Ms. Kelli Harrington reports

ENVIRONMENTAL WASTE INTERNATIONAL PROVIDES CORPORATE UPDATE

Environmental Waste International Inc. intends to raise up to $500,000 in a two-cent-per-unit private placement financing, with a first tranche closing prior to Dec. 31, 2023. Each unit consists of one common share and one share purchase warrant. Each warrant expires two years from the closing and has an exercise price of five cents.

The company intends to close an additional private placement in Q1 2024. The company has received firm commitments of $200,000 for the December, 2023, financing to date. Management believes that on or around May 30, 2024, working capital will be over $250,000 and the company's cash position is expected to be almost $1.0-million, which will allow for the continued expansion of the Sault Ste. Marie plant upgrade.

No brokers' or finders' fees are anticipated to be paid in connection with the financing. All securities issued pursuant to the financing will be subject to a four-month-and-one-day statutory hold period. The financing is subject to TSX Venture Exchange acceptance of regulatory filings. The funds will be used for upgrading the company's Sault Ste. Marie facility, for repayment of debt and for working capital.

The company is also pleased to announce that a board member has loaned the company an aggregate amount of $50,000. The company issued a demand promissory note to the related creditor in respect of the amount advanced. The promissory note bears interest at a rate of 12 per cent per annum, which shall accrue and become payable along with the principal amount on the maturity date. The promissory note is secured with a general security agreement over the assets of the company.

The participation in the loan by the related creditor constitutes a related party transactions as such term is defined by Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, under applicable securities laws. The company is relying on exemptions from the MI 61-101 formal valuation and minority approval requirements applicable to related party transactions available as neither the fair market value of the subject matter of, nor the fair market value of the consideration for the related party transaction, exceeds 25 per cent of the company's market capitalization at the time at which such transactions were agreed to. The related party transaction was approved by directors of the company who are independent of the related party.

As outlined in the company's recent MD&A (management's discussion and analysis), Environmental Waste has a $2-million term loan with the Northern Ontario Heritage Fund Corporation (NOHFC). The loan is technically in default. However, the company has had a very cordial and productive relationship with the NOHFC, and NOHFC has been very responsive to the company's needs. The company expects the amended terms to the loan agreement will be completed in parallel with the complete upgrade financing, which should be on or around early Q2 2024. At that time, the loan will become long term and will not then affect working capital.

About Environmental Waste International Inc.

Environmental Waste specializes in eco-friendly systems for the breakdown of organic materials, including tires. The company has spent over 15 years engineering systems that integrate the Environmental Waste patented Reverse Polymerization process and proprietary microwave delivery system. The company's unique microwave technology safely processes and recycles waste tires, while recovering highly valuable commodities, including carbon black, oil and steel. Each unit is designed to be environmentally safe, energy efficient and economically profitable for the operator.

We seek Safe Harbor.