ImagineAR Inc (IPNFF)

[Sam Dan]

IMAGINATION PARK CORPORATE DEVELOPMENTS
Personally, I am very disappointed in Colin leaving his position on the board. I found him trustworthy, knowledgeable and competent in dealing with the takeover of GNM and moving IP forward.
Hope his voice will be listened to by the management.

"Colin Wiebe has resigned as chairman and as a director of Imagination Park Entertainment Inc. in favour of transitioning to the company's advisory board where he will join Tim Huckaby, Lochlyn Munroe and Mitch Davis as a technical and creative adviser to the company. Mr. Wiebe is replaced as Chairman by Imagination Park's Chief Creative Officer, Gabriel Napora who, along with Yas Taalat and Tim Marlowe, will lead the Board of Directors. The Board of Directors will continue to be supported by our CEO & President, Alan Paul Silverrstieen, who has also been appointed Interim CFO while he executes an executive search for a full time CFO for the Company.

Gabriel Napora stated: "Colin has been with us since the beginning and was an invaluable member of our team as we have grown and prospered. We are delighted he has agreed to stay with the Company as a Technical Advisor while he pursues external endeavors and we continue our designs for video/film development and production of the future." Alen Paul Silverrstieen added: "These corporate developments are consistent with our previously disclosed strategy to modify the corporate roles and responsibilities of members of our team to reposition the Company to achieve our new strategic initiatives for the future." In addition, Alen Paul further stated: "We are also concurrently proposing a non-brokered financing for up to $500,000 by way of a sale of units of the Company at $0.25 per unit, each unit consisting of one share and one-half of one warrant, each full warrant entitling the holder to purchase one further share at $0.35 for a period of two years from issue. The purpose of this financing is to further allow the Company to pursue and fund potential strategic business developments in the area of virtual reality, augmented reality, and mixed reality solutions."

Further, the Company has entered into a debt settlement agreement with Mr. Wiebe pursuant to which the Company has agreed to issue 93,000 common shares at a deemed price of $0.245 per share in order to settle indebtedness in the amount of $22,785. The shares will be subject to a four-month and one-day hold period."