Mr. Justin Holland reports

EGUANA PROVIDES UPDATE ON FILING OF ANNUAL FINANCIAL STATEMENTS

Eguana Technologies Inc. has provided an update with respect to its previously announced management cease trade order in connection with the company's filing of its audited annual financial statements and management's discussion and analysis for the financial year ended Dec. 31, 2024, and the applicable chief executive officer and chief financial officer certifications. The company also announced the Alberta Securities Commission has granted an extension to the existing MCTO from May 30, 2025, to June 20, 2025.

Further to the company's news release dated April 23, 2025, the company's principal regulator, the commission, granted the MCTO on May 6, 2025, under National Policy 12-203 (Management Cease Trader Orders). Pursuant to the MCTO, the chief executive officer and the chief financial officer of the company may not trade in securities of the company until such time as the company files the annual filings and the commission revokes the MCTO. During this period, the company will cease any share buyback activities under its normal course issuer bid, and has undertaken not to, directly or indirectly, issue or acquire securities from an insider or employee of the company. The MCTO does not affect the ability of shareholders to trade their securities.

On May 29, 2025, the commission granted the company an extension to the existing MCTO until June 20, 2025. The company requested the extension due to unexpected delays experienced by the company and its auditor. These delays include resource constraints of the parties, auditing complexities of the company's liquidation of its German subsidiary and inventory discrepancies by a third party vendor. The company confirms that these issues have been resolved and that the company and its auditor continue to make progress in preparing the annual filings and will file as soon as practicable. It is the company's reasonable expectation that the annual filings will be finalized by June 20, 2025. The company also anticipates filing its first quarter unaudited consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2025, soon after the annual filings.

The company will issue a news release announcing completion of filing of the annual filings at such time as they are completed and filed. Until the company files the annual filings, it will comply with the alternative information guidelines set out under NP 12-203, including issuing biweekly default status reports by way of news releases, which will be filed on SEDAR+.

In addition, the company confirms that, since the date of the announcement: (i) there has been no failure by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (ii) there has not been any other specified default by the company under NP 12-203; (iii) the company is not subject to any insolvency proceedings; and (iv) there is no other material information concerning the affairs of the company that has not been generally disclosed.

About Eguana Technologies Inc.

Eguana's vision is to build the grid of the future by delivering flexible, modular and cost-effective alternatives to traditional grid upgrades. Its technology provides value to all key stakeholders -- from the consumer to the electricity retailer, the distribution utility and the system operator. Since 1998, Eguana Technologies has connected utilities with consumers through its high performance commercial and residential energy storage solutions. The Eguana product suite has been designed from the ground up with both the end-user and the utility in mind to transition the power grid seamlessly. Manufactured in local facilities across the globe to ensure compliance and quality, Eguana's standardized platform allows the flexibility to ensure each product solution is optimized for use in major grid modernization markets.

We seek Safe Harbor.