Day: May 29, 2017

FOR: NORTH AMERICA FRAC SAND, INC.OTCQB SYMBOL: NAFSDate issue: May 30, 2017Time in: 5:00 AM eAttention:
NORTH VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 30, 2017) – North America
Frac Sand, Inc. (“NAFS” or the “Company”) (OTCQB:NAFS) (www.NAFSIN…

FOR: FOUNDERS ADVANTAGE CAPITAL CORP.
TSX VENTURE SYMBOL: FCF

Date issue: May 29, 2017
Time in: 10:08 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – May 29, 2017) – Founders Advantage Capital
Corp. (TSX VENTURE:FCF) (the “Corporation”) is pleased to report its financial
results for the three months ended March 31, 2017 (“Q1 2017”). Readers should
refer to the condensed interim consolidated financial statements and management
discussion and analysis (“MD&A”) for the three months ended March 31, 2017 for
complete information, which are available on SEDAR at www.sedar.com and on the
Corporation’s website at www.advantagecapital.ca.

“We continue to be excited about the performance of our current investments and
the pipeline of opportunities being presented to us,” stated Stephen Reid,
President and Chief Executive Officer of the Corporation. “DLC has continued to
grow its funded mortgage volumes despite the recent turbulence in the Canadian
mortgage industry and Club16 has increased its membership base by 4.9% year
over year. Historically, January through March is the slowest period of the
year for home purchases, which impacts DLC’s revenues. Even during the slowest
time of year, DLC’s funded mortgage volume grew 11.2% year over year,
outperforming our expectations. As these seasonal lows are anticipated, DLC
management uses this time for marketing and promotion activities to recruit
additional brokers and franchises, which drive additional funded volume growth
for the remainder of the year. During the quarter, DLC continued to reposition
its newest asset, Newton Connectivity Systems, which was acquired in December
2016. While we are very pleased with the growth outlook and initial revenues
being generated by Newton, we are forecasting certain repositioning costs to be
incurred during the year, and expect better indications of run-rate
profitability in subsequent quarters.”

Please see the Overview and Outlook of Investees section for performance
details on each of our investees and Outlook for 2017.

Q1 2017 Highlights

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— On March 1, 2017, the Corporation completed the acquisition of a 52%

interest in Impact Radio Accessories (“Impact”) for $12.7 million. This
acquisition further diversifies the Corporation’s investment portfolio
of companies operating in defensive, recession-resistant industries.
— Concurrent with the acquisition of Impact, the Corporation entered into
an amended credit facility with ATB Financial to increase its revolving
credit facility from $17.0 million to $28.0 million and to cancel its
previously existing non-revolving $5.0 million credit facility. As such,
the Corporation increased its available borrowing limit from $22.0
million to $28.0 million. The Corporation used its available borrowings
to fund the acquisition of Impact.
— Declared first quarterly dividend of $0.0125 per share ($0.05 per share
annualized), which resulted in a payment of $0.5 million in April 2017.

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Selected Consolidated Financial Highlights

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—————————————————————————-
—————————————————————————-

For the three months ended
December
March 31, 31, March 31,
(000’s, except per share amounts) 2017 2016 2016(1)
—————————————————————————-
Revenues $ 13,694 $ 9,277 $ –
Loss from operations (2) $ (1,790) $ (1,606) $ (2,940)
Adjusted EBITDA (2) (3) $ 1,413 $ 998 $ (1,930)
Cash generated by (used in) operating
activities $ 3,334 $ (253) $ (1,578)
Net loss attributable to shareholders $ (1,630) $ (2,410) $ (4,025)
Adjusted EBITDA attributable to
shareholders (3) $ 255 $ (211) $ (1,930)
Basic loss per share $ (0.04) $ (0.07) $ (0.40)
Diluted loss per share $ (0.04) $ (0.07) $ (0.40)
Dividends declared (4) $ 474 $ – $ –
—————————————————————————-
—————————————————————————-
(1) As a result of the change in the Corporation’s business plan, effective
February 23, 2016, the prior year period is not a direct indication of
comparable results.
(2) Newton Connectivity Systems contributed loss from operations of $1.0
million and negative adjusted EBITDA of $0.8 million during the three
months ended March 31, 2017.
(3) See “Non-IFRS measures” below for the definition of adjusted EBITDA and
cautions related thereto.
(4) The Corporation announced a dividend policy in November 2016, with the
first quarterly dividend being declared on March 15, 2017 to shareholders
of record as at March 31, 2017.

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Review of Q1 2017 Consolidated Financial Results

Consolidated revenues were $13.7 million, compared to $nil during Q1 2016, due
to the timing of acquisitions made during fiscal 2016. Specifically, as the
acquisition of Dominion Lending Centres Limited Partnership (“DLC”), Club16
Limited Partnership (“Club16” or “Trevor Linden Club16”) and Impact Radio
Accessories (“Impact”) closed on June 3, 2016, December 20, 2016 and March 1,
2017, respectively, there were no financial results consolidated into the
Corporation’s financial statements during Q1 2016. DLC’s $7.2 million in
revenues for Q1 2017 were impacted by the expected seasonally slowest period
for home purchases, but were supplemented by $0.6 million in revenues generated
by DLC’s most recent acquisition, Newton Connectivity Systems Inc. (“Newton”).
As Newton is still restructuring and ramping up its services, we expect growing
quarterly revenues from Newton going forward. Club16 generated revenue of $5.5
million during Q1 2017, which excludes the annual club enhancement fee paid by
the Club16 members every May, which $2.2 million was received on May 3, 2017.
Impact generated revenue of $0.9 million since its acquisition (31 days of the
current quarter), which is effected by the timing of certain larger purchase
orders during the year. Please see “Overview and Outlook of Investees” section
below for additional details on investee performance.

Consolidated loss from operations was $1.8 million, compared to $2.9 million
during Q1 2016. The current quarter loss is impacted by the $9.6 million of
consolidated general and administrative expenses and seasonality of DLC’s
operations. DLC ($4.1 million), Club16 ($3.8 million), Impact ($0.3 million)
and Corporate ($1.5 million) each contributed to the consolidated general and
administrative expenses. DLC’s expenses do not vary proportionately with the
fluctuations in revenue caused by the changes in home buying season. As a
result, loss from operations for Q1 2017 is impacted more heavily than in other
fiscal quarters when revenues are expected to be higher and costs are not
increased proportionately. Also, DLC incurred $0.3 million in severance costs
related to DLC and Newton during Q1 2017. Newton incurred a loss from
operations of $1.0 million during the quarter, which is expected to improve
during fiscal 2017 as operations continue to ramp up. Further, Club16’s annual
club enhancement fee is not earned until May every year, which $2.2 million was
received on May 3, 2017. This revenue has no associated costs, which results in
a significant positive impact to income from operations during the next fiscal
quarter. Due to the seasonality of DLC’s business, the changing run-rate
profitability of Newton, the timing of Club16’s annual club enhancement fee,
and the variable timing of Impact’s revenue, the loss from operations for Q1
2017 is not necessarily indicative of future quarterly results.

Consolidated adjusted EBITDA was $1.4 million, compared to negative adjusted
EBITDA of $1.9 million during Q1 2016. This increase over the prior year is
significantly due to the completed acquisitions. As noted above, due to the
seasonality of DLC’s business, the changing run-rate profitability of Newton,
the timing of Club16’s annual club enhancement fee, and the variable timing of
Impact’s revenue, the adjusted EBITDA for Q1 2017 is not necessarily indicative
of future quarterly results.

