Elevation Capital Corp. and Sora Capital Corp. announced that they have agreed to the terms of participation by Elevation in a non-brokered private placement offering announced by Sora on March 25, 2015. In addition and in accordance with the agreement between Elevation and Sora, at any time following closing of the private placement and prior to its dissolution, Elevation will be entitled to nominate one director to the Board of Directors of Sora. Larry Timlick, a current director of Elevation, has agreed to join Sora's board.

Pursuant to a loan agreement dated May 21, 2015 between Sora and Elevation, Elevation has advanced the sum of $200,000 to Sora which Sora intends to use for one of its investee companies prior to completion of the private placement. Pursuant to the terms of the loan agreement, the loan will bear no interest until the earlier of (a) 90 days following the date on which the shareholders of Elevation vote against a resolution to approve the transaction, (b) September 30, 2015 or (c) at the option of Elevation on the occurrence of an event of default and will be repayable in full by Sora the earlier of: (a) the receipt of final approval of the exchange of the private placement as Elevation's qualifying transaction; or (b) 90 days following the date upon which the shareholders of Elevation vote against a resolution to approve the private placement as elevation's qualifying transaction. The loan is subject to standard conditions precedent and default provisions for a transaction of this nature.