Trilogy International Partners Inc. Announces C$27.5 Million Distribution to Shareholders and Departure of Chief Financial Officer Erik Mickels

BELLEVUE, WA / ACCESSWIRE / July 6, 2023 / Trilogy International Partners Inc. ("Trilogy" or the "Company") (TSXV:TRL.H), today announced that the board of directors of the Company (the "Board") has declared a return of capital distribution to the holders of common shares of the Company (the "Common Shares") as part of the winding up, discontinuance and reorganization of its business pursuant to a Plan of Liquidation adopted by the Board on June 10, 2022. The return of capital distribution will be in the aggregate amount of C$27,500,000 (or approximately US$21 million), which represents C$0.31 per Common Share. Shareholders living outside of Canada will receive the distribution in United States dollars in an amount reflecting the foreign exchange rate applicable on the date of distribution.

In connection with the distribution, the Board confirmed a reduction in the stated capital of the Common Shares by an aggregate amount equal to C$27,500,000 (or approximately US$21 million), consistent with reductions approved by holders of Common Shares at a special meeting on March 15, 2022.

The distribution is scheduled to be paid on July 28, 2023 to holders of Common Shares of record as of the close of business on July 19, 2023. The NEX board of the TSX Venture Exchange has determined to implement its "due bill" trading procedures with respect to the distribution of C$0.31 per Common Share. The Common Shares are expected to commence trading on a due bill basis at the opening of trading on July 18, 2023, and to commence trading "ex-distribution" on July 31, 2023. The due bill redemption date is expected to be August 1, 2023.

This distribution of net cash proceeds follows the release to the Company in June of funds that were held in escrow in connection with the Company's May 2022 sale of its New Zealand subsidiary, Two Degrees Group Limited ("2degrees").

Following the distribution, the Company will hold approximately US$8 million as a reserve for the payment of expenses for continued financial reporting and other compliance obligations through May 2028, when its remaining indemnification obligations related to the 2degrees sale are scheduled to expire, after which time the Company expects to distribute any remaining assets to shareholders and dissolve.

The Company also announced today that Erik Mickels, its Senior Vice President and Chief Financial Officer, is departing effective July 31, 2023. Mr. Mickels is leaving to become the Chief Financial Officer of MarketWise, Inc., a NASDAQ-listed investment research company. Brad Horwitz, the Company's President and Chief Executive Officer will assume responsibility as the Company's Chief Financial Officer.