus Inc. ("Kiwibot"), a robotic last-mile delivery service, announced a deal worth $10 million on February 22, 2023, with Swiss-based Kineo finance to invest in their fleet of autonomous robots. Prior to the deal, Kiwibot signed a $20 million contract with food services giant, Sodexo, to deploy more than 1,200 delivery "Kiwibots" across 50 college campuses in the US. Sodexo is a global food services and facilities company in more than 80 countries that operates in college campuses across the United States. It is operating more than 550 robots in 29 locations across the United States as well as in Dubai. Kiwibot also signed an agreement for an additional 1,200 robots with Careem in Dubai for last-mile food delivery services. Careem is Uber's food delivery service in the Middle East. Visit www.kiwibot.com.

• Tevva Motors Ltd. ("Tevva"), a UK-based designer and manufacturer of zero-emission medium-duty trucks with an innovative combination of battery electric and hydrogen fuel-cell range extender technology, is currently launching large-scale commercial production of its fully electric 7.5-ton truck. On March 9, 2023, Tevva secured government plug-in truck grant (PITrG) eligibility for its 7.5-ton battery-electric truck, making it the only battery-electric truck from a British manufacturer to qualify for the award. The grant pays for 20% of the purchase price, representing a £16,000 reduction in the total cost of ownership. On April 19, 2023, Tevva, in partnership with ZF, integrated a regenerative braking system into its 7.5-ton battery-electric truck, which recuperates up to four times more energy than conventional systems, enhancing the truck's range. This advancement, achieved by adapting ZF's Electronic Brake System to Tevva's vehicle control unit, reduces brake wear and tear, leading to efficient brake management and lower overall cost of ownership. Visit www.tevva.com.

• Onet Global Inc. ("Navier"), a long-range, high-speed electric hydrofoiling boat manufacturer is beginning production on its 30-foot, all-electric Navier 30 model for direct consumer sales. In 2023, Navier announced the start of its pilot program with San Francisco Water Taxi. It will be deploying boats to ferry people around the Bay Area as a demonstration of how smaller hydrofoil craft can help reduce traffic congestion in coastal cities at a fraction of the cost and with much lower emissions than large ferries. Navier also received investments from Global Founders Capital and Google co-founder, Sergey Brin. Visit www.navierboat.com.

• Core Scientific, Inc. ("Core Scientific"), a large bitcoin miner and hosting platform has presented a plan to emerge from Chapter 11 Bankruptcy after entering in November 2022. Following operational improvements and a sustained increase in the price of bitcoin, Core Scientific has returned to profitability. The Company, through an external investment vehicle, has exposure to secured convertible notes in Core Scientific and currently expects a full recovery in the value of its holdings. Visit www.corescientific.com.

• Simply Better Brands Corp. ("SBBC") announced on May 30, 2023, record first quarter sales of $24.6 million, with 203% growth capturing channel, category, and innovation in clean-ingredient food, next generation skincare, and plant-based wellness. On February 22, 2023, SBBC announced the successful closing of a $2 million second tranche to fully complete its $7 million non-brokered private placement offering of units at a price of $0.25 per unit. It is anticipated that the net proceeds of the offering will be used for new product development, channel expansion, debt reduction, and general working capital purposes. Visit www.simplybetterbrands.com
  
  SBBC 2023 Outlook:

• Expected consolidated net sales to exceed $80 million.
• Expected gross margin as a percentage of net sales to be between 58% and 60%

• Jones Soda Co.("Jones Soda") announced on May 4, 2023, its Q1 2023 results. Gross margin expanded by 200 basis points as Jones Soda continued to gain market share in its core soda business with the addition of new partners across its distribution channels. Visit www.jonessoda.com.
  
  First Quarter 2023 Financial Summary vs. Year-Ago Quarter

• Revenue was $3.9 million compared to $4.5 million.
• Net loss improved to $1.4 million, or $(0.01) per share, compared to a net loss of $1.7 million, or $(0.02) per share.
• Adjusted EBITDA was approximately $(1.1) in both quarters.

House of Lithium Update

• House of Lithium Ltd. ("House of Lithium") is the Company's electric mobility platform and climate tech focused subsidiary. It continues to advance towards its previously announced planned public listing while closely monitoring market conditions. The Company is confident that House of Lithium is poised for significant growth given the long-term tailwinds for the electric mobility and climate technology industries as the world continues to electrify to support the transition to lower-emission transportation and energy. Its portfolio companies have performed well and are growing rapidly.

