Walton Westphalia Development Corporation Announces Name Change to Westphalia Dev. Corp. and Appointment and Resignation of Directors

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Walton Westphalia Development Corporation (the Corporation) announces that it will be changing its name to Westphalia Dev. Corp. effective on or about May 29, 2020.

The Corporation is also pleased to announce that Mr. Bryce Tingle, QC has been appointed as an independent director of the Corporation effective May 14, 2020.

Mr. Tingle is the N. Murray Edwards Chair in Business Law at the University of Calgarys Faculty of Law. He has significant experience advising private and public companies and was a co-founder and former partner of Tingle Merrett LLP, a Calgary-based boutique corporate law firm. He is the author of several academic publications and has served on various public and private corporate and charitable boards. Mr. Tingle holds a Master of Laws from Duke University, a Master of Laws (E-business) from Osgoode Hall Law School and a Bachelor of Laws from the University of Alberta. He serves on the Securities Advisory Committee of the Alberta Securities Commission and previously served on the Exempt Markets Committee of the Ontario Securities Commission. Mr. Tingle’s expertise and wealth of experience will be a great benefit to the Corporation.

The Corporation also announces that Mr. William Doherty has resigned from the Corporation’s board of directors but will remain as Chief Executive Officer of the Corporation. Following the resignation of Mr. Doherty and the appointment of Mr. Tingle, the board of directors will be comprised entirely of independent members, furthering the Corporations goal of enacting strong corporate governance and best practices.

The board of directors thanks Mr. Doherty for all his contributions to the boards work over the past several years.

Additional Information

The Corporation is managed by Walton Global Investment Ltd. and the development of the project is managed by Walton Development & Management (USA), Inc., both of which are members of the Walton Group of Companies.

The Walton Group of Companies (Walton) is a multinational real estate investment, planning, and development group concentrating on the research, acquisition, administration, planning and development of strategically located land in major North American growth corridors.

Its communities are comprehensively designed in collaboration with local residents for the benefit of community stakeholders. Its goal is to build communities that will stand the test of time: hometowns for present and future generations.

For more information about Walton Westphalia Development Corporation, please visit www.sedar.com. For more information about Walton, visit www.Walton.com.

This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. The risks, uncertainties and other factors that could influence results are described in the prospectus and other documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.

Forward-Looking Information

This news release contains statements and information that, to the extent that they are not historical fact, may constitute forward-looking information within the meaning of applicable securities legislation. Forward-looking information in this news release includes a statement regarding the anticipated name change of the Corporation to Westphalia Dev. Corp. and the timing thereof. Such forward-looking information is based on various assumptions and factors that may prove to be incorrect, including, but not limited to, assumptions with respect to the ability of the Corporation to complete the necessary documentation and successfully effect the anticipated name change. Although the Corporation believes that the assumptions and factors on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Corporation can give no assurance that it will prove to be correct or that any of the events anticipated by such forward-looking information will transpire or occur, or if any of them do so, what benefits the Corporation will derive therefrom. Actual results could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to, the risk that the Corporation will not be able to complete the name change as anticipated or at all. The forward-looking information included in this news release is made as of the date of this news release and the Corporation does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise, unless required by applicable securities legislation.

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