Consolidated net loss attributable to shareholders was $1.6 million, compared
to $4.0 million during Q1 2016. This variance over the prior year quarter is
primarily driven by the full consolidation of the financial results of DLC,
Club16 and Impact during Q1 2017. As discussed above, due to the seasonality of
DLC’s business, the changing run-rate profitability of Newton, the timing of
Club16’s annual club enhancement fee, and the variable timing of Impact’s
revenue, the net loss attributable to shareholders for Q1 2017 is not
necessarily indicative of future quarterly results.

Overview and Outlook of Investees

In addition to the information provided in the Q1 2017 consolidated financial
statements and associated MD&A, we would like to note the following additional
information regarding our investees.

DLC Limited Partnership

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—————————————————————————-
—————————————————————————-

For the three months
ended
—————————————————————————-
December
March 31, 31,
(000’s) (1) 2017 2016
—————————————————————————-
Revenues $ 7,338 $ 8,644
Operating expenses 6,729 7,153
—————————————————————————-
Income from operations (2) 609 1,491
Other (expense) income, net (275) 426
—————————————————————————-
Income before tax 334 1,917
Add back:
Depreciation and amortization 1,338 1,341
Finance expense 177 130
Other income – (462)
—————————————————————————-
Adjusted EBITDA(2) $ 1,849 $ 2,926

Adjusted EBITDA attributable to:
Shareholders $ 1,224 $ 1,755
Non-controlling interests $ 605 $ 1,171
—————————————————————————-
—————————————————————————-

—————————————————————————-
—————————————————————————-
Key performance indicators:
Funded mortgage volumes (3) $ 6,769,244 $ 9,325,208
Number of franchises (4) 446 443
Number of brokers (4) 5,309 5,237
—————————————————————————-
—————————————————————————-
(1) DLC’s results generally vary from quarter to quarter as a result of
seasonal fluctuations in the reporting segment. This means DLC’s results in
one quarter are not necessarily a good indication of how they will perform
in a future quarter.
(2) Newton Connectivity Systems contributed loss from operations of $1.0
million and negative adjusted EBITDA of $0.8 million during the three
months ended March 31, 2017.
(3) Funded mortgage volumes are a key performance indicator for the DLC
segment that allows us to measure DLC’s performance against our operating
strategy. These amounts are stated in thousands.
(4) The number of franchises and brokers are as at the respective balance
sheet date.

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The Corporation acquired its 60% interest in DLC on June 3, 2016. Prior to the
acquisition, DLC’s unaudited revenue for Q1 2016 was $6.4 million. The revenue
for Q1 2017 was $7.3 million, representing 14.1% revenue growth year over year.
This growth over the prior year is significantly due to the 11.2% increase in
funded mortgage volumes during Q1 2017, compared to Q1 2016. DLC’s revenues are
significantly impacted by the home buying season, which is typically more
heavily weighted during the months of May through September. As a result, we
expect additional revenues to be earned during the upcoming fiscal quarters
when compared to Q1 2017.

DLC’s income from operations and adjusted EBITDA were $0.6 million and $1.8
million, respectively, which were significantly impacted by both direct costs
of $1.3 million and general and administrative expense of $4.1 million. As
noted above, DLC’s revenue is seasonal in nature caused by changes in the home
buying season, and general and administrative costs do not vary proportionately
with these seasonal fluctuations. As a result, income from operations for Q1
2017 is impacted more heavily than in other fiscal quarters when revenues are
expected to be higher and costs are not increased proportionately. Also
included in income from operations for the current quarter are the revenues and
costs associated with Newton, totaling a net $1.0 million in costs, which
include $0.2 million of severance related expenses. As Newton continues to ramp
up its operations, we expect the income from operations to increase going
forward. Currently, Newton represents approximately 3% of the connectivity
platform market. As DLC represents approximately 35% of the Canadian mortgage
brokerage industry, migrating mortgage brokers to the Newton platform would
have a meaningful impact on DLC’s revenues and adjusted EBITDA.

DLC expects to continue to expand its network of mortgage brokers and
franchisees by focusing on their recruiting initiatives, as evidenced by DLC’s
continued quarter over quarter growth in funded mortgage volumes and increases
in franchises and brokers. As a result of these growth initiatives, we
anticipate DLC having steady growth in its funded mortgage volumes in 2017,
resulting in steady growth in revenues and adjusted EBITDA.

The Corporation is receiving $540,000 per month in after-tax cash distributions
from DLC.

Trevor Linden Club16

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—————————————————————————-
—————————————————————————-

For the three months
ended
—————————————————————————-
December
March 31, 31,
(000’s) 2017 2016
—————————————————————————-
Revenues $ 5,466 $ 633
Operating expenses 5,022 665
—————————————————————————-
Income (loss) from operations 444 (32)
Other (expense), net (40) (6)
—————————————————————————-
Income (loss) before tax 404 (38)
Add back:
Depreciation and amortization 672 127
Finance expense 40 6
—————————————————————————-
Adjusted EBITDA $ 1,116 $ 95

Adjusted EBITDA attributable to:
Shareholders $ 670 $ 57
Non-controlling interests $ 446 $ 38
—————————————————————————-
—————————————————————————-

—————————————————————————-
—————————————————————————-
Key performance indicators:
Total fitness club members (1) 80,296 78,316
—————————————————————————-
—————————————————————————-
(1) The number of fitness club members is as at the respective balance sheet
date.

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The Corporation acquired its 60% interest in Trevor Linden Club16 on December
20, 2016. Prior to the acquisition, Club16’s unaudited revenue for Q1 2016 was
$5.0 million. The revenue for Q1 2017 was $5.5 million, representing 9.2%
revenue growth year over year, which is partially driven by the 4.9% increase
in membership base. Also, Club16 received its annual club enhancement fee from
its members on May 3, 2017 for $2.2 million, which will be included in the
financial results of the next quarter.

Club16’s income from operations and adjusted EBITDA were $0.4 million and $1.1
million, respectively. The income from operations and adjusted EBITDA for Q1
2017 represent normal course operations, and we expect continued growth in the
total fitness club members based on the historic growth trend.

Club16 anticipates continued growth in its personal training services, which
are a relatively new product offering. These services are expected to add to
Trevor Linden Club16’s revenues and adjusted EBITDA. During Q1 2017, Club16
earned $0.7 million in revenues related to personal training services (gross
margin of 43%), compared to $0.3 million during Q1 2016 (gross margin of 24%).

Trevor Linden Club16 expects to continue adding new members by increasing total
square footage of gym space via opening a new location and expanding one of the
current locations during 2017. It is anticipated that these initiatives will
have a positive impact on 2017 fitness club membership revenues and adjusted
EBITDA.

The Corporation is receiving $270,000 per month in pre-tax cash distributions
from Club16. The Corporation offsets this income with its corporate general and
administrative expenses to reduce the income taxes payable to nil.

Impact

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—————————————————————————-
—————————————————————————-

For the three months
ended
—————————————————————————-
December
March 31, 31,
(000’s) (1) 2017 2016
—————————————————————————-
Revenues $ 890 $ –
Operating expenses 799 –
—————————————————————————-
Income from operations 91 –
Other income, net 12 –
—————————————————————————-
Income before tax 103 –
Add back:
Depreciation and amortization 96 –
Share-based payments 24 –
—————————————————————————-
Adjusted EBITDA $ 223 $ –

Adjusted EBITDA attributable to:
Shareholders $ 116 $ –
Non-controlling interests $ 107 $ –
—————————————————————————-
—————————————————————————-
(1) Includes 31 days of Impact operations as the acquisition was completed
on March 1, 2017.

