CHARBONE HYDROGEN Announces the Termination of the Term Sheet With GAUSSIN

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BROSSARD, Québec, Oct. 14, 2022 (GLOBE NEWSWIRE) — CHARBONE HYDROGEN Corporation (TSXV:CH) (“CHARBONE”) is announcing the termination, as of October 14, 2022, of the non-binding investment term sheet (the “Term Sheet”) with GAUSSIN SA (“GAUSSIN”), that was previously disclosed on May 24, 2022. CHARBONE originally intended to acquire an exclusive license of GAUSSIN’s technology for the manufacturing, commercialization, marketing, distribution and sale of logistic off-road vehicles in Canada.

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The parties were unable to reach an agreement on the definitive terms and conditions for the license. CHARBONE will continue to focus on the development and construction of its facilities for the production and distribution of green dihydrogen molecules.

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About CHARBONE

CHARBONE is a Canadian green hydrogen group established in North America. The company’s strategy is to develop modular and expandable hydrogen facilities and regional hubs. With the acquisition of hydroelectric power plants in the United States and Canada, Charbone will be able to produce green dihydrogen molecules using reliable and sustainable energy in order to distinguish itself as a supplier of an ecological solution for industrial and commercial companies.

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Forward-Looking Statements

This news release contains statements that are “forward-looking information” as defined under Canadian securities laws (“forward-looking statements”). These forward-looking statements are often identified by words such as “intends”, “anticipates”, “expects”, “believes”, “plans”, “likely”, or similar words. The forward-looking statements reflect management’s expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Corporation’s Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.

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Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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