Mene Inc. Provides Update on Filing of Interim Financial Statements and Change of Chief Financial Officer

Menē Inc. (TSX-V:MENE) (US:MENEF) (“Menē” or the “Company”), an online 24 karat jewelry brand, provides an update with respect to the postponed filing of its interim financial statements and management’s discussion and analysis (the “Interim Financial Reports”) for the period ended March 31, 2020, as required by section 4.4(b) and 5.1(1) of National Instrument 51-102 – Continuous Disclosure Obligations. The Company expects to file the Interim Financial Reports and announce first quarter 2020 financial results on or before July 16, 2020.

The Company is providing this update in accordance with Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements of the Ontario Securities Commission (the "Blanket Exemption Order"). which provides a 45-day extension for periodic filings, including financial statements and management’s discussion and analysis required to be filed on or before June 1, 2020. Recent global events pertaining to COVID-19 have impacted the Company, its employees and its directors’ ability to rely on timely information for its financial reporting obligations.

The Company today also announced the appointment of Adil Sheikh as Chief Financial Officer and Corporate Secretary, effective immediately. Steve Fray has resigned as Chief Financial Officer and Corporate Secretary of the Company on the same date in order to concentrate on his duties as Chief Financial Officer of Goldmoney Inc. Steve will assist to facilitate the transition of Adil into the role of Menē’s Chief Financial Officer and Corporate Secretary.

Adil is a Chartered Professional Accountant, Certified General Accountant (CPA, CGA), member of the Association of Chartered Certified Accountants (ACCA) and currently serves as Group Controller for the Company. Adil has been with Menē since March 2019 and is knowledgeable of the financial operations and reporting requirements of the Company. As Chief Financial Officer of Menē Inc., Adil will oversee the company’s accounting, business support, financial planning and analysis, treasury, and audit and tax compliance responsibilities. He will work with all executives, directors and staff members to pursue the company’s aggressive growth strategy and meet its clients’ and investors’ expectations. Menē thanks Steve for his dedicated and invaluable service to the company and is pleased to welcome Adil as the new Chief Financial Officer and Corporate Secretary.

“We are pleased to be welcoming Adil Sheikh as our new CFO and congratulate him for this promotion. Adil has been a member of the finance team for over a year and has demonstrated his competence in maintaining Menē’s financial reporting obligations working closely with our operating teams, myself, and the board of directors. We would also like to extend our warmest gratitude to Steve Fray who served as the first CFO of Menē as an incubated venture within Goldmoney Inc. as well as serving as the CFO since August of 2019. Steve is one of the most dedicated executives I have ever had the pleasure of working with. He has worked tirelessly and studiously to bring Menē to this point. We wish Steve the best of luck in his continuing role as Goldmoney Inc. CFO,” said Roy Sebag, Founder and Chief Executive officer of Menē Inc.

The Company ratifies that management and the Company’s insiders remain subject to an Insider Trading Black Out period as per its internal Insider Trading Policy, and confirms that there have been no material business developments since May 28, 2020 when the Company announced the initial delay of the filing of the Interim Financial Reports, other than the filing of the Company’s year-end financial statements and management’s discussion and analysis for the period ended December 31, 2019, on June 15, 2020, and the resignation of Steve Fray as CFO and appointment of Adil Sheikh effective as of today’s date.

About Menē Inc.

Menē crafts pure 24 karat gold and platinum jewelry that is transparently sold by gram weight. Through mene.com, customers may buy jewelry, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices. Menē was founded by Roy Sebag and Diana Widmaier-Picasso with a mission to restore the relationship between jewelry and savings. Menē empowers consumers by marrying innovative technology, timeless design, and pure precious metals to create pieces which endure as a store of value.

For more information about Menē, visit mene.com.

Forward-Looking Statements

This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the risks associated with Covid-19 and other infectious diseases presenting as major health issues; failure to comply with environmental and health and safety laws and regulations; operating or technical difficulties in connection with the manufacture, sale and distribution of jewelry; actual audited results differing from reported unaudited results; global economic climate; dilution of the Company’s shares; the Company’s limited operating history; future capital needs and uncertainty of raising capital; the competitive nature of the jewelry industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology and manufacturing change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

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.

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