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The Corporation acquired its 52% interest in Impact on March 1, 2017. Revenues
for the month of March 2017 were $0.9 million, consistent with March 2016.
Total revenues for Q1 2017, including the period prior to the acquisition, were
$2.4 million, consistent with the same prior year period.

Impact’s income from operations and adjusted EBITDA were $0.1 million and $0.2
million, respectively, which represents 31 days of operations. As Impact is
subject to certain fluctuations in timing of larger purchase orders, we expect
variability in the quarterly financial results.

Impact expects to increase sales by adding distributors and anticipates that
its products will gain additional exposure as the distributors expand their own
businesses (via organic and acquisition growth), which will result in more
distributor representatives selling the Impact products. It is anticipated that
these initiatives will have a positive impact on 2017 revenues and adjusted
EBITDA.

The Corporation is receiving $104,000 per month in after-tax cash distributions
from Impact.

Non-IFRS measures

Adjusted EBITDA for both our corporate head office and investees is defined as
earnings before interest, taxes, and non-cash items such as depreciation and
amortization, share-based payments, losses recognized on the sale of
investments, and any unusual non-operating one-time items such as corporate
start-up costs and other revenues. Adjusted EBITDA is also adjusted for
expenses relating to prior mineral property impairment reversal and
arbitration. Readers are cautioned that adjusted EBITDA should not be construed
as a substitute or an alternative to applicable generally accepted accounting
principle measures as determined in accordance with IFRS.

About Founders Advantage Capital Corp.

The Corporation is listed on the TSX Venture Exchange as an Investment Issuer
(Tier 1) and employs a permanent investment approach. The Corporation has
developed an investment approach to create long-term value for its shareholders
and partner entrepreneurs (investees) by pursuing controlling interest
acquisitions of cash flow positive middle-market privately held entities. The
Corporation seeks to win mandates by appealing to the segment of the market
which is not aligned with traditional private equity control, royalty
monetizations or related structures. The Corporation’s innovative platform
offers disproportionate incentives (contractually) for growth in favour of our
investees. This unique platform is designed to appeal to entrepreneurs who
believe in the growth of their businesses and who want the added ability to
continue managing the business while partnering with a long-term partner.

The Corporation’s common shares are listed on the TSX Venture Exchange under
the symbol “FCF”.

For further information, please refer to the Corporation’s website at
www.advantagecapital.ca.

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.

Cautionary Statement Regarding Forward-Looking Financial Information

Certain statements in this document constitute forward-looking information
under applicable securities legislation. Forward-looking information typically
contains statements with words such as “anticipate”, “believe”, “estimate”,
“will”, “expect”, “plan”, “intend”, or similar words suggesting future outcomes
or an outlook. Forward-looking information in this document includes, but is
not limited to:

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— the Corporation forecasts certain restructuring costs to be incurred

related to Newton;
— the Corporation expects better run-rate profitability in subsequent
quarters from Newton;
— the Corporation expects growing quarterly revenues from Newton going
forward;
— the Corporation plans to obtain additional financing either through debt
or equity;
— the Corporation is forecasting positive cash flows from operating
activities;
— the Corporation expects DLC’s funded mortgage volumes will continue
growing;
— the Corporation expects Newton to continue to ramp up its operations;
— the Corporation expects Newton’s income from operations to increase
going forward;
— DLC anticipates it can increase Newton’s market share;
— DLC expects to continue to expand its network of mortgage brokers and
franchisees;
— the Corporation expects Trevor Linden Club16’s membership base to
continue growing;
— Trevor Linden Club16 anticipates continued growth in its personal
training services;
— Trevor Linden Club16 expects to continue adding new members;
— Impact expects to increase sales by adding distributors;
— Impact expects its products will gain additional exposure; and
— The Corporation’s ability to win potential acquisitions over competing
sources of investment, including, but not limited to, private equity,
royalty funds or related structures.

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Such forward-looking information is based on a number of assumptions which may
prove to be incorrect. Assumptions have been made with respect to the following
matters, in addition to any other assumptions identified in this document:

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— The Corporation being able to source and negotiate transactions on

acceptable terms and in a timely manner;
— The Corporation being able to source additional financing on acceptable
terms and in a timely manner;
— That the Board of Directors for each of the investee entities resolves
to continue distributing cash as expected; and
— That the business of DLC, Trevor Linden Club16 and Impact will not
suffer any material adverse changes.

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Although the Corporation believes that the expectations reflected in such
forward-looking information are reasonable, undue reliance should not be placed
on them as the Corporation can give no assurance that such expectations will
prove to be correct. Forward-looking information is based on expectations,
estimates and projections that involve a number of risks and uncertainties
which could cause actual results to differ materially from those anticipated by
the Corporation and described in the forward-looking information. The material
risks and uncertainties include, but are not limited to:

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— The adequacy of the Corporation’s existing resources to complete

additional potential transactions;
— The return for any acquisition not being as expected by the Corporation
post-closing; and
— Incremental risks associated with any additional investee company, as
well as the risks associated with the industries in which additional
investees operate.

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The foregoing list of risks is not exhaustive. For more information relating to
risks, see the section titled “Risk Factors” in the Corporation’s current
annual information form. The forward-looking information contained in this
document is made as of the date hereof and, except as required by applicable
securities law, the Corporation undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of
new information, future events or otherwise.

– END RELEASE – 29/05/2017

For further information:
Founders Advantage Capital Corp.
Stephen Reid
Chief Executive Officer
403-455-7350
sreid@advantagecapital.ca
OR
Founders Advantage Capital Corp.
Darren Prins
Chief Financial Officer
403-455-2274
dprins@advantagecapital.ca
OR
Founders Advantage Capital Corp.
James Bell
Chief Operating Officer
403-455-2218
jbell@advantagecapital.ca

COMPANY:
FOR: FOUNDERS ADVANTAGE CAPITAL CORP.
TSX VENTURE SYMBOL: FCF

INDUSTRY: Financial Services – Investment Services and Trading
RELEASE ID: 20170529CC0071

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All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.

FOR: LINGO MEDIA CORPORATION
OTCQB Symbol: LMDCF
TSX VENTURE Symbol: LM

Date issue: May 29, 2017
Time in: 8:44 PM e

Attention:

TORONTO, ON –(Marketwired – May 29, 2017) – Lingo Media Corporation (TSX
VENTURE: LM) (OTCQB: LMDCF) (“Lingo Media” or the “Company”), an EdTech
company that is ‘Changing the way the world learns English’ through innovative
online and print-based technologies and solutions, announces its financial
results for the first quarter ended March 31, 2017. All figures are reported
in Canadian Dollars and are in accordance with International Financial
Reporting Standards unless otherwise noted.

Michael Kraft, President & CEO of Lingo Media, commented, “During the first
quarter of 2017, we invested approximately $875,000 in our digital content
library to position the company for future growth. In Q1, we collected
$685,695 and subsequent to the quarter, we collected a further $691,880, in
aggregate $1.37 million of accounts recievable from 2016 publishing royalties.
In addition, we extended the publishing royalty contract by three years with
People’s Education Press in China till August 2022. As of March 31, 2017, our
cash position increased to $300,042 as compared to $84,303 as of the year end
and our book value increased by $1.7 million to $6.4 million or $0.18 per
share compared to March 31, 2016. While our Q1-17 sales year over year
declined by 21%, our ELL Technologies digital sales actually increased,
excluding SENA revenue from Q1-16.”

