Devin Vandenberg Announces Acquisition of Common Shares of Carbeeza Inc.

CALGARY, Alberta, July 20, 2021 (GLOBE NEWSWIRE) -- Devin Vandenberg ("Vandenberg") today announced that he has filed an early warning report (the "Early Warning Report") under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the closing of the previously announced reverse takeover (the "Transaction") whereby Carbeeza Inc. (the "Company" or "Carbeeza") AUTO (formerly, HIT Technologies Inc.) acquired all shares of Carbeeza Ltd. ("Old Carbeeza") in exchange for common shares of the Company.

The Transaction was completed pursuant to the terms of an amalgamation agreement dated May 30, 2021, pursuant to which 49,245,000 common shares in the capital of the Company ("Common Shares") and 9,791,350 common share purchase warrants were issued to former shareholders of Old Carbeeza at a deemed price of $0.40 per Common Share.

As a result of the Transaction, Vandenberg acquired beneficial ownership and control over 10,537,830 Common Shares. The Common Shares were issued in exchange for the securities of Old Carbeeza held by Vandenberg prior to completion of the Transaction. As a result of the Transaction, Vandenberg has ownership and control over approximately 16.5% of the Common Shares on a non-diluted basis. Prior to the completion of the Transaction, Vandenberg had no ownership or control over any securities of the Company. Vandenberg does not currently have any plan to acquire or dispose of additional securities of the Company. However, Vandenberg may acquire additional securities of the Company, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position, depending on market conditions, reformulations, and/or other relevant factors.

A copy of the Early Warning Report filed by Vandenberg will be available under the Company's profile on SEDAR at www.sedar.com.

The TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of Carbeeza Inc.

CONTACT INFORMATION:

Devin Vandenberg
620, 10180 - 101 Street
Edmonton, AB T5J 3S4
Telephone: 1-855-216-8802