EV Technology Group Inc. (EVT) entered into a binding letter of intent to acquire Blue Sky Energy Inc. (TSXV:BSI.H) (BSI) for CAD 93.6 million in a reverse merger transaction on December 30, 2021. EV Technology Group Inc. entered into a definitive agreement to acquire Blue Sky Energy Inc. in a reverse merger transaction on January 19, 2022. The letter of intent (LOI) contemplates that Blue Sky (BSI) and EV will promptly negotiate and enter into a definitive agreement. BSI will consolidate its existing common shares on the basis of one (1) post-consolidation BSI Share for up to every four (4) pre-consolidation BSI Shares. Under the terms of the agreement, EVT shareholders will exchange each EVT common share for 4.7 common shares of the resulting issuer. The LOI further contemplates that all of common shares in capital of EV will be exchanged for common shares of BSI at a ratio resulting in shareholders of EV, owning approximately 90% of Resulting Issuer and shareholders of BSI owning approximately 10% of Resulting Issuer on an undiluted basis, not including any shares to be issued pursuant to private placement financing. Prior to closing, it is anticipated that certain liabilities of BSI will be settled for BSI Shares, resulting in an additional approximately 10,005,362 BSI Shares, subject to any requisite approvals of the TSXV. The 19,175,000 EV common shares will be exchanged for 90,000,000 Resulting Issuer common shares upon closing at a deemed price of CAD 1 per Resulting Issuer common share. Not including shares to be issued pursuant to the private placement financing. The Resulting Issuer will carry on business previously carried on by EVT upon completion of RTO. In connection with completion of RTO, Blue Sky intends to delist from NEX board of the TSX Venture Exchange and list on the NEO Exchange Inc. Blue Sky Energy will change its name to “EV Technology Group Inc.” or such other name requested by EVT and acceptable to BSI and the applicable regulatory authorities. EVT shall pay a termination fee of CAD 0.1 million to BSI if EVT breaches its obligations and the same termination fee shall be paid by BSI. The Board of Directors of Resulting Issuer is expected to be comprised of five members, with one member nominated by BSI and four members nominated by EV.

Resulting Issuer will be led by: Wouter Witvoet, Chief Executive Officer and Chairman of the board; Ryan Ptolemy, Chief Financial Officer; David Maher, Chief Operating Officer; Olivier Francois Roussy Newton, President; Jon Foster, Director; Kent Thexton, Director; Manpreet Singh, Director and Kenny Choi, Corporate Secretary. The Resulting Issuer's board of directors is expected to consist of four directors, three of whom are nominated by EVT and one of whom is nominated by BSI. The completion is subject to the receipt of all necessary approvals, including without limitation, including TSXV and NEO acceptance and BSI shareholder approval, EV shareholder approval, completion of a private placement financing by EVT for gross proceeds of at least CAD 5,000,000 and regulatory approval for listing of the common shares of the Company on the NEO and the concurrent delisting of the common shares of BSI from the NEX. BSI shall also convene and hold a meeting of its shareholders to, as applicable, (i) pass a special resolution approving Consolidation; (ii) pass a special resolution approving any change of BSI; (iii) elect directors of Resulting Issuer; (iv) obtain majority of the minority approval from its shareholders for the delisting of the BSI Shares from the NEX pursuant to the policies of the TSXV and (v) approve such other matters as BSI may deem necessary or advisable. delisting of BSI from the TSXV the listing of the Resulting Issuer on the NEO will be subject to all applicable shareholder and regulatory approvals. Application for listing has not been made to NEO and no representation is made that a NEO listing will be obtained. The LOI contemplates that if Definitive Agreement is subject to the receipt of all necessary third-party approvals and the standard terms and conditions concerning the due diligence review of EV, including financial statements, potential liabilities and material contracts. The annual and special meeting of Shareholders entitled to receive notice of and to vote at the Meeting is January 18, 2022. The Board has by resolution fixed 11:00 a.m. (Toronto time) on February 15, 2022, or 48 hours (excluding Saturdays, Sundays and holidays) before any adjournment(s) of the Meeting. BSI and EVT have both already secured the requisite shareholder approval. As of January 19, 2022, the transaction is expected to close on or before March 31, 2022. TSX Trust Company acted as transfer agent to BSI and EVT.