ANN - Helbiz, Inc. to Become the First Micro-Mobility Company Listed on NASDAQ

Helbiz, Inc. to Become the First Micro-Mobility Company Listed on NASDAQ Estimated US$408 Million market cap. February 9, 2021 – First Growth Funds Limited (CSE: FGFL) “(Company”) is to announce its investee company Helbiz (https://helbiz.com/gb/go) will merge with NASDAQ listed Green Vision Acquisition Corp to become the First Micro-Mobility Company Listed on NASDAQ.• Public listing milestone expected to broaden Helbiz’s market leadership and build on continued innovation with more than 2.5 Million users in Helbiz’s micro-mobility network;• The transaction valued the combined company at an estimated equity value of approximately US$408million, assuming no redemptions from the trust account and the proposed PIPE described below;• Approximately US$80 million in net proceeds will advance Helbiz’s micro-mobility and advertising businesses assuming no redemptions from the trust account;• Transaction includes the proposed US$30 million PIPE anchored by institutional investors; The surviving company will be Helbiz, Inc. and will be listed on the Nasdaq under the proposed new ticker symbol HLBZ;• Helbiz Founder and CEO, Salvatore Palella, and the existing Helbiz leadership team to lead combined company. First Growth Funds current holding value in Helbiz is $333,366 prior to the merger announcement. The investment was done in early 2019 at a valuation of US$70 million. FGFL has not received details of the new capital structure post-merger but it expects to book a substantial profit from Helbiz listing on NASDAQ. David Fu, Chairman and Chief Executive Officer of GreenVision, stated, “The micro-mobility industry is accelerating, and the total addressable market for North America and Europe is estimated to grow to $300 - $450 billion by 2030according to McKinsey & Company's 'Micromobility’s 15,000-mile checkup' Report. As one of the leaders in the space, Helbiz has distinguished itself as the only company to offer e-scooters, e-bicycles and e-mopeds all on one user-friendly platform and is well positioned to provide a seamless last-mile solution as the expected transition tomicro-mobility accelerates. Helbiz has a proven and capital-light business model that combines hardware, software and services with extensive customer relationships. As such, we believe Helbiz will continue to grow its market position as the industry evolves. GreenVision and our investors are excited to partner with the talented Helbiz team to advance their vision.” Transaction Overview Upon the closing of the proposed transaction, assuming no redemptions by GreenVision stockholders and completion of the PIPE, Helbiz will have approximately $80 million in cash, resulting in an estimated equity value of approximately $408 million. Cash proceeds raised in the transaction will be used to fund operations, support growth, repay debt and for general corporate purposes. The proceeds will be funded through a combination of GreenVision’s approximately $57.5 million cash in trust account (assuming no redemptions) and the proposed $30 million PIPE. Existing Helbiz shareholders will be rolling 100% of their equity into the combined company. The boards of directors of both Helbiz and GreenVision have unanimously approved the proposed transaction, which is expected to be completed in the second quarter of 2021. Additional information about the business combination will be provided in a Current Report on Form 8-K that will contain an investor presentation to be filed with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov