Principal Technologies Inc. Completion of Qualifying Transaction and Anticipated Trading on the TSX-V

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VANCOUVER, BC, Aug. 4, 2021 /CNW/ - Principal Technologies Inc. (the "Company") (TSXV: PTEC.P), is pleased to announce that it has closed its previously announced acquisition of an 80% interest (the "Investment") in E&E CRO Consulting GmbH, an arm's length, private company as previously disclosed in the Company's news release dated July 8, 2021.

The Investment constitutes the Company's Qualifying Transaction pursuant to the policies of the TSX Venture Exchange (the "TSXV"). The Company expects that it will commence trading as a Tier 2 Life Sciences Issuer on TSXV on August 6, 2021 under the ticker symbol "PTEC".

The Company has also completed its previously announced private placement (the "Private Placement") of 1,109,92 Common Shares at a price of C$0.16 per share for aggregate gross proceeds of ?120,000, converted to Canadian dollars based upon an exchange rate of ?1.00:C$1.4799 . All Common Shares issued pursuant to the Private Placement are subject to a hold period expiring on November 29, 2021.

Forward Looking Information

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the timing of the commencement of trading.

With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about the ability to obtain final acceptance of the TSX-V.

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward looking statements or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: the final acceptance of the exchange may not be delivered on the terms set forth herein or at. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Principal Technologies Inc.