Turquoise Capital Corp. Announces Termination of Qualifying Transaction and Director and Officer Change

Vancouver, British Columbia--(Newsfile Corp. - July 13, 2016) - TURQUOISE CAPITAL CORP. (NEX: TQC.H) ("Turquoise"), a capital pool company, announces that Business Combination Agreement has been terminated (see news release dated April 2, 2015). The agreement was terminated because Turquoise and Vigil Technologies Inc. ("Vigil") were unable to complete certain conditions of closing. Turquoise is in discussions with Vigil regarding the repayment of the $25,000 loan which was advanced to Vigil. Turquoise is seeking alternate business opportunities for its shareholders.

Turquoise also announces that John da Costa has resigned as CFO and Corporate Secretary, but will remain on as a director of Turquoise. To fill the vacancies created by Mr. da Costa's resignation, Turquoise has appointed Devon Brown as CFO and Corporate Secretary of Turquoise. Mr. Brown was also appointed as a director of Turquoise.

Devon Brown holds a BA in English Literature from the University of Regina. He received his designation as a Certified Professional Accountant in 2006 and has over 10 years of experience in Accounting and Finance. Devon has held a variety of executive roles in industry and has experience in mergers and acquisitions, financial reporting to the TSX and the ASX, corporate governance and implementing business solutions in regulated and complex technical environments.

Devon was a founding member of MMJ Bioscience Inc., a Medicinal Cannabis startup and Licensed Producer (LP) with Health Canada. In addition to implementing the overall corporate and governance model, Devon facilitated the creation of the corporate strategy, a merger with Phytotech Medical Ltd.  and contributed to the acquisition of a cultivation license from Health Canada:

• 3M+ start-up capital raised through the issuance of convertible debentures
• Significant role in M&A activity (financial modelling, information circular and due diligence)
• Managed 6M budget for the construction and licensing of a state-of-the-art facility: negotiated supplier agreements and allocated resources to create synergies
• Advisor and decision support for the entire team throughout the licensing process

About Turquoise

Turquoise was incorporated November 14, 2012 under the Business Corporations Act (British Columbia). Turquoise is a CPC as defined by the CPC Policy. On June 28, 2013, Turquoise completed its initial public offering and its common shares were listed for trading on the Exchange on July 3, 2013. As disclosed in its final prospectus dated April 15, 2013, Turquoise's business has been restricted to the identification and evaluation of businesses or assets for the purpose of completing its Qualifying Transaction.

For further information please contact:

Turquoise Capital Corp.
Devon Brown, CFO
250-514-9714

Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Turquoise cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Turquoise's control. Such factors include, among other things: risks and uncertainties relating to Turquoise's ability to complete a Qualifying Transaction; and other risks and uncertainties, including those described in Turquoise's Final Prospectus dated April 15, 2013 filed with the Canadian Securities Administrators and available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Turquoise undertakes no obligation to publicly update or revise forward-looking information.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.