Veteran Capital Corp. Terminates Letter of Intent for Qualifying Transaction with Powerhive

Executive Summary

• Veteran Capital Corp. has terminated its letter of intent with Powerhive, Inc. for a proposed Qualifying Transaction.
• The termination was triggered by Powerhive’s failure to secure required financing or execute a binding definitive agreement within the agreed-upon timeframes, despite multiple extensions.
• Veteran is seeking TSX Venture Exchange approval to lift the trading halt on its shares and will resume its search for an alternative qualifying transaction.

Key Details

• Terminated Letter of Intent with Powerhive, Inc. for a proposed Qualifying Transaction.
• Reason for termination: Powerhive’s failure to complete its required financing and/or enter into a binding definitive agreement within the timeframes set out in the letter of intent, despite repeated extensions.
• Company has applied to the TSX Venture Exchange for approval to lift the trading halt on its shares (TSXV: VCC.P).
• TSX Venture Exchange will issue a bulletin outlining the timing for the resumption of trading once approval is granted.
• Veteran intends to continue its search for a qualified transaction with an alternative party.
• Contact: Tyler Rice, CEO, Veteran Capital Corp. ([email protected])