Globalive Technology : Announces Agreement with Yooma Corp. to Complete a Reverse Takeover Transaction Concurrently with Previously Announced Transaction with Socati Corp

Globalive Technology Inc. (TSXV: LIVE) (the 'Company'), a technology company based in Toronto, Ontario, announced today that it has signed a binding letter of intent (the 'LOI') with Yooma Corp. ('Yooma') dated July 13, 2020 to complete an arm's length reverse take-over pursuant to which the Company will acquire all of the issued and outstanding securities of Yooma in exchange for common shares of the Company (the 'Yooma Transaction').

The Yooma Transaction and the previously announced transaction (the 'Socati RTO', or together with the Yooma Transaction, the 'Transaction') with Socati Corp. ('Socati') are expected to close contemporaneously with the resulting issuer (the 'Resulting Issuer') continuing under such name as Socati may reasonably determine, subject to the satisfaction and/or waiver of all required conditions precedent, including consents and approvals from regulators and shareholders.

About Yooma

Yooma is a private corporation, incorporated under the laws of the Province of Ontario in 2019, with its corporate headquarters in Toronto, Ontario. Through its wholly-owned subsidiary, Entertainment Direct Asia Ltd. ('EDA'), and EDA-owned entities based in China and Japan, management of Yooma intends to leverage the success and experience of its senior managers to build Yooma's business into one of Asia's leading cannabinoid (CBD) products social commerce companies through the distribution and sale of CBD beauty and skincare products via a strategically curated network of sales channels. Yooma has assembled a strong international team of multicultural industry professionals with extensive experience in digital marketing, ecommerce and social media in the panAsian region, with particular depth in the Chinese ecommerce market having launched in excess of 100 brands in China over the past eight years. Yooma recently raised US$5.1 million through a financing completed in May 2020 at a price of US$0.65 per share (the 'May Financing').

About Globalive Technology Inc.

Globalive Technology is a next generation software company and venture partner developing innovative solutions to disrupt traditional industries by leveraging artificial intelligence and machine learning technology stacks. Globalive Technology is controlled by Globalive Capital Inc., which has founded and co-founded 12 businesses over the past 20 years with six successful exits ranging from US$10M to US$1.3B. It has also made over 100 venture investments and has over 45 technology companies in its portfolio.

About Yooma Corp.

Through its wholly-owned subsidiary, EDA and EDA-owned entities based in China and Japan, Yooma intends to leverage the success and experience of its senior management to build Yooma's business into one of Asia's leading cannabinoid (CBD) products social commerce companies through the distribution and sale of CBD beauty and skincare products via a strategically curated network of sales channels. Yooma has assembled a strong international team of multicultural industry professionals with extensive experience in digital marketing, ecommerce and social media in the panAsian region with particular depth in the Chinese ecommerce market.

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CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements relating to the timing and completion of the proposed Yooma Transaction, Socati RTO and Spin-Off, the future operations of the Company and the Resulting Issuer, growth in hemp-derived products in Asia and Yooma's ability to capitalize on such growth, and other statements that are not historical facts. Such forward-looking statements are often identified by terms such as 'possible', 'if', 'will', 'subject to', 'believes', 'expected', 'intends', 'estimates', 'following', 'continuing to', 'anticipated' and similar expressions. All statements, other than statements of historical fact included in this release, including those noted above, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include changes to Yooma, Socati or the Company's business focus, strategic plan or capital requirements; changes in market, industry and regulatory conditions for Yooma, Socati or the Company; unexpected operating gains or losses in Yooma, Socati or the Company; a breakdown in the Company's relationship with Yooma or Socati; the inability to satisfy the conditions precedent to complete the Yooma Transaction or the Socati RTO; the inability to raise adequate financing, or adequate financing on terms sufficiently favourable to Yooma, Socati and the Company; the inability to obtain the necessary regulatory, shareholder and third-party approvals for the Yooma Transaction or the Socati RTO; changes in Yooma, Socati or the Company's assessment of the desirability of the Yooma Transaction and/or the Socati RTO; other parties seeking to acquire an interest in Yooma, Socati or the Company; competitors in the industry and other risks as set out in the Company's Filing Statement available on its SEDAR page at www.sedar.com. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The Company cannot guarantee that any of the forward-looking statements contained in this press release will occur as disclosed herein or at all. The reader is cautioned not to place undue reliance on any forwardlooking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forwardlooking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly the included forwardlooking statements as expressly required by Canadian securities law. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company, Yooma, Socati or the Resulting Issuer in either Canada or the United States. The securities of such entities have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'US Securities Act'), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.

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