Certain Shareholders Announce Sale of Common Shares of Alpha Peak Leisure

Vancouver, British Columbia--(Newsfile Corp. - December 31, 2020) -  CN Lifestyle Limited, Peter Kai-Sing So and Yuxiu Zhao (collectively, the "Selling Shareholders") announce today that they have sold and disposed of an aggregate of 43,198,690 common shares ("Common Shares") of Alpha Peak Leisure Inc. ("Alpha Peak") at a purchase price of approximately Cdn$0.00429 per Common Share for aggregate gross cash proceeds of approximately Cdn$185,396 pursuant to a share purchase agreement by and among the Seller Shareholders, among others, and 2578218 Ontario Ltd., as the purchaser of the Common Shares (the "Transaction").

Immediately prior to the completion of the Transaction, CN Lifestyle Limited held 25,106,746 Common Shares, Mr. Kai-Sing So held 10,361,351 Common Shares, and Mr. Zhao held 7,730,593 Common Shares, representing 34.83%, 14.38%, and 10.73% of the issued and outstanding Common Shares, respectively. Immediately following the completion of the Transaction, the Selling Shareholders no longer have ownership or control over any Common Shares.

Each of the Selling Shareholders sold their respective Common Shares for investment purposes. None of the Selling Shareholders have any current intention of undertaking any of the actions enumerated in Item 5 of Form 62-103F1 published by the Canadian Securities Administrators. However, depending on market conditions, general economic and industry conditions, trading prices of Alpha Peak securities, Alpha Peak's business, financial condition and prospects and/or other relevant factors, the Acquiror may develop plans or intentions in the future and, at such time, may from time to time acquire additional securities, or dispose of some or all of the additional securities.

An early warning report is being filed by each of the Seller Shareholders in accordance with applicable Canadian securities laws and will be available under Alpha Peak's profile on SEDAR at www.sedar.com. A copy of the report may also be obtained by contacting each of the Selling Shareholders using the contact information below.

Alpha Peak's head office address is 160 - 170 - 6751 Graybar Road, Richmond, British Columbia, Canada, V6W 1H3.

Contact Information:

CN Lifestyle Limited - Mr. Bob Chong, phone number: 011-852-2529-6111; email address: bobchong@chungnam.com

Peter Kai-Sing So - phone number: 011-852-2364-2349; email address: peterso@ywcmfg.com

Yuxiu Zhao- phone number: 011-86-0551-63368363

Forward-Looking Information:

Certain statements in this press release are forward-looking statements and are prospective in nature, including statements with respect to the Selling Shareholder's future intentions regarding securities of Alpha Peak. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual events and results to differ materially from the future events or results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and the Selling Shareholders are not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71231