Prosys Announces a $2 Million Distribution in Cash to Its Shareholders

MONTRÉAL, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Prosys Tech Corporation ("Prosys" or the "Corporation") is pleased to announce the details of the reduction of its stated capital through a cash distribution to its shareholders. At its Annual and Special Meeting of Shareholders held on June 30, 2023, the reduction of its capital was approved. More specifically, the Board of Directors of the Corporation (the "Board") has determined to be in the best interests of the Corporation to distribute an aggregate amount of CAD $2,000,000 to all of its shareholders and reduce the stated capital of its class A common shares accordingly ("Common Shares").

Based on the 109,591,496 Common Shares of Prosys which are currently issued and outstanding as of the date hereof, each shareholder will be entitled to receive a cash payment of approximately CAD $0.0182495 for each Common Share held (the "Distribution"). The Distribution is scheduled to occur on or about August 15, 2023.

The Corporation has maintained a reserve of cash to meet outstanding costs, expenses and liabilities. The Board will pursue its evaluation of various strategic alternatives for the repositioning of the Corporation in the best interest of its shareholders. These efforts are in line with the prospect of completing a major transaction that could result in a change in the Corporation's activities and a prompt re-admission to trading of Prosys' securities on an exchange.

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".