OV2 Investment 1 Inc. Provides Update on Qualifying Transaction With EasTower Group, Inc.

/THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES, THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1993, AS AMENDED, OR ANY SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM./

TORONTO, Aug. 31, 2020 /CNW/ - OV2 Investment 1 Inc. (the "Corporation") (TSXV: OVO.P), a capital pool company under Policy 2.4 of the TSX Venture Exchange ("Exchange"), announces that it is continuing to pursue its previously disclosed proposed qualifying transaction ("QT") with EasTower Group, Inc. ("EasTower").

The Corporation and EasTower are in the process of completing due diligence and negotiating a definitive agreement in relation to the QT, which they currently expect to execute in September 2020.

In addition, the parties have affirmed their commitment to the QT by entering into a binding letter of intent (the "Binding LOI"). The Binding LOI replaces the non-binding letter of intent between the Corporation and EasTower dated July 14, 2020 (the "Original LOI") and is consistent with the terms of the Original LOI except that EGI Investments, Inc. will no longer be a party to the transaction.

Further details regarding the QT and EasTower are set out in the Corporation's press release dated July 16, 2020.

Forward Looking Information

Certain statements in this press release are "forward-looking statements" that involve risks and uncertainties, such as terms and completion of the proposed transaction. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release."

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE OV2 Investment 1 Inc.

Copyright 2020 Canada NewsWire