Interbittm Provides Corporate Update and Announces Management Departures Canada

INTERBITTM PROVIDES CORPORATE UPDATE AND

ANNOUNCES MANAGEMENT DEPARTURES

Canada / London, UK October 1, 2019

INTERBIT LTD. (TSX Venture: IBIT) (the “Company”) announces that further to its September

24, 2019 press release, the Company is narrowing candidates to perform a third party review and

audit of the Interbit TM platform (the “Platform”) code and design. As previously announced, the

Company is seeking assessments regarding Platform code and design and improvements to its

functionality, stability and performance such that the Platform may be competitively deployed in

a commercial scenario.

During this time of review, the Company has halted all material development activity by its third

party developers and engineers based in Eastern Europe.

The Company also announces that it has terminated its relationship with Tom Thompson, Chief

Technology Officer of the Company, effective immediately.

In addition, the Company has accepted the resignation of Scott Maxwell, Chief Operating Officer

of the Company. The Company thanks Scott for his hard work during his time at the Company,

and appreciates that he will be available to the Company, from time to time, on a consultancy

basis.

Pending the outcome of the Platform review and in order to minimize costs and conserve cash,

the Company will not be initiating a search for a replacement CTO or COO until go-forward

technical needs and requirements are clear.

ABOUT THE COMPANY

The Company is a technology platform provider listed on the TSX Venture Exchange and

operating from both Canada and the UK with offices in Calgary and London.

For further information please contact:

Dominic McCann, CEO

Phone: +1-778-834-8417

Email: [email protected]

Website: www.interbit.io

TM

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this release are forward-looking statements, which include, the identification

of suitable third parties to review the InterbitTM platform, timing and receipt of adequate feedback

from third parties in respect of their review of the Interbit TM platform, further development of the

Company’s business relationships and business and the timing, development, launch and

success of the Company’s technologies and products (including, without limitation, successful

development and commercialization of the Interbit TM platform), timing of receipt of feedback in

respect of patent application examinations, successful receipt of patents in connection with the

Company’s patent applications, and other matters. Forward-looking statements consist of

statements that are not purely historical, including any statements regarding beliefs, plans,

expectations or intentions regarding the future. Such information can generally be identified by

the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”,

“believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not

to place undue reliance on forward-looking statements, as there can be no assurance that the

plans, intentions or expectations upon which they are based will occur. By their nature, forward-

looking statements involve numerous assumptions, known and unknown risks and uncertainties,

both general and specific, that contribute to the possibility that the predictions, estimates,

forecasts, projections and other forward-looking statements will not occur. These assumptions,

risks and uncertainties include, among other things, the state of the economy in general and

capital markets in particular, the development of competitive technologies, the marketplace

acceptance of the Company’s technologies and products, as well as those risk factors discussed

or referred to in the Company's annual Management's Discussion and Analysis for the year ended

December 31, 2018 available at www.sedar.com, many of which are beyond the control of the

Company. Forward-looking statements contained in this press release are expressly qualified by

this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this

press release. Except as required by law, the Company disclaims any intention and assumes no

obligation to update or revise any forward-looking statements, whether as a result of new

information, future events or otherwise. Additionally, the Company undertakes no obligation to

comment on the expectations of, or statements made by, third parties in respect of the matters

discussed above.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is

defined in the policies of the TSX Venture Exchange) accepts responsibility for the

adequacy or accuracy of this release.