LTV LeoNovus Inc

Leonovus Inc., ("Leonovus" the "Company") (TSXV: LTV) announces that it will extend the expiry date of a total of 5,137,203 common share purchase warrants (the “Warrants”) which were issued as part of the private placement of the Company completed on December 31, 2020. The Warrants are exercisable for a price of $0.60, and currently expire on December 31, 2021. The Company proposes to extend the expiry date to June 15, 2022. All other terms of the Warrants shall remain unchanged. The proposed Warrant extension is conditional upon receiving approval from the TSX Venture Exchange (the “Exchange”).

A portion of the Warrants are held by parties who are considered to be "related parties" of the Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions (“MI 61-101”), and Exchange Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for under sections 5.5(a) and 5.7(1)(a) of MI 61-101 can be relied upon as the fair market value of the Warrants does not exceed 25% of the market capitalization of the Company.

Holders of Warrants will not receive an amended Warrant certificate.

About Leonovus

Leonovus is a secure data management software company. The Leonovus suite of data management tools offer customers a complete end-to-end data-centric solution. This solution can stand on its own, or it can be integrated with the organization's zero-trust strategy and architecture. It takes seamless advantage of the organization's existing storage infrastructure and network architecture, working on-premises, in the cloud, or both and extends the data-centric controls across the entire architecture, including cloud resources.

To learn more, please visit www.leonovus.com.

This press release may contain forward-looking statements and information, which may involve risks and uncertainties, including statements with respect to Exchange approval of the extension of the Warrants. The results or events predicted in these statements may differ materially from actual results or events. There can be no assurance or guarantees that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, Leonovus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers should not place undue reliance on any statements of forward-looking information that speak only as of the date of this release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For More Information, please contact:George PretliChief Financial Officergpretli@leonovus.com