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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Sprout AI Inc. clarifies the October 28th Press Release titled “Announcing Update on High Volume Trading”

November 5, 2021 GMT

VANCOUVER, British Columbia, Nov. 05, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Sprout AI Inc. (“Sprout AI” or the “Company”) (CSE: SPRT) is a technologically focused, sustainable vertical farming company that has developed scalable, AI-controlled aeroponic cultivation habitats. Sprout AI’s technology provides solutions to the ever-increasing complexities surrounding the current and future needs of a sustainable global food production and supply chain.

This clarification news release is issued at the request of the Investment Industry Regulatory Organization of Canada (“IIROC”) and the Canadian Securities Exchange (“CSE”) Following the Company’s Oct. 28, 2021, press release. The company wishes to convey that the Oct 28th press release had not been reviewed prior to its dissemination by IIROC and the CSE.

In its Oct 28th news release the Company identified potential investor confusion related to the SPRT symbol used in the United States for a NASDQ-listed issuer unrelated to Sprout AI. The inclusion in the news release was intended to demonstrate the shareholder confusion. The Company also stated that “NASDAQ: SPRT undertook a substantial short position that resulted in the stock halting trading.”  The Company wishes to clarify that Support.com (NASDAQ: SPRT) was halted from trading due to volatility during a merger that took place in September 2021.

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In its Oct 28th news release the company stated it had made a request to change the symbol and made reference to three symbol choices at the time of listing. The Company recognizes that in the symbol assignment process, the listing Exchanges in Canada and U.S. do not coordinate symbols. The Company wishes to confirm the CSE has reserved BYFM as its new symbol, which is not currently in use in Canada or the U.S. The CSE will issue a bulletin with the effective date.

CEO Chris Bolton previously stated that “the Investment Industry Regulatory Organization of Canada (IIROC) is reviewing the information provided concerning explanations for this unexpected sell-off…”  The Company clarifies that it had submitted multiple concerns to IIROC and received an acknowledgment of the submission and regrets any implication that IIROC had validated or given merit to any of the allegations submitted by the Company to IIROC related to any claims previously announced by the company.

About Sprout AI

Sprout AI is a vertical farming technology company in the business of planning, designing, manufacturing and/or assembling sustainable and scalable AI-controlled vertical cultivation equipment for indoor vertical farming. The adaptive technology produces an environment with improved growing parameters and early detection of adverse conditions resulting in consistent and repeatable crops, with shorter cultivation cycles independent of geographic climates.

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The self-contained multi-level rolling rack technology increases the cubic cultivation area while mitigating the risk of outside and cross-contaminants.

For more information about Sprout AI, please visit https://www.sproutai.solutions. Chief Executive Officer
Chris Bolton
Sprout AI Inc.
Phone: +011 (507) 6384-8734
E-mail: mainweb@sproutai.solutions

Investor Relations Contact Colleen McKay
Sprout AI Inc.
Tel: + 1 (289) 231-9026
E-mail: cmckay@sproutai.solutions

Website: https://www.sproutai.solutions Address: International Business Park, Unit 5B, Building 3860
Panama Pacifico, Republic of Panama

THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation, with respect to the Company. The forward-looking information included in this news release is not based on historical facts but, rather, on the expectations of the Company’s management regarding the future growth of the Company, its results of operations, performance, business prospects and opportunities. This news release uses words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates” or similar expressions to identify forward-looking information. Such forward-looking information reflects the current beliefs of the Company’s management based on information currently available to them.

This forward-looking information includes, among other things, statements relating to: the order, intentions, plans and future actions of the Company; statements relating to the business and future activities of the Company; and anticipated developments in operations of the Company. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions, and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties.

Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and there can be no assurance that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, prospective investors should not place undue reliance on these forward-looking statements. Whether actual results, performance or achievements will conform to the expectations and predictions of the Company is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including: global or national health concerns, including the outbreak of pandemic or contagious diseases, such as COVID-19 and including the evolution of new variants of COVID-19, the duration and effect thereof and delays relating to vaccine development, procurement and distribution; risks relating to the effective management of the Company’s growth; liabilities and risks, including environmental liabilities and risks associated with the Company’s operations; the Company’s ability to attract and retain customers; the competitive nature of the industries in which the Company operates; and the other risk factors described in the Company’s final long form prospectus dated May 31, 2021.

If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking statements prove incorrect, actual results might vary materially from those anticipated in the forward-looking statements. Information contained in forward-looking statements in this news release is provided as of the date of this news release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable Canadian securities laws. Accordingly, potential investors should not place undue reliance on forward-looking statements or the information contained in those statements.
All the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
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