Federal Court of Australia Announces Decision in Case of ASIC vs. GetSwift

GetSwift Technologies Limited (NEO: GSW) (“GetSwift” or the “Company”), a leading provider of last mile SaaS logistics technology, announced that the Federal Court of Australia has reached a decision in the case of Australian Securities and Investments Commission (ASIC) v GetSwift Ltd & Ors (VID146/2019).

The Federal Court of Australia has issued its judgment with respect to the liability hearing in ASIC v GetSwift Ltd & Ors (VID146/2019). The Court found that the Company contravened section 674(2) of the Corporations Act 2001 related to continuous disclosure and section 1041H of the Corporations Act 2001 and section 12DA of the ASIC Act 2001 related to misleading and deceptive conduct. The Court also found that Mr Hunter, Mr Macdonald and Mr Eagle were knowingly involved in some of the Company’s continuous disclosure contraventions and thereby contravened section 674(2A) of the Corporations Act 2001 and breached their director duties under section 180(1) of the Corporations Act 2001. Mr Hunter and Mr Macdonald were also found to have contravened section 1041H of the Corporations Act 2001 and section 12DA of the ASIC Act 2001 related to misleading and deceptive conduct.

A separate hearing will occur in relation to whether any penalties should be imposed, including the extent and form of any penalties. At this stage, the Company cannot say when that hearing will occur. A case management hearing has been listed for 19 November 2021 for the purpose of making orders to reflect the reasons for judgment and to consider the future progress of the balance of the proceeding.

The judgment is 859 pages. The Company is still considering the judgment and all aspects of the proceeding including avenues of appeal.

About GetSwift Technologies Limited

Technology to Optimise Global Delivery Logistics

GetSwift is a technology and services company that offers a suite of software products and services focused on business and logistics automation, data management and analysis, communications, information security, and infrastructure optimization and also includes ecommerce and marketplace ordering, workforce management, data analytics and augmentation, business intelligence, route optimization, cash management, task management shift management, asset tracking, real-time alerts, cloud communications, and communications infrastructure (collectively, the “GetSwift Offering”). The GetSwift Offering is used by public and private sector clients across industries and jurisdictions for their respective logistics, communications, information security, and infrastructure projects and operations.

GSW is headquartered in New York and its common shares are listed for trading on the NEO Exchange under the symbol “GSW”. The Corporation has filed and obtained a receipt for the Prospectus. A copy of the Prospectus can be obtained under Getswift's corporate profile on SEDAR at www.sedar.com.¹ For further background, please visit www.getswift.co.

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this news release and to other matters identified in public filings relating to the Corporation, to the future outlook of the Corporation and anticipated events or results and may include statements regarding the future financial performance of the Corporation. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations include, without limitation, and the other risk factors set forth in the Prospectus under the heading "Risk Factors". The Corporation undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Corporation to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

GSW is headquartered in New York and its common shares are listed for trading on the NEO Exchange under the symbol “GSW”.

For further background, please visit www.getswift.co.

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¹ A reference to the Corporation’s Annual Report should be added once that document has been filed.

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