– UPSNAP ANNOUNCES EXTENSION OF DEBENTURE MATURITY –
Toronto, Ont. April 1, 2021 – UpSnap Inc. (CSE: UP) (“UpSnap” or the “Company”), a leading provider of mobile and intent based advertising solutions, today announced that it has amended the terms of its outstanding secured debenture (the “Debenture”), held by User Friendly Media (or an affiliate thereof) (“UFM”) in the aggregate principal amount of CAD $800,000, to extend the maturity date of the Debenture from March 31, 2021 to September 30, 2021. The Debenture will continue to bear interest an annual rate of 13.5% to be paid to UFM bi-annually. The issuance of the Debenture was originally announced by the Company on October 2, 2018.

The extension of the maturity date of the Debenture will be considered a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority approval requirements in sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of this amendment to the Debenture based on a determination that the Company satisfies the criteria set out in those sections.

About UpSnap
UpSnap provides highly-targeted, data-driven mobile advertising to attract the ideal audience for brands big and small. Combining first-party proprietary data and real-time analytics, UpSnap goes beyond location to deliver site agnostic and results-driven campaigns that produce qualified, engaged customers. UpSnap tailors each campaign to align with unique business goals, delivering the right customers for more meaningful exposure and better business results.

For further information, please contact:
Alex Pekurar, CPA, CA
Chief Financial Officer
UpSnap Inc.
844-487-7627
apekurar@upsnap.com Babak Pedram
Investor Relations
Virtus Advisory Group Inc.
416-644-5081
bpedram@virtusadvisory.com

Caution Regarding Forward Looking Information
Certain information set out in this News Release constitutes forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “hope”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “scheduled”, “believe” and similar expressions. The forward- looking information set out in this News Release relates to future events or our future performance and includes: (i) the continued growth of recurring subscription revenue; (ii) the continued reduction in operating expenses; (iii) the Company’s ability to succeed in the mobile advertising market by focusing on the underserved small and medium sized business market.

Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. Forward-looking statements involve substantial known and unknown risks, uncertainties and other factors which cause actual results to vary from those express or implied by such forward looking statements. These statements should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved.

The forward-looking statements contained in this press release are made as of the date hereof and based on what management of the company believes are reasonable assumptions. The Company disclaims any intention or obligation to update or publicly revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws. Furthermore, the Company does not assume responsibility for the accuracy and completeness of the forward looking statements set out in this news release. The Company’s forward looking statements are expressly qualified in their entirety by the foregoing cautionary statements.

The CSE has not reviewed, approved or disapproved the content of this press release.