Privestia BV signed a non-binding Letter of Intent to acquire Florence One Capital Inc. (TSXV:FONC.P) in a reverse merger transaction on September 8, 2023. The LOI contemplates that Florence and Privestia will negotiate and enter into a definitive agreement in respect of the Proposed Acquisition on or before November 17, 2023, unless otherwise agreed to by the parties (the "Definitive Agreement"), pursuant to which it is anticipated that Florence will acquire all of the issued and outstanding securities of Privestia (the "Privestia Securities"), and securityholders of Privestia will receive securities of Florence in exchange for their Privestia Securities pursuant to the proposed terms of the LOI and pending Exchange acceptance. The final structure of the Proposed Acquisition is subject to the receipt of tax, corporate and securities law advice for both Florence and Privestia.

Upon completion of the Proposed Acquisition, the Resulting Issuer will carry on the business of Privestia under the brand name of name Qonnected Mobility, Inc. It is also anticipated that Florence and/or Privestia will complete a concurrent financing in connection with the Proposed Acquisition in an amount to be determined (the "Private Placement"). Closing of the Proposed Acquisition will be subject to a number conditions, including, without limitation: approval of the Proposed Acquisition by the boards of directors of Florence and Privestia; execution of a Definitive Agreement effecting the Proposed Acquisition; approval of matters relating to the Proposed Acquisition by the shareholders of Florence, receipt of all regulatory approvals with respect to the Proposed Acquisition and the listing of the Resulting Issuer Shares on the Exchange; and approval of matters relating to the Proposed Acquisition by the shareholders of Privestia. The Proposed Acquisition will not be subject to approval by Florence's shareholders.