on December 14, 2017, the Company entered into a Controlling Interest Purchase Agreement (the “Agreement”) with Mr.
Chaaban and Usamakh Saadikh, a member of the Company’s Board of Directors. Under the terms of the Agreement, the Company
will acquire (the “Acquisition”) 51% of the outstanding equity interests in Cen Biotech Ukraine LLC (“Cen Ukraine”), a corporation
that is organized and has its principal offices in Ukraine. The consideration will be paid by issuing common shares of the Company.
The agreement, which is subject to certain conditions, has not yet closed. There are advances of $1,179,328 and $1,065,328 to CEN
Ukraine as of December 31, 2020 and 2019, respectively, which were made for the purpose of funding the operations of CEN Ukraine.
Mr. Chaaban and Usamakh Saadikh each directly own 25.5% of CEN Ukraine respectively. The remaining 49% of CEN Ukraine is
owned by XN Pharma, which is an entity jointly owned by Mr. Chaaban and Usamakh Saadikh. Mr. Chaaban and Usamakh Saadikh
do not currently hold any positions with CEN Ukraine. CEN Ukraine is operated and controlled by its sole director. Pursuant to
Ukrainian law, stockholders of a company do not have the ability to control the company or the actions of its director. During 2017,
the Company purchased equipment from R&D Labs Canada, Inc., whose president is Bill Chaaban, in exchange for a $300,000 note
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payable. This equipment was then sold to CEN Ukraine for a loss of $255,141 in exchange for a $44,859 note receivable, payable in
10 equal installments through 2026. To date, no payments have been received on this note receivable.
Joseph Byrne, age 68, previously served as the Chief Executive Officer and member of the Board of the Company from July
2017 until November 13, 2019. Since 1997, Mr. Byrne has been the owner Hickey Byrne Law Firm where he oversees the practice.
Mr. Byrne was elected to municipal council in 1974 and served on council for 11 years. As a municipal councilor and later as DeputyReeve and County Councillor, he served on and chaired all major municipal and county committees including, but not limited to
Finance, Roads, and Government Restructure. Mr. Byrne is a long-standing member and Past Chair of the Board of Directors for the
Windsor Essex Economic Development Commission until 2015. Joseph Byrne has also written and published five books, including
two hockey stories, The Magic of Hockey (White Snow Blackout) and award winning The Jim Mahon Story, and three books in the
Farm Culture series, Senses of Autumn, Of Great Character and Wheatfields. Mr. Byrne is a successful, resourceful, results-driven
lawyer, lifelong farmer and author. His diverse career and experience in the political and private business sector is complemented
by significant farming and community involvement. Joseph is a highly effective communicator and leader, adept at articulating a
compelling vision of strategic focus. Mr. Byrne holds a BA and MA in Geography from the University of Windsor and Bachelor
of Laws from the University of Windsor. Mr. Byrne’s extensive experience in the business world combined with his knowledge of
the law and farming offer a unique and robust perspective to the Company. A loan totaling $17,901 was made to Emergence Global
Enterprises Inc. (“Emergence Global”) as of December 31, 2020. The loan was made for the business purpose of assisting Emergence
with operating expenses. Mr. Byrne has served as the Chief Executive Officer and Director of Emergence Global since January 11,
2019. Joe Byrne holds long term convertible note payable issued $224,191. The notes payable to Mr. Byrne bear interest at 12% per
annum and are currently in default. These notes are convertible to 140,719 common shares of the Company. In January 2018, Joe
Byrne and his spouse, made short-term loans totaling $150,000 to the Company. The short-term notes bear interest in the form of
common shares at a rate of 1,000 common shares per $25,000 per month and mature monthly.
Mr. Rick Purdy, age 45, is President of Herc Holdings, Inc., and has served in such capacity since January 1, 2006. Rick
is also involved with real estate development, oil and gas environmental technologies and nutraceutical natural health products. He
founded Canada’s largest and first commercial scale indoor aquaponic vertical farm over 12 years ago outside of Edmonton, Alberta.
We believe that Rick’s extensive experience in agriculture and market development will bring a great amount of know-how and ability
to the Board. Mr. Purdy also served as a member of the board of directors for Mineworx Technologies, Inc. from June 4, 2015 to April
