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Pinetree Capital Ltd. Acquires Securities of Sphere 3D Corporation

TORONTO, CANADA -- (Marketwired) -- 03/03/14 -- Pinetree Capital Ltd. (TSX:PNP) announces that on February 28, 2014, it acquired ownership of 38,200 common shares ("Common Shares") of Sphere 3D Corporation ("Sphere") representing approximately 0.02% of the total issued and outstanding common shares of Sphere as of February 28, 2014. As a result of this transaction, Pinetree and its joint actors collectively held, as at February 28, 2014, an aggregate of 1,924,500 common shares of Sphere, including the Common Shares, and rights to acquire an additional 300,000 common shares of Sphere upon exercise of certain convertible securities (the "Convertible Securities"). Of these totals, Pinetree owns 1,076,800 common shares, including the Common Shares, and the 250,000 of the Convertible Securities directly (the "Pinetree Convertible Securities"). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 2,224,500 common shares of Sphere, or approximately 10.1% of all issued and outstanding common shares as at February 28, 2014, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 1,326,800 common shares of Sphere, or approximately 6.1% of all issued and outstanding common shares as at February 28, 2014, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Sphere depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP". Pinetree is a diversified investment and venture capital firm focused on the small cap market. Pinetree's investments are primarily in the Precious Metals, Uranium and Technology sectors. Pinetree's investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities. Pinetree is recognized as a value-added partner.

Contacts:
Pinetree Capital Ltd.
Sheldon Inwentash, CPA, CA.
Chairman & CEO
416-643-3884

Pinetree Capital Ltd.
Gerry Feldman, CPA, CA.
CFO & Vice President, Corporate Development
416-643-3884
feldman@pinetreecapital.com

Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 2A2
www.pinetreecapital.com

Investor Relations:
Pinetree Capital Ltd.
Richard Patricio, LL.B.
Vice President, Legal and Corporate Affairs
416-941-9600
ir@pinetreecapital.com

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