Universal PropTech Announces Management and Board Changes

Toronto, Ontario--(Newsfile Corp. - July 14, 2023) - Universal PropTech Inc. (TSXV: UPI) ("UPI" or the "Company") today announced that Chris Hazelton, President, Chief Executive Officer and director of UPI has resigned from the Company and the Board of Directors, after leading the Company for more than nine years, most recently as President and Chief Executive Officer for the last three years. Jeffrey Berman will succeed Mr. Hazelton as President and Chief Executive Officer and as a director.

"On behalf of the Board and the management team, I would like to thank Chris for his decades of commitment and contribution to building the business and driving UPI's business for so long," said Mr. Berman. "We wish Chris continued success in his future endeavours."

"I am looking forward to working with the rest of the board of directors and the UPI team to seek out opportunities for the Company. We will aim to move quickly to use our resources to maximize shareholder value by seeking strategic growth opportunities."

Board member Al Quong commented: "We thank Chris Hazelton for his strategic leadership over many years. Chris lead the Company to profitability at a difficult time. He cut costs, secured strategic acquisitions, and deftly managed through sale of our primary business unit, VCI, leaving the Company cashed up and ready for the next chapter."

"We welcome Jeff to his new role as CEO," Mr. Quong continued. "We are confident that Jeff will bring renewed and diverse thinking and opportunities to the Company. With his background as a private investor and advocate, we believe Mr. Berman will provide strong leadership as we enter our next phase."

Jeffrey Berman is a trial lawyer who has successfully litigated cases at every level of court in Ontario. He is a Partner at the Law firm of Goodman Berman, Barristers. Mr. Berman graduated from Osgoode Hall Law School where he earned his Law Degree in 2005. He articled at a Bay Street law firm before shifting to criminal law. Prior to law school, Mr. Berman graduated with an honours degree in Commerce with a focus in finance and marketing.

About Universal PropTech Inc.

Following the sale of its operating subsidiary in the first quarter of 2023, Universal PropTech Inc. (TSXV: UPI) (OTCQB: UPIPF) (FSE: 8LH) is currently reviewing acquisitions of, or investments in businesses with rapid growth potential.

Contact Information

Jeff Berman
President and Chief Executive Officer
Email: jeff@goodmanberman.ca
Phone: 416.654.7070
Website: www.universalproptech.com

Forward-Looking Statements

Certain information provided in this press release constitutes forward-looking statements and information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as "anticipate", "believe", "forecast", expect", "plan", "intend", "estimate", "propose", "project", or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the Company's securities not to place undue reliance on forward-looking information as, by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company. The forward-looking information included herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included herein is made as of the date hereof and the Company assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law. Neither the TSX Venture Exchange ("Exchange"), nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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