Mr. Michele Marrandino reports

MUST CAPITAL AND CLARITY IOT PROVIDE UPDATE ON REVERSE TAKEOVER TRANSACTION

Must Capital Inc. and Clarity IOT Services & Technology Inc. have provided the following update on their reverse takeover (RTO) transaction and brokered concurrent financing:

• Eligible subscribers may subscribe for units in Clarity IOT as well as units in Must. Clarity IOT units will be issued at a price of 24.7 cents per Clarity IOT unit, before applying the share exchange ratio (defined below). On closing of the RTO, Clarity IOT units will be exchanged for units of the resulting issuer on the basis of the share exchange ratio of 4.33 resulting issuer shares for each Clarity IOT share. All other terms of the brokered concurrent financing as described in the news release dated Nov. 16, 2023, remain the same.
• Must and Clarity IOT have also entered into amending agreements to extend the maturity dates set out in: (i) the amended and restated promissory note between the parties dated Oct. 14, 2022; and (ii) the loan agreement between the parties dated Oct. 14, 2022.

Pursuant to the aforementioned loan documents, Must has provided secured loans to Clarity IOT in an aggregate principal amount of $250,000. Following these amendments, provided the parties are taking all reasonable steps to consummate the RTO, the maturity date and date that no interest shall be payable was extended from Dec. 31, 2023, to Feb. 28, 2024.

Clarity IOT is a cloud-based IoT (Internet of things) software and technology company. The Clarity IoT enterprise solution comprises both hardware and software components. The hardware access point is a device that allows Clarity IOT to interface with data from thousands of sensors available in the marketplace regardless of communication protocol and can then relay that data over long distances on a low-frequency bandwidth. Clarity IOT's software allows for bidirectional management of sensors and actuators, coupled with integrated control algorithms, depending on the application, dashboarding, alerts and escalation protocols.

We seek Safe Harbor.