Mr. Ray de Ocampo reports

ONENERGY INC. REPORTS 2023 Q1 RESULTS AND PROVIDES CORPORATE UPDATE

ONEnergy Inc. has filed its financial results as at and for the three-month period ended March 31, 2023, and provided a corporate update.

Financial results

For the three-month period ended March 31, 2023, net loss and comprehensive loss were $253,000, compared with net loss and comprehensive loss of $93,000 during the same period in 2022.

Net loss and comprehensive loss for the three-month period ended March 31, 2022, included a gain of $209,000 on the derecognition of certain net liabilities of the company's wholly owned subsidiary, Sunwave Gas & Power Inc. (Sunwave Canada), as a result of Sunwave Canada's assignment into bankruptcy on Feb. 23, 2022.

For further information on the financial results of the company, please review the company's unaudited interim condensed consolidated financial statements and management discussion and analysis of financial condition and results of operations for the three-month period ended March 31, 2023, available under the company's profile on SEDAR.

Non-convertible debt financing

Between April 29, 2023, and May 26, 2023, Stephen J.J. Letwin, a shareholder and chairman of the board of directors, provided an advance under a grid promissory note to the company totalling $50,000. This note is not convertible into securities of the company, is unsecured, bears an annual interest rate at 10 per cent and is due on demand.

About ONEnergy Inc.

ONEnergy common shares are listed on the NEX board of the TSX Venture Exchange under the symbol OEG.H.

We seek Safe Harbor.