Metasphere Labs Provides Clarifying News Release Regarding Its Acquisition of CarbonBot and ClimateBot

VANCOUVER, British Columbia, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere Labs" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N). As a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify its disclosure in: (a) the news releases dated February 6 and 8, 2024 announcing the entering of a definitive agreement and subsequent closing of the acquisition of Bot Media Corp.'s ("Bot Media" or the "Vendor") climate and artificial intelligence (AI) web3 assets (the "Purchased Assets"); (b) the news release dated March 21, 2024 announcing a definitive agreement with Bluesphere Ventures Inc. ("Bluesphere"); and (c) the news release dated June 6, 2024 announcing a letter of intent with Ecoblox, Pure Sky Registry LLC ("PureSky") and Bluesphere, followed by the news release and material change report dated July 9, 2024 announcing the entering of a definitive agreement with Ecoblox and PureSky in connection with the previously announced letter of intent.

In addition to the information provided in the news releases dated February 6 and 8, 2024 mentioned above, the Company is providing additional information relating to the acquisition of the Purchased Assets, which is comprised of carbon.bot ("CarbonBot") and climate.bot ("ClimateBot"). Research and development of ClimateBot commenced in February 2023 and took place over the period from February 2023 to October 2023 with estimated development costs of $167,000. CarbonBot was originally acquired by the Vendor from Bot Ventures Inc. ("Bot Ventures") and developed over the course of 2019 and 2020 with estimated development costs of $184,000. There are no patents or licenses associated with the purchased assets relating to ClimateBot or CarbonBot. The Vendor was incorporated on May 29, 2023.

Subsequent to the acquisition of the Purchased Assets from the Vendor, the Company entered into a definitive agreement dated March 20, 2024 with Bluesphere whereby the Company will develop a presentation and website outlining Bluesphere's Ents World concept, features, and the impact on environmental restoration.

On June 6, 2024, the Company entered into a joint letter of intent with Ecoblox, PureSky, and Bluesphere to cofound a consortium dedicated to developing a carbon-aware routing protocol. As a result of the joint letter of intent, the Company entered into a definitive agreement with Ecoblox and PureSky on July 8, 2024 to jointly develop the carbon-aware routing protocol (the "Protocol Development Agreement"). Although a party to the joint letter of intent, Bluesphere withdrew from the proposed collaboration and did not enter into the Protocol Development Agreement. Under the Protocol Development Agreement, the parties thereto agreed to incorporate a new company (the "Consortium Company") to jointly develop the carbon-aware routing protocol. The Company will own 50% of the Consortium Company and each of Ecoblox and Puresky will own 25% of the Consortium Company, respectively. All intellectual property developed by the Consortium Company will be the property of the Consortium Company. Metasphere Labs will grant a royalty-free license to the Consortium Company to use the internet domain "carbon.bot". In addition, the shareholders of the Consortium Company will share their expertise and resources to develop the carbon-aware routing protocol. The Protocol Development Agreement does not require any shareholder of the Consortium Company to contribute a specific amount of capital to fund operations. Funding requirements will be determined on a case-by-case basis. The liability of the shareholders of the Consortium Company will be limited to any capital contributed by such shareholder.