Q1 2017 Operational Highlights

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— Online English Language Learning:

— initiated the localization in Spanish for English For Success
— advanced the development of ELL Technologies’ new online Mandarin
course
— continued to market and sell, English For Success, a series of
lessons and activities derived from ELL Library as a premium
solution for governments and educational institutions
— entered into a software licensing contract for ELL Technologies’
programs with a new distributor group in Peru

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— Print-Based English Language Learning:

— extended the publishing agreements for PEP Primary English and
Starting Line programs with People’s Education Press in China by
three additional years till August 2022.

/T/

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Financial Highlights for the First Quarter Ended March 31, 2017
—————————————————————————-
First Quarter Ended March 31st 2017 2016
—————————————————————————-
Revenue $ 597,977 $ 756,858
—————————————————————————-
Operating expenses 269,618 262,922
—————————————————————————-
Income before amortization, share-based payments,
depreciation, finance charges and taxes 328,359 493,936
—————————————————————————-
Amortization, share-based payments, and depreciation 295,661 225,732
—————————————————————————-
Finance charges, taxes, foreign exchange 28,753 217,374
—————————————————————————-
Total expenses 594,032 706,028
—————————————————————————-
Net profit 3,945 50,830
—————————————————————————-
Total comprehensive income 3,727 111,788
—————————————————————————-
Earnings per share $ 0.00 $ 0.00
—————————————————————————-

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— Revenue for the period ended March 31, 2017 totalled $597,977 as

compared to $756,858 in 2016, a 21% decrease.
— Operating expenses for the period ended March 31, 2017 totalled $269,618
compared to $262,922 in 2016
— Net profit for the period ended March 31, 2017 was $3,945 or $0.00 per
share (basic) based on 35.5 million weighted number of common shares as
compared to $50,830 for 2016 or $0.00 per share (basic) on 29.7 million
shares.
— Income before amortization, share-based payments, depreciation, finance
charges and taxes was $328,359 compared to $493,936 in 2016.

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Balance Sheet as at March 31, 2017

/T/

— Cash and cash equivalents as at March 31, 2017 totalled $300,042 as

compared to $121,208 as at March 31, 2016, an increase of $178,834
— Current ratio improved to 3.67:1 for the period ended March 31, 2017 as
compared to 2.65:1 as at March 31, 2016.
— Total liabilities as at March 31, 2017 totalled $899,151 as compared to
$1,207,199 as at March 31, 2016, an improvement of $308,048 after loans
payable of $580,000 were repaid in full and retired.
— Book value improved to $6,448,760 as at March 31, 2017 as compared to
$4,737,605 as at March 31, 2016.

/T/

“Our on the ground presence with a new strategic hire in Mexico City is
gaining significant traction, aggressively signing up distributors, managing
sales channels and advancing our sales pipeline throughout Mexico and Central
America. At the same time, we continue our efforts through various initiatives
to expand our sales in Peru and Colombia. We are on the right track with a
very deep and active sales pipeline. Management also remains excited about the
proposed merger with Schoold, announced at the end March, and will be
providing an update in the coming weeks”, said Michael Kraft.

The unaudited condensed interim financial statements for the quarter ended
March 31, 2017 and Management Discussion & Analysis are available at
www.sedar.com.

About Lingo Media (TSX VENTURE: LM) (OTCQB: LMDCF)

Lingo Media is a global EdTech company that is ‘Changing the way the world
learns English’, developing and marketing products for learners of English
through various life stages, from classroom to boardroom. By integrating
education and technology, the company empowers English language educators to
easily transition from traditional teaching methods to digital learning.

Lingo Media provides both online and print-based solutions through two
distinct business units: ELL Technologies and Lingo Learning. ELL Technologies
provides online training and assessment for English language learning, while
Lingo Learning is a print-based publisher of English language learning
programs in China.

Lingo Media has formed successful relationships with key government and
industry organizations internationally, with a particularly strong presence in
Latin America and China, and continues to both extend its global reach and
expand its product offerings.

Follow Lingo Media On:

Facebook: https://www.facebook.com/LingoMedia
Twitter: @LingoMediaCorp
YouTube: https://www.youtube.com/lingomedialm
LinkedIn: https://www.linkedin.com/company/lingo-media-corporation
RSS: http://feeds.feedburner.com/LingoMedia

Portions of this press release may include “forward-looking statements” within
the meaning of securities laws. These statements are made in reliance upon
Sections 21E and 27A of the Securities Exchange Act of 1934, which involve
known and unknown risks, uncertainties or other factors that could cause
actual results to differ materially from the results, performance, or
expectations implied by these forward-looking statements. These statements are
based on management’s current expectations and involve certain risks and
uncertainties. Actual results may vary materially from management’s
expectations and projections and thus readers should not place undue reliance
on forward-looking statements. Lingo Media has tried to identify these
forward-looking statements by using words such as “may,” “should,” “expect,”
“hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar
expressions. Lingo Media’s expectations, among other things, are dependent
upon general economic conditions, the continued and growth in demand for its
products, retention of its key management and operating personnel, its need
for and availability of additional capital as well as other uncontrollable or
unknown factors. No assurance can be given that the actual results will be
consistent with the forward-looking statements. Except as otherwise required
by US Federal securities laws, Lingo Media undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events, changed circumstances or any other reason.
Certain factors that can affect the Company’s ability to achieve projected
results are described in the Company’s filings with the Canadian and United
States securities regulators available on www.sedar.com or
www.sec.gov/edgar.shtml.

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

– END RELEASE – 29/05/2017

For further information:

For further information, contact:
Lingo Media
Michael Kraft
President & CEO
Tel: (+1) 416-927-7000 Ext. 23
Toll Free: 1-866-927-7011
Email: mkraft@lingomedia.com
To learn more, visit us at www.lingomedia.com

COMPANY:
FOR: LINGO MEDIA CORPORATION
OTCQB Symbol: LMDCF
TSX VENTURE Symbol: LM

INDUSTRY: Media and Entertainment – Books and Publishing, Education and Training
– Education Aids and Products, Education and Training – Schools and
Courses, Colleges/Universities, Computers and Software – Software,
Education and Training – Training/Online

RELEASE ID: 20170529CC025

Press Release from Marketwired 1-866-736-3779

All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.

FOR: JURA ENERGY CORPORATIONTSX VENTURE SYMBOL: JECDate issue: May 29, 2017Time in: 7:08 PM eAttention:
CALGARY, ALBERTA–(Marketwired – May 29, 2017) – Jura Energy Corporation (TSX
VENTURE:JEC) (“Jura”) today announced the filing on SEDAR of its cond…

FOR: LONESTAR WEST INC.
TSX VENTURE SYMBOL: LSI

Date issue: May 29, 2017
Time in: 6:44 PM e

Attention:

SYLVAN LAKE, ALBERTA–(Marketwired – May 29, 2017) – Lonestar West Inc. (TSX
VENTURE:LSI) today announced the financial results for the three month period
ended March 31, 2017.

The results for the quarter ended March 31, 2017 continue to reflect the impact
of the significant pricing pressure from the heightened competition for
non-energy related projects. There was an increase in the Canadian utilization
which did not translate into an increase in revenue as a result of the low
rates. The ongoing delay in contract negotiations with a major account in the
Unites States also had a direct impact on the Company overall. The focus of the
Company will be to continue to reduce operating costs and improve margins which
have suffered as a result of the low rates and higher costs.

