Converge Technology Solutions Corp. Announces Closing of its Previously Announced Public Offering

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VANCOUVER, British Columbia and TORONTO, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Converge Technology Solutions Corp. (“Converge” or the “Company”) (TSXV: CTS) (FSE:0ZB) (OTCQX:CTSDF) announced today the closing of its previously announced underwritten public offering (the “Offering”). The Offering consisted of 5,769,231 common shares of the Company (the “Offered Shares”). The Offered Shares were offered at a price to the public of $1.30 per Offered Share for gross proceeds to the Company of $7.5 million, before deducting the underwriters’ fees and estimated offering expenses. The Company also granted the underwriters an option, exercisable at any time, in whole or in part, until the date that is 30 days following closing to purchase, at the offering price, 865,384 additional common shares to cover over-allotments and for market stabilization purposes. Raymond James Ltd. led the syndicate of underwriters for the Offering, which included Paradigm Capital Inc. and Hampton Securities Limited.

Converge intends to use the net proceeds from the Offering for acquisitions, working capital and for other general corporate purposes.

The Offering was conducted in each of the provinces of Canada by way of a prospectus supplement dated February 13, 2020 to the Company’s short form base shelf prospectus dated July 8, 2019 (the “Prospectus Supplement”) and elsewhere on a private placement basis. The Prospectus Supplement was filed with the securities regulatory authorities in each of the provinces of Canada on February 13, 2020 and is available on SEDAR under the Company’s profile at www.sedar.com.

About Converge Technology Solutions Corp.

Converge Technology Solutions Corp. combines innovation accelerators and foundational infrastructure solutions to deliver best‐of‐breed solutions and services to customers. The Company is building a platform of regionally‐focused Hybrid IT solution providers to enhance their ability to provide multi‐cloud solutions, blockchain, resiliency, and managed services, enabling Converge to address the business and IT issues that public and private‐sector organizations face today.

For further information contact:

Mary Anne Palangio Chief Financial Officer Converge Technology Solutions Corp. Email:  [e-mail]  Phone:  416‐360‐1495

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