Carbeeza Inc. Announces Share Purchase by CEO and Promissory Note

CALGARY, Alberta, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Carbeeza Inc. (the "Company" or "Carbeeza"; TSX.V: AUTO) announces that it has been advised Sandro Torrieri, President and CEO of the Company, has purchased shares of Carbeeza Inc. in the public market. The company further announces that, in continued support of the Company, Mr. Torrieri has loaned $250,000 CAD to the Company (the "Loan").

Following the acquisition of 102,500 common shares of Carbeeza, Mr. Torrieri holds an aggregate of 10,640,330 common shares representing 16.65% of the issued and outstanding shares of the Company. Mr. Torrieri acquired these securities for investment purposes and may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.

Carbeeza issued a promissory note to the Mr. Torrieri with respect to the Loan. The principal amount of the loan bears interest at an annual rate of 12% per annum and matures November 1, 2024, at which date the principal and interest are due in full.

The Loan by Mr. Torrieri constitutes a related party transaction, as defined under applicable securities laws. The fair market value of the subject matter of the Loan is less than 25% of the Company's market capitalization and the Company is relying on the exemption under Section 5.7(f) of Multilateral Instrument 61-101 - Protection of Minority Security Holders In Special Transactions from the minority shareholder approval requirements.

There was no undisclosed material information by the Company at the date of the Loan and the independent directors of the Company have approved the Loan from Mr. Torrieri.

Torrieri commented: “Despite strong macro-economic headwinds, I am optimistic about the potential of the Company and its future positioning.”

The Carbeeza platform is accessible on the web at www.carbeeza.com and the app is available for download on the Apple App and Google Play stores.

Carbeeza Inc.

Carbeeza is a Canadian-based software company whose platform is targeted to the automotive marketplace. It is the first application to harness the power of Artificial Intelligence to accurately predict the best financing scenario for consumers, all while keeping the consumer anonymous. Using state-of-the-art technology, Carbeeza brings the process of buying a car right to the phone, tailor-made for the consumer. Carbeeza is highly beneficial to both consumers and auto dealers.