Alpha Peak Announces Shareholder Approval of Proposed Distribution, Reduction of Stated Capital and Sale of Shares of its Wholly-Owned Subsidiary, Total Wonder Enterprises Limited

Richmond, British Columbia--(Newsfile Corp. - January 24, 2019) - Alpha Peak Leisure Inc. (TSXV: AAP) ("Alpha Peak" or the "Company") announced that its shareholders have approved resolutions which authorize Alpha Peak to proceed with transactions to: (i) effect a cash distribution of $0.075 per common share (the "Common Share") to shareholders by way of a return of capital (the "Distribution") and to correspondingly reduce the stated capital (the "Stated Capital Reduction") of the Common Shares, and (ii) sell (the "Transaction") all of the shares ("TWEL Shares") of its wholly-owned subsidiary, Total Wonder Enterprises Limited ("TWEL") to certain shareholders of the Company (the "Purchasers").

The Distribution, Stated Capital Reduction and Transaction will be completed concurrently. Such completion remains subject to certain closing conditions, including, without limitation, receipt of the final approval of the TSX Venture Exchange and the final determination by Alpha Peak's directors to proceed with, the Distribution and Stated Capital Reduction. The respective agreements between Alpha Peak and the Purchasers provide for an outside completion date of March 30, 2019.

About Alpha Peak

Alpha Peak, via its wholly-owned subsidiary, Total Wonder Enterprises Limited, has a 40-year operating and development right with the Hailuo Valley Scenic Area Administration for Swallows' Gully, a national scenic location in China encompassing an area of approximately 593 km².

For more information, please contact:

Jin Huang; Corporate Secretary
Telephone: (86) 1376173979
Email: [email protected]

Forward-Looking Information

Except for statements of historical fact contained herein, information in this press release may constitute "forward-looking information" within the meaning of Canadian securities laws. Other than statements of historical fact, all statements that involve various known and unknown risks, uncertainties and other factors are "forward-looking statements", including with respect to the receipt of regulatory and other approvals, the declaration and the effective date of the Distribution and the Distribution Record Date, the ability of Alpha Peak to implement the Distribution, Stated Capital Reduction and Transaction on the terms described or at all. There can be no assurance that such statements will prove accurate.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Alpha Peak in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, including, without limitation, the risk factors set out in the Information Circular dated December 21, 2018, and undue reliance should not be placed on such statements and information. Except as otherwise required by applicable law, Alpha Peak expressly disclaims any intention or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise.

Neither 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42436