Telescope Innovations to issue 689,654 shares for debt

Mr. Henry Dubina reports TELESCOPE ANNOUNCES DEBT SETTLEMENT TRANSACTION Telescope Innovations Corp. has entered into agreements to settle certain outstanding indebtedness through the issuance of 689,654 common shares of the company. Pursuant to the debt settlement, the company has reached an agreement with Jason Hein, chief technology officer and a director of the company, to settle an aggregate of $100,000 in outstanding indebtedness incurred for services previously provided to the company. The indebtedness will be satisfied through the issuance of 344,827 shares of the company at a deemed price of 29 cents per share. In addition, the company previously entered into a secured loan facility with a group of lenders, pursuant to which the company received aggregate proceeds of $1.2-million to support operational activities. The loan bears interest at a rate of 6.95 per cent per annum and matures on June 1, 2026. The company has agreed to settle $100,000 of the loan, through the issuance of 344,827 shares at a deemed price of 29 cents per share. Mr. Hein is a director and officer of the company, and therefore a related party within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The participation by Mr. Hein in the debt settlement constitutes a related party transaction under MI 61-101. The company is relying on the exemptions from the formal valuation and minority shareholder approval requirements set out in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, on the basis that the fair market value of the securities issued to Mr. Hein does not exceed 25 per cent of the company's market capitalization. All shares issued pursuant to the debt settlement will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. Completion of the debt settlement remains subject to the approval of the Canadian Securities Exchange and all other required regulatory approvals. About Telescope Innovations Corp. Telescope is a chemical technology company developing scalable manufacturing processes and tools for the pharmaceutical and chemical industry. The company builds and deploys new enabling technologies, including flexible robotic platforms and artificial intelligence software that improves experimental throughput, efficiency and data quality. The company's aim is to bring modern chemical technology solutions to meet the most serious challenges in health and sustainability. We seek Safe Harbor.