Real Estate Update

• Progress continues to be made towards the proposed development at 2400-2500 North Miami Avenue in the Wynwood neighbourhood of Miami. A third-party appraisal of the property conducted by Colliers International estimated the market value as-is at US$65 million. The fair market value of the Company's position as of May 31, 2023, is $20.8 million.

• The project includes total floor area of 936,573 square feet and a total residential unit count of 542 apartments, including a mix of unit types ranging from Studios to 2+ Bedrooms with 196 units under 650 square feet and 346 units that exceed 650 square feet. The project is designed to incorporate a wide array of indoor and outdoor amenities, reflecting the unique scale and culture of the Wynwood area. The prime location of the site provides residents with immediate access to beautifully landscaped parks, a variety of indoor and outdoor dining options including food halls, and top-tier shopping destinations. Visit www.livwrk.com.

About SOL Global Investments Corp.

SOL Global is a diversified international investment and private equity holding company engaged in the small and mid-cap sectors. The Company's investment partnerships range from minority positions to large strategic holdings with active advisory mandates. The Company's primary business segments include Retail (QSR & Hospitality), Technology (with a focus on Clean-Tech and Electric Vehicles), Esports and Gaming, and New Age Wellness.

CONTACT INFORMATION
SOL Global Investments Corp.
Paul Kania, Interim CEO, CFO
Phone: (212) 729-9208
Email: info@solglobal.com

For media inquiries, please contact:
Angela Trostle Gorman
AMW PR
P: 212.542.3146
E: SOLGlobal@amwpr.com

Non-IFRS Financial Measures

This press release includes references to net asset value, which is a financial measure that does not have a standardized meaning prescribed by IFRS. Net asset value is calculated as the value of total assets less the value of total liabilities at a specific date. The Company believes this non-IFRS measure does not only provide management with comparable financial data for internal financial analysis but also provides meaningful supplemental information to investors. In particular, management believes this financial measure can provide information useful to its shareholders in understanding the performance of the Company and may assist in the evaluation of its business relative to that of its peers. Investors are cautioned that this non-IFRS measure should not be construed as an alternative to the measurements calculated in accordance with IFRS as, given the non- standardized meaning, it may not be comparable to similar measures presented by other issuers.

NAV Breakdown Summary

Cautionary Statements

This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained in this press release includes, without limitation, the estimated NAV of the Company in the Company's financial statements, future operational plans of House of Lithium, strategic plans for House of Lithium to go public, and the Company's expectations regarding its ability to operate and emerge from the COVID-19 pandemic.

Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.

By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including the inability or failure of the Company's portfolio companies to execute their business and strategic plans as contemplated or at all, inability or failure of House of Lithium to complete a going public transaction as planned or at all, the receipt of all applicable stock exchange and regulatory approvals for House of Lithium's go-public transaction, the inability or failure of the Company's or House of Lithium's portfolio companies to execute their business and strategic plans as contemplated or at all, changes in national or regional economic, legal, regulatory and competitive conditions and a resurgence in the COVID-19 pandemic.

Other risk factors include: the risks resulting from investing in the US marijuana industry, which may be legal under certain state and local laws but is currently illegal under U.S. federal law; the risks of investing in securities of private companies which may limit the Company's ability to sell or otherwise liquidate those securities and realize value; reliance on management; the ability of the Company to service its debt; the Company's ability to obtain additional financing from time to time to pursue its business objectives; competition; litigation; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company's current MD&A, which has been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.

The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

Financial Outlook

The Company and its management believe that the estimated NAV contained in this press release is reasonable as of the date hereof and is based on management's current views, strategies, expectations, assumptions and forecasts, and have been calculated using accounting policies that are generally consistent with the Company's current accounting policies. This estimate is considered future-oriented financial outlook and financial information (collectively, "FOFI") under applicable securities laws. This estimate has been approved by management of the Company as of the date hereof. Such FOFI is provided for the purposes of presenting information about management's current expectations and goals in determining the intrinsic value of the Company's aggregate investments. However, because this information is highly subjective and subject to numerous risks, including the risks discussed above under "Cautionary Statements". The FOFI should not be relied on as necessarily indicative of future results. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the FOFI prove incorrect, then the actual results could vary materially from the estimate. Although management of the Company has attempted to identify important risks factors, other uncertainties and factors not known to the Company could cause actual results to differ materially from the estimate. The Company disclaims any intention or obligation to update or revise any FOFI, whether as a result of new information, future events or otherwise, except as required by securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/174883