HS GOVTECH ANNOUNCES CLOSING OF PLAN OF ARRANGEMENT

VANCOUVER, BC, Nov. 22, 2023 /CNW/ - HS GovTech Solutions Inc. ("HS GovTech", or the "Company") (CNSX:HS.CN) (Frankfurt: 38H) (OTC:HDSLF), a leading provider of SaaS applications for government, is pleased to announce the closing of its previously announced plan of arrangement with a British Columbia subsidiary of a US private equity fund operated by Banneker Partners LLC (the "Purchaser"), pursuant to which the Purchaser has acquired all of the issued and outstanding common shares of the Company (the "Share"), on a fully diluted basis, for an all-cash consideration of $0.54 per Share (the "Transaction"). In connection with the Transaction, each of the Company's outstanding options, warrants, and restricted stock units (collectively with the Shares, the "Securities") will be cancelled in exchange for a cash payment from the Purchaser equal to the amount (if any) by which $0.54 exceeds the exercise or conversion price of such option, warrant, or restricted stock unit, as applicable. The Company's outstanding non-convertible debentures will also be repaid in connection with closing of the Arrangement.