Key points for the three months ended March 31, 2017 include:

/T/

— Revenues were $8,307,033 for the quarter ended March 31, 2017, compared

to $11,919,783 for the prior year comparable quarter.
— Gross margin(1) was 7.9% compared to 19.3% for the prior year comparable
quarter.
— Normalized EBITDAC(2) was $(296,736) compared to $891,813 for the prior
year comparable quarter.
— Normalized EBITDAC(3) per basic share was $(0.01) from $0.03 for the
prior year comparable quarter.
— Loss before taxes was $2,123,873 as compared to a loss before taxes of
$1,053,137 for the prior year comparable quarter.
— Loss for the period was $2,124,472 as compared to a Loss of $2,271,552
for the prior year comparable quarter.

/T/

“The results for the first quarter of 2017 did not reflect the efforts we made
to improve our profit margin. The cost cutting was completed by mid-March but
did not have sufficient time to realize the benefits, and the continued decline
of the revenues offset the impact of the cuts we have made. As a result we have
taken additional steps to continue making cuts throughout the organization.”
commented James Horvath, President and CEO of Lonestar. “We view the potential
acquisition by Clean Harbors, Inc. in a positive light and believe it is the
correct strategy for all stakeholders.”

The Company is continuing to intensify its focus on cost control while
maintaining superior service to its customer base. In addition, the Company is
continually assessing the location of its fleet and redeploys assets to areas
less impacted by the energy markets.

About Lonestar West

Based in Sylvan Lake, Alberta, Lonestar West Inc. operates a fleet of 137
Hydrovac, Vacuum and Auxiliary units throughout Western Canada, Ontario,
California, and the South Eastern United States. It is focused on profitably
growing its HVAC services to become a major competitor in the North American
market.

For more information please visit the Lonestar West website at
www.lonestarwest.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This News Release contains certain forward-looking statements and
forward-looking information (collectively referred to herein as
“forward-looking statements”) within the meaning of applicable Canadian
securities laws. All statements other than statements of present or historical
fact are forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as “anticipate”, “achieve”,
“could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”,
“estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar
words, including negatives thereof, suggesting future outcomes. In particular,
this News Release contains forward-looking statements relating to: demand for
the Company’s services and general industry activity level; the Company’s
growth opportunities; and expectations regarding the Company’s revenue,
normalized EBITDAC and equipment utilization. Lonestar believes the
expectations reflected in such forward-looking statements are reasonable as of
the date hereof but no assurance can be given that these expectations will
prove to be correct and such forward-looking statements should not be unduly
relied upon.

Various material factors and assumptions are typically applied in drawing
conclusions. Specific material factors and assumptions include, but are not
limited to:

/T/

— Changes in industry conditions (including the levels of capital

expenditures made by oil and gas producers and explorers)
— Credit risk to which the Company is exposed in the conduct of its
business
— Fluctuations in prevailing commodity prices, currency and interest rates
— The competitive environment to which the business is, or may be, exposed
in all aspects of its business
— The ability of the Company to access equipment and new technologies
— The Company’s ability to maintain relationships with key suppliers
— The ability of the Company to attract and maintain key personnel and
other qualified employees
— Various environmental risks to which the Company is exposed in the
conduct of its operations
— Inherent risks associated with the conduct of the business in which the
Company operates
— Timing and costs associated with the acquisition of capital equipment
— The impact of weather and other seasonal factors that affect business
operations
— Availability of financial resources or third-party financing, and;
— The impact of new laws or changes in administrative practices on the
part of regulatory authorities.

/T/

Readers are cautioned that these factors are difficult to predict. Accordingly
readers are cautioned that the actual results achieved will vary from the
information provided herein and the variations may be material. Readers are
also cautioned that the list of factors above are not exhaustive. Before
placing reliance on any forward-looking statements to make decisions with
respect to an investment in securities in Lonestar, prospective investors and
others should carefully consider the factors identified above and other risks,
uncertainties and potential changes that may cause actual results or events to
differ materially from those anticipated in such forward-looking statements.

Forward-looking statements are not a guarantee of future performance and
involve a number of risks and uncertainties, some of which are described
herein. Such forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause Lonestar’s actual performance and
financial results in future periods to differ materially from any projections
of future performance or results expressed or implied by such forward-looking
statements. These risks and uncertainties include, but are not limited to, the
risks identified in Lonestar’s annual information form and management
discussion and analysis for the year ended December 31, 2016 (the “MD&A”),
which are available for viewing on SEDAR at www.sedar.com. In addition, the
forward-looking statements contained in this News Release are made as of the
date of this News Release. Lonestar does not undertake any obligation to
publicly update or to revise any forward-looking statements except as expressly
required by applicable securities laws. The forward-looking statements
contained in this Press Release are expressly qualified by the cautionary
statements contained herein.

Notes:

/T/

1. Gross margin is calculated as gross profit as a percentage of revenues
2. This News Release contains the term Normalized EBITDAC as presented and

does not have any standardized meaning prescribed by international
financial reporting standards (“IFRS”) and therefore it may not be
comparable with the calculation of similar measures for other entities.
Management uses normalized EBITDAC to analyze the operating performance
of the business. Normalized EBITDAC as presented is not intended to
represent cash provided by operating activities, net earnings or other
measures of financial performance calculated in accordance with IFRS. It
is defined as Earnings before interest, taxes, depreciation,
amortization, and stock based compensation excluding foreign exchange
gains or losses which are primarily related to the US dollar activities
of the Company and can vary significantly depending on exchange rate
fluctuations, which are beyond the control of the Company.
3. Normalized EBITDAC per share is calculated as Normalized EBITDAC divided
by the weighted average shares outstanding for the period.

/T/

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.

– END RELEASE – 29/05/2017

For further information:
James Horvath
President & CEO
Phone: 403-887-2074
info@lonestarwest.com

COMPANY:
FOR: LONESTAR WEST INC.
TSX VENTURE SYMBOL: LSI

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170529CC0065

Press Release from Marketwired 1-866-736-3779

All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.

FOR: CHANGFENG ENERGY INC.
TSX VENTURE SYMBOL: CFY

Date issue: May 29, 2017
Time in: 6:18 PM e

Attention:

TORONTO, ONTARIO–(Marketwired – May 29, 2017) – Changfeng Energy Inc., (TSX
VENTURE:CFY) (“Changfeng” or the “Company”) announces that the Company has
filed its unaudited condensed interim consolidated financial results for the
first quarter ended March 31, 2017. The Company states that revenue had
increased 25%, gross margin increased 13% and net profit was also increased by
11% for the three months ended March 31, 2017 with compared to the same period
of 2016. The unaudited condensed interim consolidated financial results and
Management’s Discussion and Analysis can be downloaded from www.SEDAR.com or
from the Company’s website at www.changfengenergy.com.

Summary of the First Quarter of 2017 Condensed Consolidated Financial Results

/T/

—————————————————————————-

CAD’000 (For information
RMB’000 purposes and unaudited)
except
percentages Three months Three months
and per share ended ended
amounts Mar. 31 Mar. 31
2017 2016 Change % 2017 2016 Change %
——————————————— ——————————
Revenue 96,746 77,095 19,651 25% 18,585 16,198 2,387 15%
——————————————— ——————————
Gross profit 45,841 40,488 5,353 13% 8,806 8,506 300 4%
——————————————— ——————————
Profit for the
period 11,128 9,993 1,135 11% 2,138 2,100 38 2%
——————————————— ——————————
EBITDA (1) 24,177 23,802 375 2% 4,644 5,138 (494) -10%
—————————————————————————-
—————————————————————————-
Note:
(1) See Non-IFRS Financial Measures in this Press Release

/T/

Revenue for the three months ended March 31, 2017 was RMB96.7 million, an
increase of RMB19.7 million, or 25%, from RMB77.1 million for the same period
of 2016. This increase was mainly due to increases in gas sales and pipeline
installation and connection, as well as the sales from the newly added CNG
vehicle refueling station in Sanya City since May 2016.

