Mr. Akshay Dubey reports

CVW CLEANTECH ANNOUNCES Q3 2023 RESULTS

CVW Cleantech Inc. has released its operating and financial results for the three and nine months ended Sept. 30, 2023. For complete details, please refer to the condensed interim financial statements and associated management's discussion and analysis (MD&A) for the third quarter of 2023, available on SEDAR+ and on the company's website.

Highlights:

• Cash on hand as at Sept. 30, 2023, was $6.24-million. The company's capital position and liquidity have remained relatively consistent throughout 2023.
• Net loss for the three-month period ended Sept. 30, 2023, was $1,165,000 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 $666,000 for the three-month period ended Sept. 30, 2023.
• Net loss for the nine-month period ended Sept. 30, 2023, was $3,264,000 and the net loss per share was three cents (basic and diluted) for the same period. Non-cash charges recognized for stock-based compensation expense totalled $1,799,000 for the nine-month period ended Sept. 30, 2023.

On Sept. 12, 2023, the company held a virtual annual and special meeting of shareholders. Both the presentation and webcast are available on the company's website.

The company continues to engage with all the oil sands mining operators to highlight its technology's alignment with their business and ESG (environmental, social and governance) objectives. 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. As such, the company released its process and technology overview in the quarter, which details multiple development approaches to balance upfront capital costs and economic benefits. The process and technology overview can be found on the company's website.

CVW Cleantech's chief executive officer, Akshay Dubey, said: "We have taken a fresh approach to stakeholder engagement, being very pro-active in building support behind the development of our first CVW project. We have an active dialogue with a number of commercial lenders, providing the company with a high degree of certainty around financing a potential CVW implementation. We are also in the early stages of meeting with indigenous groups in the region and are excited about the opportunity of these groups becoming advocates and partners in our technology."

Mr. Dubey continued: "These efforts are in addition to our engagement with large multinational insurance providers to secure technology deployment insurance, and ongoing discussions with potential engineering, procurement and construction partners to understand their capabilities and economic risk sharing models, reducing the risk to the company and its operating partners. These comprehensive efforts will create positive momentum behind commercialization of the company's CVW technology."

The company continues to review other opportunities to create shareholder value. Diversifying, while retaining a focus on clean technology and the role it plays within decarbonization and the circular economy, has the potential to accelerate the company's growth 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, significantly reducing their emissions and enhancing tailings management.

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