Michael Soursos

July 15, 2013 15:18 ET

Early Warning Report Issued Pursuant to NI 62-103 Acquisition of Shares of VioSolar Inc.

ATHENS, GREECE--(Marketwired - July 15, 2013) - This news release is being disseminated by Michael Soursos (the "Offeror") as required under National Instrument 62-103 in connection with the filing of an Early Warning Report regarding the acquisition of shares in the Class A common stock (each, a "Share") of VioSolar Inc. (the "Issuer"), an Alberta corporation with its common stock listed for trading on the Over The Counter Bulletin Board under the symbol "VIOSF".

On July 11, 2013, the Offeror acquired 5,369,244 Shares from the Issuer's treasury Offeror at a price of $0.02 per Share in settlement of certain debts in the aggregate amount of US$107,384.87 owed by the Issuer to the Offeror (collectively, the "Transaction").

As a result of the Transaction, the Offeror increased its ownership from 6,775 Shares representing 3.7% of the 183,825 issued and outstanding Shares to 5,376,019 Shares representing 19.3% of the 27,804,129 issued and outstanding Shares. In addition to these Shares, the Offeror holds 1,250 stock award shares. Assuming exercise of these stock award shares, the Offeror would hold 5,377,269 Shares, which would represent approximately 19.3% of the 27,805,379 issued and outstanding Shares of the Issuer on a diluted basis.

The purpose of the Offeror effecting the Transaction was to settle the outstanding debt owned by the Issuer to the Offeror. The Offeror acquired the Shares for investment purposes and as a principal of the Issuer may continue to acquire securities of the Issuer from time to time in accordance with applicable securities laws.

A copy of the early warning report dated July 15, 2013 disclosing this transaction is available on SEDAR at www.sedar.com under the Issuer's profile and can also be obtained from the Offeror by written request to Michael Soursos at Kolokotroni 2A, 17563 Paleo Faliro, Athens, Greece.

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  • Michael Soursos