SOL Global Announces Financial Results for Fiscal 2022 and First Quarter 2023

Toronto, Ontario--(Newsfile Corp. - May 2, 2023) - SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) (FSE: 9SB) ("SOL Global" or the "Company") today reported audited financial results for the year ended November 30, 2022 and first quarter financial results for the three months ended February 28, 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 Q1 FY 2023 Results

• For the quarter-ended February 28, 2023, the Company recorded a net loss of $11 million vs. quarter-ended February 28, 2022, net loss of $75million. This represents a favourable change of $64 million.

• Total unrealized loss from investments totalled $7 million for the quarter-ended February 28, 2022, compared to an unrealized loss of $93 million for the quarter-ended February 28, 2022. This represents a favourable change of $86 million between periods.

• Total realized loss from investments totalled $6 million for the quarter-ended February 28, 2022, compared to a realized gain of $11 million for the quarter-ended February 28, 2022. This represents an unfavourable change of $17 million between periods.

• The unaudited Net Asset Value ("NAV") per share is equal to $0.91 at February 28, 2023, vs. $5.14 at February 28, 2022.

"SOL remains confident in its core holdings and continues to be committed in evaluating opportunities in the market," said Paul Kania, CFO and Interim CEO. "Signs of stability have allowed us to better assess these opportunities, with de-leveraging our balance sheet being our underlying focus."

Audited Year-End Results

• For the year-ended November 30, 2022, the Company recorded a net loss of $297million vs. year-ended November 30, 2021, positive net income of $159 million. This represents an unfavourable change of $456 million.

• Total unrealized loss from investments totaled $204 million for the year-ended November 30, 2022, compared to an unrealized loss of $32 million for the year-ended November 30, 2021. This represents an unfavourable change of $172million between periods.

• Total realized loss from investments totaled $33 million for the year-ended November 30, 2022, compared to a realized gain of $339 million for the year-ended November 30, 2021. This represents an unfavourable change of $372million between periods. This was mainly due to Verano Holdings Corp position sold in 2021.

• The Net Asset Value ("NAV") per share is equal to $1.17 at November 30, 2022 vs. $6.29 at November 30, 2021.

Highlights for Q4 2022 and Q1 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.

• 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. 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.

• 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 tonne truck. On March 9, 2023, Tevva secured government plug-in truck grant (PITrG) eligibility for its 7.5t 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. It previously announced the launch of its 7.5-tonne hydrogen fuel cell-supported heavy goods vehicle to be manufactured, designed, and mass-produced in the UK. The hydrogen-electric truck will have a range of up to 310 miles, and its hydrogen tanks can be refilled in 10 minutes.

• 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. It recently announced its plan to begin test runs in San Francisco Bay for its water taxi service pilot for commercial fleet sales.

Simply Better Brands Operational Update

On January 26, 2023, Simply Better Brands Corp. ("SBBC") announced its preliminary 2022 results and 2023 outlook, including the following select guidance and drivers, which highlights the strong growth of its brands portfolio:

Preliminary 2022 Results

• Preliminary unaudited net sales for 2022 are expected to be between $65.5 million - $66.0 million USD compared to net sales of $15.6 million achieved in 2021
• Preliminary fourth quarter net sales are expected to be between $23.1 - $23.6 million USD
• In 2022, the key drivers of growth were robust PureKana customer acquisition, distribution, and the expansion of TRUBAR
• Preliminary unaudited 67% gross margin for the fourth quarter and the full year 2022, consistent with the gross margin for the nine months ended September 30, 2022

2023 Outlook

• Expectation for consolidated net sales to exceed $80 million USD
• Expected gross margin as a % of net sales to be between 58% - 60%
• Expected positive adjusted EBITDA in the range of $3 million - 4 million USD

Non-Brokered Private Placement

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.

Jones Soda Operational Update

On March 9, 2023, Jones Soda Co. ("Jones Soda") announced its Q4 2022 and full year ended December 31, 2022. The company continued to gain market share in its core soda business with the addition of new partners across its distribution channels.

Fourth Quarter 2022 Financial Summary vs. Year-Ago Quarter

• Revenue increased 28% to $3.7 million compared to $2.9 million
• Gross profit as a % of revenue was 24.8% compared to 26.5%

Full Year 2022 Financial Summary vs. Prior Year

• Revenue increased 29% to $19.1 million compared to $14.8 million
• Gross profit as a % of revenue was 26.9% compared to 29.7%
• Net loss was $6.4 million or $(0.07) per share, compared to a net loss of $1.8 million, or $(0.03) per share

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.

Real Estate Update

• Since prior to the COVID-19 pandemic, SOL Global was working on diversifying its investments by entering the real estate market. SOL Global, through a majority-owned subsidiary, acquired three properties in the Wynwood neighbourhood of Miami, which have a fair market value of $20,963,781 as of November 30, 2022. Real estate prices in the booming Wynwood market have increased 50% since last year, as it continues to attract new tech companies, and has many new residential, office, and mixed-use developments underway.

About SOL Global Investments Corp.:

SOL Global is a diversified 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 six primary business segments include Retail (QSR & Hospitality), Agriculture (including Cannabis), Technology (with a focus on Clean-Tech and Electric Vehicles), Esports and Gaming, Cryptocurrency, 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.

Table 1

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Table 2

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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.

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