Mr. Benoit Veilleux reports

CHARBONE HYDROGEN ANNOUNCES 2023 FINANCIAL RESULTS

Charbone Hydrogen Corp. has released the financial and operating results for the year ending Dec. 31, 2023.

Significant progress continues to be reflected in 2023 year-end financials, as steps to strengthen the company's balance sheet and its 100-per-cent near-term focus on advancing North American green hydrogen production projects advance.

Highlights:

• Spending decreased 30 per cent to $2,961,451 in 2023, compared with $4,207,280 in 2022 (activities refocus and tightening of general and administrative expenses);
• Revenue increased 1,158 per cent to $282,724 in 2023, compared with $22,481 in 2022 (generated from the Wolf River acquisition on Dec. 1, 2022);
• Positive net cash position on Dec. 31, 2023, of $55,123, compared with a $28,467 debt at Dec. 31, 2022:
  • Company disbursements from operating activities reigned in and down to $1,513,910 in 2023 compared with $3,922,918 in 2022;
  • The company has closed private financings for gross proceeds amounting to $1,258,297 and issued units for settlement of $747,228 of debt;
  • The company received $310,184 in advances from key management personnel;
  • The company also netted an additional $300,000 in 2023 from the Finexcorp financing agreement, converted on Sept. 30, 2023, to secured convertible debentures at a deemed price of 10 cents.

"Management's resilience and drive to refocus business activities on green hydrogen production delivery, commercial growth scalability and strengthening our balance sheet have Charbone well positioned to deploy its updated financing plan and complete its first project at Sorel-Tracy (Quebec, Canada) in the second half of 2024," said Benoit Veilleux, chief financial officer and corporate secretary of Charbone. "Additionally, a second green hydrogen production project in the Detroit, Mich., area is scheduled to be operational later this year. In total, Charbone plans to build and deliver 16 green hydrogen production facilities across North America by 2030."

About Charbone Hydrogen Corp.

Charbone is an integrated green hydrogen group focused on delivering a network of modular green hydrogen production facilities across North America. Using renewable energy sources to produce green (H2) dihydrogen molecules and eco-friendly energy solutions for industrial, institutional, commercial and future mobility users, Charbone plans to scale and deliver green hydrogen production facilities in both the United States and Canada by 2024, with an additional 14 facilities planned by 2030. Charbone is the only publicly traded pure-play green hydrogen company with common shares trading on the TSX Venture Exchange (symbol CH), the OTC (over-the-counter) markets (symbol CHHYF) and the Frankfurt Stock Exchange (symbol K47).

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