Brossard, Quebec – TheNewswire - November 29, 2023 – CHARBONE HYDROGEN CORPORATION (TSXV:CH) (OTC:CHHYF) (FWB:K47) (“Charbone” or “Company”) is pleased to announce the financial highlights for the nine-month period ending September 30, 2023.

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• Well executed tightening of spendings, refocusing of activities and reorganizing of administration expenses resulted in a decrease of $1,070,476 of general and administrative expenses ($1,948,336 in 2023 compared to $3,018,812 in 2022). 

• Increase of revenues by $212,680 ($212,680 in 2023 compared to $nil in 2022) generated from the Wolf River acquisition on December 1, 2022. 

• The net cash position on September 30, 2023 was a cash of $63,991 in comparison with indebtedness of $28,467 at December 31, 2022: 

  • The Company less usage of cash from operating activities, disbursing only $1,055,201 in 2023 compared to $2,970,703 in 2022. 

  • The Company has closed tranches of private financings for aggregate proceeds amounting to $758,420 and Units for debt settlement of $516,061. 

  • The Company received advances’ reimbursements of $318,648 from key management personnel. 

  • The Company also obtained an additional $282,323 in 2023 from Finexcorp financing agreement converted on September 30, 2023, to secured convertible debentures at a deemed price of $0.10 for a total of $300,000. 

“The management team resilience and the re-focussed business plan are the main factors bringing Charbone in a better position to deploy its updated financing plan to complete its first project at Sorel-Tracy (Quebec, Canada), which is under construction and planned to be in production in the first semester of 2024, said Benoit Veilleux, Chief Financial Officer and Corporate Secretary of Charbone, ‘and to continue the development and the deployment of a network of up to 15 facilities in Canada and the United States for the production and distribution of renewable hydrogen by 2028.”

About Charbone Hydrogen Corporation

Charbone is a green hydrogen group established in North America. The company's strategy is to develop modular and expandable hydrogen facilities and regional hubs. 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, commercial and mobility users.

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.

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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