Gas sales revenue for the three months ended March 31, 2017 was RMB60.2
million, an increase of RMB13.1 million or 28%, from RMB47.1 million for the
same period of 2016. The increase was mainly attributable to:

/T/

— the gas sales volume increased by 19% for Sanya region;
— the gas sales volume growth of 296% in Xiangdong district.

/T/

Pipeline installation and connection revenue for the three months ended March
31, 2017 was RMB23.0 million, an increase of RMB0.7 million or 3%, from RMB22.3
million for the same period of 2016. The increase was mainly attributable to:

/T/

— comparatively higher number of new commercial customers connected in

Xiangdong Region during the first three months ended March 31, 2017,
which was in a total of 7, an increase of 4 or 133%, from 3 for the same
period of 2016;
— significant higher number of new residential customers connected in
Xiangdong Region during the first three months ended March 31, 2017,
which was in a total of 406, an increase of 259 or 176%, from 147 for
the same period of 2016
— offset by a big drop in both residential and commercial customers
connected during the first three months ended March 31, 2017 in Sanya
Region, 1,292 newly connected residential customers, dropped from 5,107
or 75%, and 11 newly connected commercial customers, dropped from 16 or
31%, for the same period of 2016, resulting in only slight increase in
revenue of RMB0.6 million or 3% in Sanya Region.

/T/

Total revenue from CNG refueling retail stations for the three months ended
March 31, 2017 was RMB13.5 million, an increase of RMB5.8 million, or 76%, from
RMB7.7 million for the same period of 2016. Sales revenue for Changsha CNG
station dropped to RMB6.1 million, a decrease of RMB1.6million or 20%, from
RMB7.7 million for the same period of 2016. The drop was mainly due to local
market competition thus a dropped sales volume of 1.6 million m3, a decrease of
0.4 million m3 or 20%, from 2.0 million m3 for the same period of 2016. Sales
revenue from new Sanya CNG/LNG refueling retail station, which commenced its
operation in May 2016, was RMB7.4 million for the three months ended March 31,
2017, and the sales volume was 1.4 million m3.

Gross margin for the three months ended March 31, 2017 was RMB45.8 million, an
increase of RMB5.3 million, or 13%, from RMB40.5 million for the same period of
2016. The gross margin percentage of 47% for the three months ended March 31,
2017 was decreased from that of 53% for the same period of 2016.

General and administrative expenses for the three months ended March 31, 2017
were RMB18.4million, an increase of RMB4.1 million, or 28%, from RMB14.3
million for the same period of 2016. And as a percentage of sales, it is 19%
for the three months ended March 31, 2017 and 19% for the same period of 2016.

Selling and marketing expenses for the three months ended March 31, 2017 were
RMB5.8 million, an increase of RMB0.1 million, or 3%, from RMB5.7 million for
the same period of 2016. And there is a decrease as a percentage of sales to 6%
for the three months ended March 31, 2017 from 7% for the same period of 2016.
These expenses normally fluctuate with travel and business development
activities in mainland China as the Company seeks to develop new projects in
close proximity to the new national pipelines.

Net profit for the three months ended March 31, 2017 was RMB11.1 million, or
RMB0.18 per share (basic) and RMB 0.17 per share (diluted) compared to RMB10.0
million or RMB0.16 per share (basic and diluted) for the same period of 2016.

EBITDA (non-IFRS measure as identified and defined under section “Non-IFRS
Measures”) for the three months ended March 31, 2017 was RMB24.2 million, an
increase of RMB0.4 million, or 2%, from RMB23.8 million for the same period of
2016. EBITDA as a percentage of revenue for the three months ended March 31,
2017 was 25%, dropped from 31% for the same period of 2016.

Financial Position

Cash increased by RMB39.8 million to RMB182.2 million at March 31, 2017 from
RMB142.4 million at December 31, 2016. Cash change mainly originated from cash
inflow provided by operating activities of RMB37.6 million, and cash inflow of
RMB11.8 million from financing activities, but offset by cash outflow of RMB9.4
million used in investing activities.

Net cash provided by operations was RMB37.6 million for the three months ended
March 31, 2017 compared to RMB3.2 million for the same period of 2016.

Cash from financing activities during the three months ended March 31, 2017
primarily included cash withdrawals of RMB20.0 million from long term bank loan
and RMB14.0 million from short term bank loan, offsetting by repayments of
RMB2.3 million for long-term loan and of RMB20.0 million for bank indebtedness.

Cash used in investing activity included capital expenditures of RMB 0.6
million for deposit and RMB8.8 million for acquisition of property and
equipment for the three months ended March 31, 2017 compared to RMB9.9 million
for the same period of 2016. The capital expenditures were mainly related to
the purchase of equipment and on-going construction of pipeline networks to
connect new customers in the Sanya region and Xiangdong.

Changfeng will finance the majority of the upcoming construction of projects
under development in mainland China through its long-term bank loans with the
BOC, Sanya and BOC, Pingxiang, as well as operating cash flow from its existing
operations.

Non-IFRS Financial Measures

The Company uses certain financial measures that do not have any standardized
meaning prescribed by IFRS. Therefore, these financial measures may not be
comparable to similar measures presented by other issuers. Investors are
cautioned that these measures should not be construed as alternatives to net
income or to cash provided by operating, investing, and financing activities
determined in accordance with IFRS, as indicators of its performance. Changfeng
provide these measures to assist investors in determining its ability to
generate income and cash provided by operating activities and to provide
additional information on how these cash resources are used. These measures are
listed and defined below:

EBITDA

EBITDA is defined herein as income before income tax expense, interest expense,
depreciation and amortization, share of loss of investment in associate and
joint venture, as well as non-cash stock-based compensation expense. EBITDA
does not have any standardized meaning prescribed by IFRS and therefore may not
conform to the definition used by other companies.

A reconciliation of net income to EBITDA for each of the periods presented in
this MD&A as follows:

/T/

—————————————————————————-
In RMB’000 Q1 2017 Q1 2016 Change Change%
(except for % figures)
—————————————————————————-
Profit for the period 11,128 9,993 1,135 11%
Add (less):
Income tax 7,344 6,902 442 6%
Interest (income) loss (185) (79) (106) 133%
Share of loss of an associate 1 2 (1) -50%
Share of loss of a joint venture 0 590 (590) -100%
Amortization 4,134 3,941 193 5%
Interest on borrowing 1,755 2,453 (698) -28%
—————————————————————————-
EBITDA 24,177 23,802 375 2%
—————————————————————————-

/T/

Subsequent Event

On May 25, 2017, the Board of Directors of the Company (with Mr. Huajun Lin
(“Mr. Lin”) abstaining) approved a proposal to repay the loans advanced by Mr.
Lin to the Company with a cash payment of RMB 36.0 million (the “Cash
Payment”), subject to approval of the shareholders of the Company. In addition,
the Company has the right to request that Mr. Lin, directly or indirectly,
subscribe for common shares of the Company in an amount equal to the Cash
Payment if the Company’s common shares are not listed on the Hong Kong Stock
Exchange by June 30, 2019, at a price equal to the volume weighted average
price of the common shares of the Company on the TSX-V (or any other exchange
on which such common shares are then trading (collectively the “Exchange”)) for
the 30 trading days immediately prior to June 30, 2019, subject to the approval
of the Exchange.

