Ms. Miriam Tuerk reports

CLEAR BLUE TECHNOLOGIES ANNOUNCES EXTENSION AND RENEWAL OF EXISTING LOAN AND CONVERTIBLE DEBENTURES

Clear Blue Technologies International Inc. has concluded a renewal and extension of its loan with BDC Capital. Concurrently, holders of the company's 10 per cent convertible debentures issued in Q4 of 2021 have also agreed to renew and amend the terms of the debentures. Together these two items provide a significant improvement in working capital for Clear Blue and further position the company for positive cash flow going forward.

• Strategic support from BDC Capital:
  • Clear Blue is pleased to announce it has concluded an agreement with BDC Capital to renew its commercial loan for a three-year term, ending in July, 2026. BDC is the primary lender and supporter of Clear Blue and has provided strong support to the company in both equity and debt financings. As part of this agreement, the existing $3-million loan has a renewed three-year payment schedule and an extension of the term of the loan to July, 2026.
  • BDC Capital has additionally entered into a debt settlement agreement with the company to settle aggregate indebtedness of $343,000 owed by the company in exchange for the issuance of 4.9 million common shares of the company at a price per common share of seven cents, being slightly higher than four cents, the closing price of the company's common shares on Sept. 13, 2023.
  • The completion of the shares for debt transaction is subject to a number of conditions, including the approval of the TSX Venture Exchange. All securities issued pursuant to the shares for debt transaction will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities legislation.
• Extension and amendments to the 2021 convertible debentures:
  • In Oct. and November of 2021, the company issued four-year convertible debentures with a total principal value of $4,334,000. Clear Blue is pleased to announce that the holders of the debentures have agreed to extend and amend the debentures on the following terms:
    • The maturity date of the debentures is extended from Oct. 27, 2025, to Oct. 27, 2026;
    • The interest rate payable twice a year remains unchanged at 10 per cent per annum;
    • The conversion price of the debentures is decreased from 40 cents to 15 cents;
    • The exercise price of the common share purchase warrants forming part of the units issuable on conversion of the debentures is decreased from 60 cents to 25 cents;
    • The term of the warrants is extended from 48 months to 60 months;
    • The forced conversion price of the debentures is decreased from when the daily VWAP of the company's common shares is greater than $1.20 for any 10 consecutive trading days to when the daily VWAP of the company's common shares is greater than 90 cents for any 10 consecutive trading days;
    • No other terms of the debentures are proposed to be amended. The proposed amendments do not entail new funds being received by the company. The proposed amendments are subject to all required third party approvals including, without limitation, the approval of the TSX-V. The company will issue a further news release upon receipt of the approval of the TSX-V.

Said Miriam Tuerk, chief executive officer of Clear Blue, "Collectively the above arrangements result in significant improvements in working capital for the company in the short term as well as providing a strong long-term plan to ensure the company has access to capital as its bookings and revenue continues to build."

About Clear Blue Technologies International Inc.

Clear Blue Technologies International was founded on a vision of delivering clean, managed, wireless power to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 37 countries, including the United States and Canada.

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