UPDATE -- Logiq Completes Distribution of GoLogiq Spin Off Shares to its Shareholders

• Management expects that distribution of GoLogiq shares will enhance value creation for both companies’ shareholders
• As standalone “pureplay” companies, both entities are more nimble to be laser focused on innovation within their respective industries to realize their fullest growth potential
• GoLogiq plans to capitalize on tremendous fintech and big data opportunities in southeast Asia
  

NEW YORK, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ, NEO: LGIQ), a global provider of award-winning digital consumer acquisition solutions, today completed its distribution of GoLogiq (OTC: GOLQ) (formerly known as Lovarra) spin off shares to Logiq shareholders of record as of the close of business on December 30, 2021, on a 1:1 basis, through a special dividend, completing the previously disclosed separation of Logiq and GoLogiq into two independent, publicly traded companies.

Shareholders entitled to receive these GoLogiq shares do not need to take any action. Eligible GoLogiq spin off shares held in book entry at the transfer agent, or held in broker dealer custody, will be automatically credited in those respective accounts.

Due to GoLogiq’s former shell status, Rule 144 is not expected to be available to shareholders for resale of the GoLogiq shares they receive in the spin off until on or after April 12, 2023, which is one year from the date that all Form 10 information was filed by GoLogiq with the Securities and Exchange Commission.

Logiq Chief Executive Officer, Brent Suen, commented, “The distribution of GoLogiq shares to our investors marks a long-awaited journey in which we successfully transformed our business into two standalone entities to enhance value for our shareholders. Going forward, we expect each business to be much more nimble and create greater value for all of their respective stakeholders -- embarking on a new era of technological innovation and growth.”

Matt Brent, GoLogiq Chief Executive Officer, commented, “This is a major milestone for GoLogiq, and while we are deeply appreciative of the launching pad Logiq has provided we are equally excited to pursue the strategy that we outlined earlier this month. We have quietly been working behind the scenes in recent months to execute on our business plan to capitalize on the tremendous fintech and big data growth opportunity in southeast Asia.”