HIT Technologies Inc. Closes Second Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/26/16 -- HIT Technologies Inc. (the "Company") (TSX VENTURE: HIT) is pleased to announce that it closed the second tranche of its previously announced non-brokered private placement (the "Offering") of units (the "Units"), raising aggregate gross proceeds to the Company of $300,000. Pursuant to the first and second tranches of the Offering, the Company issued 23,600,000 Units for aggregate gross proceeds to the Company of $1,180,000.

At the closing of the second tranche of the Offering, the Company issued an aggregate of 6,000,000 Units at a subscription price of $0.05 per Unit. Each Unit is comprised of one common share in the capital of the Company (each, a "Common Share") and one-half of one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.07 for a period of 18 months from the date of the closing of the first tranche of the Offering (the "First Tranche Closing"), provided that in the event that the Common Shares trade at or above $0.15 for 10 consecutive trading days on the TSX Venture Exchange or exceed a volume weighted average price of $0.15 during a consecutive 30-day period, the Company will have the right to accelerate the expiry of the Warrants by providing 30 days' prior written notice to the Warrant holders of such expiry. The Common Shares and Warrants comprising the Units issued as part of the second tranche of the Offering, as well as any Common Shares issued upon the exercise of Warrants, will be subject to a four-month hold period which will expire on September 27, 2016.

In connection with the first and second tranches of the Offering, an aggregate finder's fee of $86,400 in cash and 1,728,000 Finder's Warrants was paid to Gravitas Securities Inc. ("GSI"), Haywood Securities Inc., Canaccord Genuity Corp. and Raymond James Ltd. Each Finder's Warrant entitles the holder to acquire one Unit at an exercise price of $0.05 for a period of 18 months from the date of the First Tranche Closing. The Finder's Warrants issued as part of the second tranche of the Offering, as well as any Common Shares and Warrants comprising any Units issued upon the exercise of Finder's Warrants will be subject to a four-month hold period which will expire on September 27, 2016. As previously announced, GSI also acted as a financial advisor to the Company with respect to the Offering.

The Company received conditional acceptance of the Offering from the TSX Venture Exchange. The net proceeds of the Offering will be used by the Company for ramping up direct and channel sales and for general corporate and working capital purposes.

About HIT Technologies Inc.

The Company develops and markets a portfolio of products that transform Apple iPhones into high-performing, weather- and shock-resistant video cameras. Both of its flagship products, HITCASE PRO and its newer SNAP, allow users to easily capture action photo and video content hands-free, using a variety of the Company's patented Railslide" mounts that attach to virtually any surface. Swappable lenses and accessories provide a variety of perspectives otherwise unattainable while participating in adventure sports. The Company is headquartered in Vancouver, British Columbia, Canada and trades on the TSX Venture Exchange (TSXV: HIT). For more information about HITCASE, visit www.HITCASE.com. Search #hitcase on Instagram to see some of the amazing images created by HITCASE customers.

About Gravitas Securities Inc.

GSI is a full service investment dealer platform registered with IIROC and headquartered in Toronto. GSI provides comprehensive investment banking services, retail advisory and private client portfolio management.

Cautionary Statement

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the 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 of this press release.

This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contacts:
For additional investor information, contact:
Brooks Bergreen, CEO
HIT Technologies Inc.
[email protected]
www.hitcase.com/invest
1-888-423-4124 Ext. 520

Source: HIT Technologies Inc.

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