Lifting of Cease Trade Orders and Shareholders Meeting Votes Results

MONTREAL, July 26, 2023 (GLOBE NEWSWIRE) -- Prosys Tech Corporation ("Prosys" or the "Corporation") is pleased to announce the complete lifting as of today of the cease trade orders issued by the British Columbia Securities Commission, the Alberta Securities Commission and the Autorité des Marchés Financiers. These cease trade orders were issued following the inability of Prosys to file its audited annual financial statements for the year ended June 30, 2009 and its quarterly financial statements for the period ended September 30, 2009. This lifting follows the filing by Prosys of all periodic continuous disclosure documents required by law.

The Corporation is also pleased to announce the results of its Annual and Special Meeting of Shareholders held on June 30, 2023. By a majority of votes, the shareholders adopted resolutions to decrease the number of directors to three (3) and elect Georges Hébert, Kerrigan Turner and Maurizio Iulianella as directors of the Corporation, and to appoint BDRF CPA Inc. as auditors of the Corporation. Furthermore, the shareholders approved a special resolution authorizing the Corporation, at the discretion of the Board of Directors and on such terms as it may determine, to distribute to its shareholders an amount in cash which could reach up to $2,200,000 and to treat such distribution in cash as a reduction of the stated capital account of the Common Shares of the Corporation, in accordance with the Canada Business Corporations Act. Such stated capital reduction is described in full in the Corporation's Management Proxy Circular dated May 30, 2023 available on www.sedar.com.

For more information, please contact Mr. Georges Hébert, President and Chief Executive Officer at (514) 893-1177.

No exchange nor any regulation services provider accepts responsibility for the adequacy or accuracy of this release. Statements made in this press release that are not historical facts are "forward-looking statements" and the reader is cautioned that such statements are not guarantees of future performance and that actual developments and results may differ materially from those in such "forward-looking statements".