Mr. Akshay Dubey reports

CVW CLEANTECH ANNOUNCES THE APPOINTMENT OF VICE PRESIDENT, CORPORATE DEVELOPMENT AND GRANT OF EQUITY AWARDS

CVW Cleantech Inc. has appointed Mathew Ullattikulam as vice-president, corporate development, effective March 19, 2024.

CVW Cleantech's chief executive officer, Akshay Dubey, said: "We are very pleased to welcome Mathew to CVW Cleantech. Mat has a wealth of experience within the oil sands mining space and I believe he will play an instrumental role in helping us move forward in our discussions with potential operating partners. He is also an experienced professional with the proven ability to originate and close commercial transactions within the energy and clean technology industries which will be key as we consider potential diversification opportunities for the company. I am confident that his expertise will be an asset to the team."

Mr. Ullattikulam has executed pipeline and facilities projects of over $500-million in value, developing significant leadership and transactional experience within the oil sands and broader energy industries. Having spent significant time in-house at two of the oil sands mining operators, Mr. Ullattikulam was most recently a senior commercial leader for the low-carbon fuels and offsets group at Suncor Energy. During his 10-year career at Suncor Energy, Mr. Ullattikulam managed early-stage investments in clean technology companies, led the structuring of multiple joint venture partnerships, and was the key liaison for communicating Suncor Energy's low-carbon fuels and offsets strategy. Mr. Ullattikulam also spent time at FortisBC as a project development specialist, at Equinor (formerly Stat Oil) as the chief inspector designate and at Canadian Natural Resources Ltd. as a field integrity engineer. Mr. Ullattikulam holds a masters of business administration from the Richard Ivey School of Business and a bachelor of applied science in materials engineering from the University of British Columbia.

Grant of equity awards

The board of directors of the company has approved the grant of 300,000 stock options and 161,290 restricted share units (RSUs) to Mr. Ullattikulam. The stock options will vest after a minimum of 18 months, include both time- and performance-based vesting conditions, are exercisable at a price of 70 cents per share, and expire five years from the grant date. The RSUs vest after 18 months of continued service. The stock options and RSUs have been granted to Mr. Ullattikulam under the terms of the company's equity incentive plan (EIP). The full text of the EIP is available on SEDAR+.

About CVW Cleantech Inc.

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

We seek Safe Harbor.