Mr. Akshay Dubey reports

CVW CLEANTECH ANNOUNCES Q2 2023 RESULTS

CVW Cleantech Inc. has released its operating and financial results for the three and six months ended June 30, 2023. For complete details, please refer to the condensed interim financial statements and associated management discussion and analysis for the second quarter of 2023, available on SEDAR or on the company's website.

Highlights:

• Cash on hand as at June 30, 2023, was $6.6-million. The company's capital position and liquidity have remained relatively consistent with Q1 2023.
• Net loss for the three-month period ended June 30, 2023, was $1,052,000, and the net loss per share was one cent (basic and diluted) for the same period. Non-cash charges recognized for stock-based compensation expense totalled $580,000 for the three-month period ended June 30, 2023.
• Net loss for the six-month period ended June 30, 2023, was $2.1-million, and the net loss per share was two cents (basic and diluted) for the same period. Non-cash charges recognized for stock-based compensation expense totalled $1,133,000 for the six-month period ended June 30, 2023.

A key priority for the business is to ensure that commercial-scale deployment of the Creating Value from Waste (CVW) technology in the oil sands mining sector moves ahead in a timely fashion and delivers value to shareholders. CVW Cleantech is also actively reviewing diversification opportunities to enhance its technology portfolio and provide additional value creation. These include examining how the company's resources could be more broadly applied in the clean technology industry. Diversifying in this fashion, while retaining a focus on clean technology and the role it plays within decarbonization and the circular economy, has the potential to accelerate the growth of the business across multiple sectors and geographies while transforming the company into a leader in the clean technology space.

About CVW Cleantech Inc.

CVW Cleantech is a clean technology innovator, working to develop sustainable technology solutions. The company has developed a suite of technologies called Creating Value from Waste that recovers bitumen, solvents, critical minerals and water from oil sands froth treatment tailings while significantly reducing their emissions and enhancing tailings management.

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