PesoRama Inc. Announces Annual General and Special Meeting of Shareholders and Provides Corporate Update

• Annual General and Special Meeting of Shareholders being held on December 9, 2020
• The deadline to submit your YELLOW proxy is 1:00 p.m. (Calgary time) on Monday December 7, 2020
• Need help voting? Contact Laurel Hill Advisory Group for assistance at 1-877-452-7184 or by e-mail at assistance@laurelhill.com.

Calgary, Alberta--(Newsfile Corp. - November 18, 2020) - PesoRama Inc. ("PesoRama" or the "Corporation") is pleased to announce that it will be holding an annual general and special meeting (the "AGM") of the holders ("Shareholders") of Class A common voting shares of the Corporation ("Common Shares") at 520 3 Ave SW #1900, Calgary, AB T2P 0R3 at 1:00 pm (Calgary time) on December 9, 2020. The details of all matters proposed to be put before the Shareholders at the AGM are set forth in the Corporation's Information Circular (the "Management Information Circular") and the corresponding yellow form of proxy, copies of which have been mailed to Shareholders and have been made available on the company's profile at www.sedar.com. The Information Circular contains comprehensive information with respect to how registered and beneficial shareholders may vote their Common Shares.

Amid ongoing concerns about the Coronavirus (COVID-19) outbreak, the Corporation remains mindful of the well-being of the Shareholders and their families, our industry partners and other stakeholders as well as the communities in which we operate. The Corporation currently intends on holding a physical shareholder meeting. However, as COVID-19 is a rapidly evolving situation, the Corporation will continue to monitor and review provincial and federal governmental guidance in order to assess and implement measures to reduce the risk of spreading the virus at the Meeting, which may include potentially adjourning or postponing the Meeting.

Voting your PesoRama Shares

PesoRama is committed to a democratic shareholder voting process and encourages all Shareholders to vote their Common Shares prior to the AGM by following the instructions set out in the yellow form of proxy or voting instruction form included with the Management Information Circular. The deadline for Shareholders to return their completed proxies is 1:00 p.m. (Calgary time) on Monday December 7, 2020.

The Board recommends that the Shareholders vote FOR all proposed resolutions.

Shareholder Questions or Voting Assistance

If you have any questions or concerns regarding how to vote your Common Shares or complete the yellow form of proxy, please feel free to contact PesoRama's proxy solicitation agent, Laurel Hill Advisory Group, at 1-877-452-7184 in North America, or outside North America at 416-304-0211 or by email at assistance@laurelhill.com with reference to "PesoRama Inc." in the subject line.

Shareholder Proposals

Immediately prior to the finalization of the Management Information Circular, the Corporation received a shareholder proposal from the Corporation's former Chief Executive Officer's family trust, with a second shareholder proposal from a different entity controlled by the same former Chief Executive Officer arriving a number of days after the Management Information Circular had been printed and delivered to intermediaries for mailing. Upon receipt of the first shareholder proposal, the Corporation's board of directors struck a special committee to consider such proposals and sought legal advice regarding the legality of such proposals. Based on legal advice received, the Company concluded that the shareholder proposals were not made in compliance with the provisions of the Canada Business Corporations Act regarding shareholder proposals and accordingly, the special committee unanimously determined not to include the proposals in the Information Circular.

Corporate Update

PesoRama recently celebrated the one-year anniversary since opening its first retail location. While the COVID-19 pandemic affected a significant segment of the retail sector, PesoRama's JOI Stores were recognized as essential businesses and remained open. The hard work and perseverance by the JOI team during the summer months resulted in store sales returning to pre-COVID projected levels by early fall. With our health and safety policies in place, and our focus now positioned to the future, we are excited to reignite our retail expansion strategy. With several new locations already under development, JOI's Town Center Nicolas Romero location, which opened on October 31, 2020, was the first new JOI store opening since the start of the COVID-19 pandemic. PesoRama is also looking forward to further expansion with the addition of two new stores later this month, just in time for the Christmas holiday shopping rush.

We see the current period as the beginning of the next phase in the development of JOI Stores as a leader in the Mexican discount retail market. PesoRama's expansion strategy is capital intensive and it will require fundraising at various stages of its growth. As such, PesoRama is pleased to announce that it has entered into an engagement letter to pursue its near and mid-term capital needs in support of its growth objectives on a best efforts basis.

General Information about PesoRama

PesoRama is a single price point Mexican dollar store retailer offering a broad assortment of consumable products, general merchandise and seasonal items.

Additional Information

For further information please contact:

PesoRama Inc.
Edward Sivitilli
Director and CEO
Telephone: 416-606-5002

Shareholder Questions or Assistance with Voting

Laurel Hill Advisory Group
North America Toll Free: 1-877-452-7184
Collect Calls Outside North America: 1-416-304-0211
Email: assistance@laurelhill.com

Cautionary Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes", an or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would" , "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the Corporation's retail expansion strategy, the opening of new JOI Store locations and the timing thereof, the financial performance of JOI Stores and the Corporation generally, the Corporation's capital needs and future fundraising activities, the Corporation's growth objectives and the further development of the JOI Stores and the Corporation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties and the impact of COVID-19. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law the Corporation assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68471