RENOWORKS PRIVATE PLACEMENT OVERSUBSCRIBED; COMPANY RAISES $805,000

Proceeds will be used to further develop strategic partnerships, acquire talent and expand operations

CALGARY, AB, April 20, 2022 /CNW/ – Renoworks Software Inc. (TSXV:RW) (“Renoworks” or “the Company”), the leading end-to-end visualization and lead generation platform for the home remodeling and new construction industry, announces that it has closed a private placement (the “Private Placement”) $805,000 (apart from the originally announced intention to increase $750,000) through the issue of 1,610,000 units (each a “Unit”) at a price of $0.50 per unit. Each Unit consists of one common share in the capital of Renoworks (a “Common Share”) and one-half of a Common Share Purchase Warrant (each whole Common Share Purchase Warrant, a “Warrant”). Each warrant entitles the holder to purchase one common share at a price of $0.60 per ordinary share at any time 4:00 p.m. (Mountain Standard Time) At October 20, 2023. The common shares and warrants issued in connection with the private placement will be subject to a four (4) month hold period from the closing date as required by the TSX Venture Exchange and applicable securities laws. Completion of the private placement is subject to receipt of final acceptance by the TSX Venture Exchange.

“The incredible support from our investors reflects a great deal of confidence in our company and our long-term goals,” he said Doug Vickerson, CEO of Renoworks. “We remain committed to advancing the home remodeling industry while accelerating our growth through the many strategic opportunities ahead. The additional proceeds will be used to drive our revenue growth strategies, form and advance strategic partnerships, expand sales and marketing channels, and hire staff who will further develop the platform.”

Mr. Vickerson continued, “Renoworks is in an unrivaled position in its ability to work as a key strategic partner with key customers and partners in the building products and technology industries. We have many opportunities to collaborate with different players in the market, combining our technologies to create new offerings, improve value chain efficiencies, enhance our partners’ marketability, monetize data assets and expand our reach into new and existing segments to drive our growth and achieve our expansion goals.”

EXTENSION 2022/2023

The demand for digital technologies in the field of house conversion and house construction has grown significantly in recent years. In response, Renoworks has developed and commercialized new solutions and add-on services to capitalize on industry momentum toward digital adoption, including data science offerings and platform enhancements.

After years of collecting and analyzing consumer data across the home renovation sector, the company is now able to monetize that data and drive revenue for Renoworks, its partners and customers. Combining this dataset with Renoworks’ machine learning/artificial intelligence technologies allows clients to target and identify potential buyers, increasing lead and sales conversion. This new feature should result in an increase in revenue generated per customer. This funding secures the capital needed to expand the company while it continues to invest in its go-to-market strategy, technology roadmap and other key initiatives.

Proceeds will be used to strengthen the company’s operational efficiencies and support long-term growth by attracting new talent and skilled workers to accelerate key initiatives. Renoworks will also invest in key strategic partner integrations for market expansion.

Early Warning Disclosure

Pursuant to the above private placement, on April 4, 2022 a company controlled by Nairn Nerland from Okotoks, Alberta, a director of Renoworks, purchased 200,000 units (200,000 common shares and 100,000 warrants). Prior to the transaction, Mr. Nerland owned or controlled 5,269,666 common shares and options to purchase up to 276,933 additional common shares, representing 14.2% of the common shares outstanding (14.1% if the options are exercised). Upon the closing of the transaction, Mr. Nerland owned or controlled 5,469,666 common shares, 100,000 warrants and options to purchase up to 276,933 additional common shares, representing 13.45% of the outstanding common shares (14.25% upon exercise of the warrants and options). . The shares have been purchased and are being held for investment purposes. In the future, Mr. Nerland may increase or decrease his beneficial ownership or control of Renoworks securities depending on market and other conditions. A copy of Mr. Nerland’s early warning report filed under applicable Canadian securities laws may be obtained by going to www.sedar.com under the Company’s profile or by contacting the Company as described below.

Also pursuant to the above private placement, am April 4, 2022 Robert Schulz from Calgary, Alberta, a director of Renoworks, purchased 60,000 units (60,000 common shares and 30,000 warrants). Prior to the transaction, Mr. Schulz owned or controlled 5,391,416 common shares and options to purchase up to 198,222 additional common shares, representing 13.81% of the outstanding common shares (14.24% if the options are exercised). Upon the closing of the transaction, Mr. Schulz owned or controlled 5,451,416 common shares, 30,000 warrants and options to purchase up to 198,222 additional common shares, representing 13.41% of the outstanding common shares (13.94% if the warrants and options were exercised). . The shares have been purchased and are being held for investment purposes. In the future, Mr. Schulz may increase or decrease his beneficial ownership or control of Renoworks securities depending on market and other conditions. A copy of Mr. Schutz’s early warning report filed under applicable Canadian securities laws may be obtained by going to www.sedar.com under the Company’s profile or by contacting the Company as described below.

Disclosure of Related Party Transactions

As noted in the Early Warning Disclosure, Renoworks is issuing 200,000 units in the private placement ($100,000) to a company controlled by Nairn Nerland and 60,000 units ($30,000) to Robert Schultz, who are both managing directors of the company. This participation by Insiders of the Company in the Private Placement is by virtue of Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the market value of shares issued to such Insiders is 25% of the Company’s pre-market capitalization transaction does not exceed.

About Renoworks

Renoworks Software Inc. develops and sells unique digital visualization software and integration solutions for the remodeling and new construction industries. Delivering its technology to manufacturers, contractors, builders and retailers, Renoworks offers solutions to one of the home improvement industry’s biggest challenges: enabling homeowners to review their product choices in a hyper-realistic, virtual environment before committing to purchase and build. Renoworks commercializes its technologies as an innovative engagement, sales and marketing platform and generates revenue from five main businesses: Renoworks Enterprise, Renoworks PRO, Renoworks Design Services, Renoworks FastTrack and Renoworks API (Application Programming Interface). Visit www.renoworks.com and www.renoworkspro.com for more information.

Forward-Looking Information

Certain statements in this press release, other than statements of historical fact, are forward-looking information that involve various risks and uncertainties. Such statements relate, among other things, to Renoworks’ intention to complete a private placement of units to increase them $750,000, are forward-looking and are necessarily subject to risks and uncertainties, some of which are significant in magnitude and nature. There is no certainty that Renoworks will be able to increase the amount $750,000, or a lesser amount, on the proposed terms. Additionally, there can be no assurance that Renoworks will be able to satisfy any conditions to the closing of the private placement that may arise. These uncertainties could cause actual results to differ from the information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on management’s estimates and opinions as of the date made and are expressly qualified in their entirety by this release. Renoworks undertakes no obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change.

The TSX Venture Exchange accepts no responsibility for the adequacy or accuracy of this press release.

SOURCE RenoWorks Software Inc.

For More Information: For information about Renoworks or the private placement, please contact: Renoworks Software Inc., Attention: Doug Vickerson, CEO, Phone: 403-296-3880, E-mail: [email protected]; For investor information on Renoworks, please contact: Sophic Capital, Attn. Attn: Sean Peasgood, IR Phone: (647) 670-2366 Email: [email protected]

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