I am pleased to announce that Alpine 4 and Impossible Aerospace have met the final closing conditions of the merger agreement executed on November 13th, 2020.  The first and most important condition to be met, was obtaining at least 80% approval from the shareholders of Impossible Aerospace. I am happy to say this was easily obtained.  This obviously shows great support for IA being in the Alpine 4 business ecosystem.  The second condition was the approval by the Small Business Association (SBA) and Silicon Valley Bank regarding forgiveness of the PPP loan they provided IA.   Impossible Aerospace filed for PPP forgiveness with the SBA on September 4th, 2020 and it typically takes 90 days to conclude. With that being said, the 90th day was December 4th, 2020. We have been notified that there is a backlog with the SBA on forgiveness applications with no end date. Without further action, this would leave the deal in a pending status.  To protect shareholder value and bring the acquisition to completion, both parties have agreed to escrow the PPP funds with Silicon Valley Bank until forgiveness occurs.   We can now file a Certificate of Merger with the State of Delaware regarding the transaction. This is expected to be completed by Tuesday, December 15th, 2020.  We will then file an 8k with the SEC to conclude the transaction. We at Alpine 4 pride ourselves on being creative problem solvers and we appreciate your patience as we implement our solution.  

I want to thank all of the hard-working employees of Alpine 4 and the Impossible Aerospace team for their dedication to seeing this transaction conclude. We look forward to a very bright 2021.

Contact: Kent B. Wilson, CEO or Ian Kantrowitz, VP of Investor Relations

investorrelations@alpine4.com

www.alpine4.com

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