XpresSpa Group, Inc. Issues Report Under Early Warning Requirements

NEW YORK, March 26, 2021 /CNW/ - XpresSpa Group, Inc. ("XpresSpa") announces that its beneficial ownership of Route1 Inc. ("Route1") as of the date hereof is 10.57%.

On March 22, 2018, in connection with the acquisition of 100% of the membership interests of Group Mobile Int'l, LLC, a wholly owned subsidiary of XpresSpa (the "Acquisition"), Route1 issued to XpresSpa 2,500,000 Common Shares ("Common Shares") and warrants ("Warrants") to acquire up to 3,000,000 Common Shares at a price per share of CAD$0.50.

On March 22, 2021, XpresSpa exercised its Warrants in full pursuant to the cashless exercise feature to acquire Common Shares.

Details of Acquisition

This news release provides only summary information with respect to the Acquisition based on information that was provided by Route1 in its news release issued on March 23, 2018.  Readers are urged to consult the full text of the Route1 news release and also the Membership Purchase Agreement dated March 7, 2018, a copy of which has been filed by Route1 on SEDAR.

As of the date hereof, XpresSpa exercised direction and control over 3,855,443 Common Shares.

Securityholding Percentage

Pursuant to the Management Information Circular filed by the Issuer on SEDAR on November 3, 2020, the Issuer disclosed that as of October 26, 2020, there were 35,104,609 Common Shares issued and outstanding.

As of the date hereof, after the cashless exercise of the Warrants, XpresSpa has control and direction over 10.57% of the Common Shares on a partially-diluted basis.

About XpresSpa Group, Inc.

XpresSpa Group, Inc. (Nasdaq: XSPA) is a leading global health and wellness holding company. XpresSpa Group's core asset, XpresSpa, is a leading airport retailer of spa services and related health and wellness products, with 45 locations in 23 airports globally. Through its XpresTest, Inc. subsidiary, the company provides COVID-19 screening and testing under the XpresCheck^TM brand at eleven locations in nine airports: Boston Logan International Airport (2), Denver International Airport, Dulles International Airport, Houston George Bush Intercontinental Airport, JFK International Airport, Newark Liberty International Airport (2), Phoenix Sky Harbor International Airport, Reagan National Airport and Salt Lake City International Airport.  To learn more about XpresSpa Group, visit: www.XpresSpaGroup.com.

The address of XpresSpa is 254 West 31^st Street, 11^th Floor, New York, New York 10001 U.S.A.

For Further Information

A report on Form 62-103F1 – Required Disclosure Under the Early Warning Requirements is being filed by XpresSpa in accordance with NI 62-103 and will be available under Route1's profile at www.sedar.com.  The head office of Route1 is 8 King Street East, Suite 600, Toronto, Ontario M5C 1B5 Canada.

SOURCE XpresSpa Group, Inc.