Additional details regarding the proposal will be included in the Company’s
management information circular for the upcoming annual and special meeting of
shareholders of the Company, to be held on June 30, 2017 at 10 a.m.

About Changfeng Energy Inc.

Changfeng Energy Inc. is a natural gas service provider with operations located
throughout the People’s Republic of China. The Company services industrial,
commercial and residential customers, providing them with natural gas for
heating purposes and fuel for transportation. The Company has developed a
significant natural gas pipeline network as well as urban gas delivery
networks, stations, substations and gas pressure regulating stations in Sanya
City & Haitang Bay. Through its network of pipelines, the Company provides safe
and reliable delivery of natural gas to both homes and businesses. The Company
is headquartered in Toronto, Ontario and its shares trade on the Toronto
Venture Exchange under the trading symbol “CFY”. For more information, please
visit the Company website at www.changfengenergy.com

Forward-Looking Statements

Information set forth in this news release may involve forward-looking
statements under applicable securities laws, including, without limitation,
statements with respect to the proposal to repay the loans and the Company’s
right to request that Mr. Lin subscribe for common shares of the Company. The
forward-looking statements contained herein are expressly qualified in their
entirety by this cautionary statement. The forward-looking statements included
in this document are made as of the date of this document and the Company
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 expressly required by applicable securities legislation. Although
Management believes that the expectations represented in such forward- looking
statements are reasonable, there can be no assurance that such expectations
will prove to be correct, as actual results and future events could differ
materially from those anticipated in such statements. The forward-looking
statements contained in this press release are based on certain assumptions,
including, but not limited to the following: the Company has sufficient cash on
hand to make the Cash Payment, the Company would remain solvent following the
Cash Payment, the stability of general economic and market conditions, currency
exchange rates and interest rates, and that the risk factors the Company is
subject to, collectively, do not have a material adverse impact on the Company.
Such forward-looking statements involve known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results, performance or
achievements to differ materially from the anticipated results, performance or
achievements or developments expressed or implied by such forward-looking
statements, including the risk factors set forth in the Company’s securities
filings with the Canadian securities regulators. This news release does not
constitute an offer to sell or solicitation of an offer to buy any of the
securities described herein and accordingly undue reliance should not be put on
such.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSXV) accepts responsibility for the adequacy
or accuracy of this release.

– END RELEASE – 29/05/2017

For further information:
Mr. Yan Zhao CPA, CA
Chief Financial Officer
647.313.0066
yan.zhao@changfengenergy.cn
OR
Ms. Ann S.Y. Lin
VP, Corporate Development and Corporate Secretary
647.313.0066
Siyin.lin@changfengenergy.cn

COMPANY:
FOR: CHANGFENG ENERGY INC.
TSX VENTURE SYMBOL: CFY

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170529CC0064

Press Release from Marketwired 1-866-736-3779

All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.

FOR: RAISE PRODUCTION INC.TSX VENTURE SYMBOL: RPCDate issue: May 29, 2017Time in: 4:47 PM eAttention:
CALGARY, ALBERTA–(Marketwired – May 29, 2017) – Raise Production Inc. (TSX
VENTURE:RPC) (“Raise” or the “Company”) announces that it has granted 1,1…

FOR: ALECTRA INC.
Date issue: May 29, 2017Time in: 12:01 PM eAttention:
Alectra Utilities working to be an ally to Brampton electricity customers
BRAMPTON, ON –(Marketwired – May 29, 2017) – The replacement of the familiar
Hydro One Brampton sign at…

FOR: CANADIAN SECURITIES EXCHANGE (CSE)
Date issue: May 29, 2017Time in: 11:56 AM eAttention:
TORONTO, ONTARIO–(Marketwired – May 29, 2017) – The common shares of Outrider
Energy Corp. will be delisted at the market close, May 30, 2017.
Upon completi…

FOR: PRIMELINE ENERGY HOLDINGS INC.TSX VENTURE SYMBOL: PEHDate issue: May 29, 2017Time in: 9:08 AM eAttention:
HONG KONG, CHINA–(Marketwired – May 29, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRES SERVICES, OR DISSEMINATION IN THE
UNITED STATES.
Pr…

FOR: GROWMAX RESOURCES CORP.
TSX VENTURE SYMBOL: GRO

Date issue: May 29, 2017
Time in: 8:00 AM e

Attention:

Working Capital of $46.6 million as at March 31, 2017

CALGARY, ALBERTA–(Marketwired – May 29, 2017) – GrowMax Resources Corp. (the
“Company” or “GrowMax Resources”) (TSX VENTURE:GRO) announces that it has filed
its condensed interim consolidated financial statements and Interim MD&A –
Quarterly Highlights relating to its first quarter 2017 results. These filings
can be accessed on SEDAR’s website at www.sedar.com and on the Company’s
website at www.growmaxcorp.com. In addition, the Company announces further
details regarding the extension and modification of its commitments related to
the Bayovar Property in Peru, and details of the Company’s upcoming annual and
special meeting of common shareholders, at which the Company intends to propose
two new directors for election, both with significant fertilizer industry
experience.

Stephen Keith, President of GrowMax Resources, stated, “We are pleased to
report that in addition to progressing our potash and phosphate projects in
Peru, we were able to limit spending in Q1/17 while monetizing non-core
available-for-sale financial assets, allowing us to increase our cash and
equivalents on hand to approximately $46.4 million as at March 31, 2017. The
Company’s strong working capital balance combined with the progress we continue
to make on our core Peruvian fertilizer assets has helped us to attract strong
new board members, which we believe further strengthens our positioning and
ability to execute our strategy of becoming a leading producer of potash and
phosphate fertilizer products in Peru.”

SUMMARY OF SELECTED FINANCIAL AND OPERATIONAL HIGHLIGHTS

The following Summary of Selected Financial and Operational Highlights have
been derived from the condensed interim consolidated financial statements and
Interim MD&A – Quarterly Highlights. Readers are encouraged to review the
entire condensed interim consolidated financial statements and Interim MD&A –
Quarterly Highlights. All amounts are in Canadian dollars unless otherwise
stated.

/T/

($ in thousands) March 31, 2017 December 31, 2016
—————————————————————————-
—————————————————————————-

Cash and cash equivalents $ 46,390 $ 42,896
Working capital(1) $ 46,637 $ 49,634

Three months ended March 31
2016
($ in thousands) 2017 Restated(2)
—————————————————————————-
—————————————————————————-
General and administrative expenses
(excluding stock-based compensation and
depreciation) $ (822) $ (970)

Foreign exchange gain (loss) $ (593) $ (998)

Capital expenditures, net $ (1,430) $ (1,727)

/T/

See notes (1) and (2) further below.

Bayovar Property Transfer Agreement Extension

In May 2017, a two-year extension and modification to the Company’s commitments
pursuant to the transfer agreement was approved. As a result, the following
commitments related to the project are outstanding as of the current date:

/T/

— Complete a revised economic study by March 2018;
— Commence production by May 2019;
— Payment of US$0.5 million payable over two years to a Peruvian state-

owned company, half of which will be distributed by the Peruvian state-
owned company to the local community;
— Produce a minimum of 70% of the annual sales volume set forth in the
applicable economic study; and
— Invest a minimum of US$19.8 million in the project from May 2016 to May
2019, of which the Company estimates that it has fulfilled approximately
US$3.9 million up to May 2017.

