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INEO Closes Final Tranche of $4m Financing

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Surrey, British Columbia--(Newsfile Corp. - January 22, 2025) - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) (the "Company" or "INEO") announces that, further to its news release of December 18, 2024, it has closed the final tranche (the "Final Tranche") of the non-brokered private placement announced in its news release of August 6, 2024 (the "Financing"). The Company issued an additional 20,000,000 common shares (the "Shares") at a price of $0.05 per Share to Coenda Investment Holdings Corp. ("Coenda"), a private British Columbia investment company, resulting in Coenda holding an aggregate of 80,000,000 Shares, representing approximately 50.33% of the outstanding Shares of the Company.

The Financing has resulted in the creation of a new Control Person (as defined in the policies of the TSX Venture Exchange (the "TSXV")), which was approved by shareholders of the Company at its annual general and special meeting of shareholders held on October 11, 2024. The Company received conditional acceptance from the TSXV for closing of the Final Tranche on October 17, 2024 and again on January 17, 2024. The Shares issued in the Final Tranche are subject to a hold period expiring May 21, 2025. No finder's fees were paid in connection with the Financing.

Greg Watkin, Chair of the Board and President of INEO, stated: "We are proud to announce the successful completion of this financing round, a pivotal achievement for our company. This investment underscores the confidence in our vision and strategy as we drive forward with growth and innovation. The funds raised will enable us to strengthen our capabilities, provide greater value to our customers and shareholders and seize emerging market opportunities. With the backing of our investors, we are energized to accelerate our journey toward profitability and long-term success."

The Company intends to use the net proceeds of the Financing for general corporate purposes, including the installation of the INEO platform and technology into retail operations, development and acquisition of new technology for the INEO platform and working capital.

Early Warning Disclosure

This closing increased the holdings of Coenda, a company controlled by Kerem Akbas, from 60,000,000 Shares, representing 44.07% of the outstanding shares, to 80,000,000 Shares, representing 50.33% of the issued and outstanding Shares of the Company, on a non-diluted basis. Neither Coenda nor Kerem Akbas held any securities of the Company prior to the closing of the first tranche of the Financing.