Mr. Justin Holland reports

EGUANA PROVIDES UPDATE ON ANTICIPATED LATE FILING OF ANNUAL FINANCIAL STATEMENTS

Eguana Technologies Inc. has provided an update to its news release dated April 18, 2024 (the default announcement), in respect of the company's anticipated delay in filing its annual financial statements for the year ended Dec. 31, 2023, the management's discussion and analysis relating to the financial statements, and chief executive officer and chief financial officer certifications relating to the financial statements (collectively, the annual filings), by the filing deadline on April 29, 2024, as required by National Instrument 51-102 -- Continuous Disclosure Obligations.

There are no material changes to the information contained in the default announcement. In addition: (i) the company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under National Policy 12-203 -- Management Cease Trade Orders and issue biweekly default status reports for so long as the delay in filing the annual filings is continuing, each of which will be issued in the form of a press release; (ii) the company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the annual filings; (iii) the company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the company that has not been generally disclosed.

The company applied to the Alberta Securities Commission, as its principal regulator, and other applicable securities regulators, for a voluntary management cease trade order (MCTO). If granted, the MCTO will stay in effect until the annual filings are filed. The issuance of the MCTO, if issued, does not affect the ability of persons other than the CEO and the CFO of the company to trade in the company's securities. The application for the MCTO remains subject to the risk factors, including the risk that the MCTO application may not be successful or may not be completed prior to a securities commission issuing a failure-to-file cease trade order against the company following the filing deadline.

The reason for the anticipated delay is due to personnel changes within the company's finance team, as well as general delays with the audit. The company's finance team has been working with reduced staff and have recently added additional accounting and financial reporting resources. The company continues to work diligently to complete all year-end working papers, any accounting entries and the financial statements, and management's discussion and analysis documents. The company is making good progress, working with the auditor, to complete the annual filings by May 31, 2024, and will issue a news release announcing completion of such filing at that time.

About Eguana Technologies Inc.

Eguana designs and manufactures high-performance residential and commercial energy storage systems. The company also markets and sells a suite of microinverter products, which are integrated with its energy storage platform, providing consumers with full solar and storage system architecture, for residential and commercial applications. Eguana has over two decades of experience, delivering grid-edge power electronics for fuel cell, photovoltaic and battery applications, and delivers proven, durable, high-quality solutions from its high-capacity manufacturing facilities in Europe, Australia and North America.

With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is one of the leading suppliers of power controls for solar self-consumption, grid services and demand charge applications at the grid edge. Focused on distributed energy storage applications located at the point of energy consumption, Eguana provides cost-effective solutions to modernize the power grid, from the consumer to the electricity retailer, the distribution utility and the system operator.

We seek Safe Harbor.