VM HOTEL ACQUISITION CORP. ANNOUNCES APPROVAL OF EXTENSION, OPTION PLAN AND REDEMPTION AMOUNT

TORONTO, Nov. 28, 2022 /CNW/ - VM Hotel Acquisition Corp. (TSX: VMH.U) (TSX: VMH.WT.U) (the "Corporation" or "VMH"), announced today that both resolutions put to the holders ("Shareholders") of the Corporation's class A restricted voting shares (the "Class A Restricted Voting Shares") at the special meeting of Shareholders held virtually on November 28, 2022 (the "Meeting"), were approved. The Meeting was held in connection with the Corporation's business combination with The Pyure Company Inc. ("Pyure"), HGI Industries, Inc., a  predecessor and majority shareholder of Pyure, and TCPI Mergersub, Inc., a wholly owned subsidiary of the Corporation, pursuant to which the Corporation intends to acquire, through a series of transactions, all of the issued and outstanding shares of Pyure.

The Corporation announced that (i) the resolution to extend the date by which the Corporation has to consummate a qualifying acquisition from November 30, 2022 to March 31, 2023 (the "Extension"), and (ii) the resolution to approve a legacy option plan of the Corporation, the full text of which is available on the Corporation's website at www.vm-hotel.com, were each approved by the affirmative vote of 87.321% and 100% respectively, of the votes represented at the Meeting. Following the receipt of approval of the Shareholders, the board of directors approved the Extension, effective as of November 29, 2022.

In connection with the Meeting, VMH provided Shareholders with the opportunity to deposit their Class A Restricted Voting Shares for redemption (the "Redemption"). After calculating the Part Vl.1 taxes under the Income Tax Act (Canada) payable in connection with the Redemption, VMH expects that the amount  that each Class A Restricted Voting Share that was deposited for redemption in connection with the  Extension will be redeemed for is US$10.05. 8,344,658 Class A Restricted Voting Shares were deposited for redemption in connection with the Extension.

A copy of the complete report on voting at the Meeting will be made available under the Corporation's profile on SEDAR at www.sedar.com.

VMH is a special purpose acquisition company incorporated under the laws of the Province of British Columbia for the purpose of effecting a qualifying acquisition within a specified period of time. VMH's head office is located at Brookfield Place, 161 Bay Street, Suite 2420, Toronto, ON, M5J 2S1 and the registered office is located at 700 West Georgia Street, Floor 25, Vancouver, BC V7Y 1B3.

Pyure is an air purification technology company located in Boynton Beach, Florida. Pyure was incorporated on September 2, 2020 as a Delaware Corporation. Shortly after its incorporation, Pyure acquired all of the assets, contracts and liabilities from HGI Industries Inc., which assets formed the entirety of its business. Pyure manufactures and distributes hydroxyl air purification solutions and provides comprehensive design, commissioning, and maintenance services.

This press release may contain forward?looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events. Forward?looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward?looking information. The Corporation does not undertake any obligation to update such forward?looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

SOURCE VM Hotel Acquisition Corp