INEO Responds to Requisition and Sets Date for Special Meeting of Shareholders - Seite 2

INEO formed a special committee of the Board, consisting of all of the directors of INEO other than Kerem Akbas, to consider the Requisition and the allegations made therein. The special committee approved calling the Requisitioned Meeting despite flaws in the Requisition.

In response to certain of the issues raised by Coenda, Management advises that:

• The Interim Financial Reports were approved by the majority of the Board by consent resolution. Only Kerem Akbas failed to sign the consent resolution. A report on the process for approval of the Interim Financial Reports will be included in the Management Information Circular for the Requisitioned Meeting.
• The resignation of Mr. Syho, being one of six directors, was not considered material, and did not require the filing of a material change report. A report in regards to Mr. Syho's resignation will be included in the Management Information Circular for the Requisitioned Meeting.

Actions of Mr. Akbas Since the Requisition

Greg Watkin, Chair of INEO Tech Corp. commented; "I am disappointed with this turn of events. When Mr. Akbas invested in the Company he expressed his support for management, INEO's plans and direction. His change of position, which manifested itself little more than 30 days after he acquired his control position, is truly surprising. We have been unable to discern the reasons for his change of direction, nor has he articulated to the Board an alternative path to profitability for the Company. In the interests of reaching an accommodation with Mr. Akbas, we worked to craft a workable commercial relationship between companies that he controls and INEO." Mr. Watkin added; "It is critical that any commercial relationship, particularly when it is non arms-length, be in the best interests of all the shareholders of INEO. We look forward to addressing this issue at the appropriate time."

Meeting Date

INEO has set August 8, 2025 as the date for the Requisitioned Meeting. The record date for the Requisitioned Meeting will be July 3, 2025.

Shareholders will receive detailed information about the above and other matters by way of a Management Information Circular well in advance of the Requisitioned Meeting. Shareholders should read the circular carefully before reaching a decision with regard to their votes. In the meantime, there is no need for shareholders to take any action.