/T/

GrowMax Resources is focused on working towards reaching these commitments and
moving forward on the Bayovar Project.

Directors and Meeting of Common Shareholders

GrowMax is pleased to announce that the Company’s annual and special meeting of
common shareholders will be held at 3:00 P.M. (Calgary Time) on June 28, 2017
at The Metropolitan Centre, 333 – 4th Avenue S.W., Calgary, Alberta (the
“Shareholders Meeting”). A Notice of Meeting and Management Information
Circular (“Information Circular”) setting out the items of business as well as
other regulatory disclosures will be mailed to all shareholders of record as at
May 23, 2017. Shareholders are encouraged to attend the Shareholders Meeting in
person or to submit their proxies and voting instruction forms in the manner
set out in the Information Circular.

At the Shareholders Meeting, two new directors, Mr. John Van Brunt and Mr.
Stephen Paxton, are being proposed for election as directors of the Company.
Mr. Ken Geren elected not to stand for re-election as a director.

Mr. John Van Brunt is a chemical engineer and fertilizer industry executive
with more than 40 years of experience in the production and distribution of
agricultural products. He was a director of Rio Verde Minerals Development
Corporation from 2011 to the spring of 2013. Mr. Van Brunt was the Chief
Executive Officer of Agrium Inc. from 1993 until his retirement in September
2003. Prior thereto, he was the President of Cominco Fertilizers from 1991 to
2003. He has served on the Executive Committee of the International Fertilizer
Association (“IFA”) located in Paris between 2003 and 2005 and as the President
of the IFA from 2003 to 2005. Mr. Van Brunt has also served on the board of
directors of several private and public companies involved in the fertilizer
industry.

Mr. Steven Paxton is a former senior executive with The Mosaic Company and
predecessor companies and has over 35 years of global fertilizer sales and
marketing management experience. Mr. Paxton is currently a director of JDC
Phosphates, a private phosphate technology development company since March
2014. Prior thereto, Mr. Paxton was Vice President International Sales for The
Mosaic Company between October 2004 and June 2010 during which time he also
served as President and Director of the Phosphate Chemical Export Association
(PhosChem). During his 35 year tenure as an industry executive, he also served
on several boards of directors including the Canadian Potash Export
Association, Coromandel Fertilizer Pty. Ltd, Chinhae Chemical Company and IMC
Pacific Limited. He served as a phosphate industry consultant to the United
States Trade Representative for WTO negotiations with China. Mr. Paxton
graduated with a Bachelor of Science in Marketing from Indiana State University
in 1974, and from the Advanced Management Program at Northwestern University’s
Kellogg Graduate School of Business in 1998.

Abby Badwi, Executive Chairman, commented, “We are very pleased to have Mr. Van
Brunt and Mr. Paxton agreeing to join our board. Their vast collective
experience in the fertilizer business will be most valuable for the Company and
its forward growth plans. The board of GrowMax and I would also like to thank
Mr. Ken Geren for his time and effort as director of the Company since June
2015. His involvement in re-organizing the Company and its future direction was
very valuable.” Mr. Geren commented, “It has been my pleasure to serve on
GrowMax Resources’ board of directors. When I joined the board, my intention
was to help better align management and shareholder interests. I believe this
has largely been achieved. With the potential addition of two extremely strong
board members, which add valuable fertilizer industry experience, I am
comfortable stepping down from my position at this time.”

The Company would like to congratulate its director, Mr. Rakesh Kapur, Joint
Managing Director, Indian Farmers Fertiliser Cooperative Limited (IFFCO), on
being elected the Chairman of the International Fertilizer Association (“IFA”)
at IFA’s recent Annual Conference. Paris based IFA is the global Fertilizer
Association having approximately 500 Members Worldwide representing 68
countries.

Notes:

/T/

1. Working capital is calculated as current assets (March 31, 2017 – $48.7

million; December 31, 2016 – $52.4 million) less current liabilities
(March 31, 2017 – $2.1 million; December 31, 2016 – $2.8 million).
Working capital is a non-GAAP measure and is calculated as current
assets less current liabilities. Working capital is used to assess
liquidity and general financial strength. Working capital does not have
a standardized meaning prescribed by IFRS. It is unlikely for non-GAAP
measures to be comparable to similar measures presented by other
companies. Working capital should not be considered an alternative to,
or more meaningful than current assets or current liabilities as
determined in accordance with IFRS.
2. Restated to reflect discontinued operations. See note 17 of the March
31, 2017 condensed interim consolidated financial statements for further
information.

/T/

About GrowMax Resources Corp.

GrowMax Resources Corp. is a publicly listed Canadian company (Ticker GRO on
TSX-V) focused on exploration and development of phosphate and potassium-rich
brine resources on its Bayovar Property, which is located in the Sechura Desert
in northwestern Peru. The Company’s vision is to become a leading producer of
phosphate and potash fertilizer products in Peru.

GrowMax Resources owns approximately 92% of GrowMax Agri Corp., a private
company that owns 100% of the Bayovar Property, which currently covers
approximately 227,000 gross acres. The Indian Farmers Fertiliser Co-operative
Limited (IFFCO) and its affiliates own approximately 8% of GrowMax Agri Corp.

Forward-Looking Information

Certain statements contained in this Press Release may constitute
“forward-looking information” as such term is used in applicable Canadian and
US securities laws. Any information or statements contained herein that express
or involve discussions with respect to predictions, expectations, plans,
projections, objectives, assumptions or future events should be viewed as
forward-looking information. Such information relate to analyses and other
information that are based upon forecasts of future results, estimates of
amounts not yet determinable and assumptions of management. Such
forward-looking information involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of the Company to be materially different than those results, performance or
achievements expressed or implied by such forward-looking information.

In particular, statements (express or implied) contained herein or in the
Company’s Interim MD&A – Quarterly Highlights regarding the following should be
considered as forward-looking information: the Company’s goals, growth, plans,
strategy and objectives; progress on the Company’s assets; the Company’s
positioning and ability to execute its strategy of becoming a leading produce
of potash and phosphate fertilizer projects in Peru; the reaching of the
Company’s commitments and moving forward on the Bayovar Project; and the
election of new board members.

Additional forward-looking information is contained in the Company’s Interim
MD&A – Quarterly Highlights, and reference should be made to the additional
disclosures of the assumptions, risks and uncertainties relating to such
forward-looking information in that document.

There is no assurance that such forward-looking information will prove to be
accurate as actual results and future events could vary or differ materially
from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward looking statements contained in this Press
Release. This cautionary statement expressly qualifies the forward-looking
statements contained herein and in the Interim MD&A – Quarterly Highlights.

Forward-looking information is based on management’s beliefs, expectations,
estimates and opinions on the date statements are made and the Company
undertakes no obligation to update forward-looking information and whether the
beliefs, expectations, estimates and opinions upon which such forward-looking
information is based has changed, 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 THE RELEASE.

– END RELEASE – 29/05/2017

For further information:
GrowMax Resources Corp.
Stephen Keith
President
+1 647 299 0046
www.growmaxcorp.com

COMPANY:
FOR: GROWMAX RESOURCES CORP.
TSX VENTURE SYMBOL: GRO

INDUSTRY: Agriculture – Farming, Energy and Utilities – Oil and Gas
RELEASE ID: 20170529CC0013

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