HUMBL Completes Merger with Tesoro Enterprises, Inc.; Sells Warrants with Provision for $50 Million In Funding

San Diego, California, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Tesoro Enterprises, Inc. (OTCMKT: TSNP) announced today that its merger with HUMBL, LLC is complete, and the company is now a registered Delaware corporation. Additional amendments are now being filed with the Delaware Secretary of State’s office to change the name of the corporation to “HUMBL, Inc.” Furthermore, corporate actions are being prepared for filing with the Financial Industry Regulatory Authority (“FINRA”) to have the public entity renamed “HUMBL, Inc.” together with a request for a change in the ticker symbol to “HMBL”.

HUMBL celebrated the merger by launching its new landing page at , which premiers the company’s brand video - “A Borderless Day in Baja.” The video has received overwhelming response in previews to industry professionals and HUMBL partners.

As a result of the completion of the merger, HUMBL was able to consummate November 23, 2020 agreements to raise funding through the cash sale of warrants. As these warrants are exercised, HUMBL will access up to $50 million in equity funding, to be used for marketing of the HUMBL global brand; the HUMBL^® mobile app and HUMBL Hubs^® merchant software; as well as distribution and partnerships around the world.

Shares acquired through the exercising of the warrants will not be saleable through the retail market for a period of one year from the purchase date of the warrants.

About HUMBL, Inc.

The mission of HUMBL^® and HUMBL Hubs^™ is to deliver high quality, low cost digital payments and financial services. The HUMBL network was designed to support vertical markets such as government, banking, wireless and merchants in locations like Latin America, Caribbean, Asia and Africa who are seeking to migrate to digital payment and financial technologies, to help reduce costs and improve settlement speeds for customers.

The HUMBL^® Mobile App delivers borderless transactions, by integrating multiple currencies, payment methods, banks, blockchain and financial services providers into one-click for the customer. HUMBL^® provides greater access and portability than US only mobile wallet providers, such as Venmo^® and Zelle^® and will offer a HUMBL Hubs^™ merchant software for clients without smartphones in certain domiciles.

“We aren’t building HUMBL for the 350 million customers using PayPal^®, but for the 7 billion people for whom money moves in different pathways, formats and cost structures,” according to the CEO of HUMBL, Brian Foote.

The HUMBL website features global brand videos, product tours, market research, white papers and network architecture at .

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.

CONTACT:

HUMBL, LLC

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