Inscape and HUK 121 Announce Expiry of Offer

HOLLAND LANDING, Ontario, Jan. 04, 2023 (GLOBE NEWSWIRE) -- Inscape Corporation ("Inscape" or the "Company") (TSX: INQ), and HUK 121 Limited (the "Offeror"), jointly announce that no additional shares were deposited during the mandatory 10-day extension period under the offer dated November 17, 2022 (the "Offer") made to shareholders of Inscape.

The Offer, which initially expired on December 23, 2022 and was subsequently extended until 5:00 p.m. (Toronto time) on January 3, 2023, has now expired and will not be further extended by the Offeror.

On December 23, 2022, 12,661,625 Common Shares (representing approximately 88.05% of the issued and outstanding Common Shares) (the "Deposited Shares") were deposited to the Offer and taken up by the Offeror. The aggregate consideration payable for the Deposited Shares was approximately $88,631.38. Immediately prior to taking up the Deposited Shares, the Offeror did not own or control any Common Shares. Immediately after taking up the Deposited Shares, the Offeror owns or controls 12,661,625 Common Shares (representing approximately 88.05% of the issued and outstanding Common Shares).

About Inscape

Since 1888, Inscape has been designing products and services that are focused on the future, so businesses can adapt and evolve without investing in their workspaces all over again. Our versatile portfolio includes systems furniture, storage, and walls ? all of which are adaptable and built to last. Inscape's wide dealer network, showrooms in the United States and Canada, along with full service and support for all our clients, enable us to stand out from the crowd. We make it simple. We make it smart. We make our clients wonder why they didn't choose us sooner.

Cautionary Statements Respecting Forward Looking Statements and the Offer

This new release contains "forward-looking statements" within the meaning of such statements under the applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "except", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release, including assumptions based on the Company's publicly disclosed information, and the Company's current financial condition. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as expressly required by applicable law.

For more information, visit myinscape.com.

Inscape Corporation

Contact Jon Szczur
Chief Financial Officer
Inscape Corporation
T (905) 952-4102
[email protected].

HUK 121 Limited

Contact Matthew Holt
Director
HUK 121 Limited
T (0207) 317 2050
[email protected]