Mr. Ray de Ocampo reports

ONENERGY INC. ANNOUNCES CREDITOR APPROVAL OF PROPOSAL

ONEnergy Inc.'s previously announced proposal pursuant to the Bankruptcy and Insolvency Act (Canada) (the BIA) was unanimously approved by the company's unsecured creditors who were present (in person or by proxy) and voted at the meeting of the creditors held virtually on June 22, 2023, in accordance with the voting procedures established by the proposal and the BIA.

Pursuant to the proposal, the company will settle the company's unsecured outstanding liabilities in exchange for the issuance of common shares of the company, valued at no more than 100 per cent of the company's current market capitalization. The proposed share issuance is subject to approval by the TSX Venture Exchange.

B. Riley Farber Inc. is acting as proposal trustee in respect of the proposal.

The proposal trustee intends to seek an order from the Ontario Superior Court of Justice (commercial list) approving the proposal in accordance with the BIA at a hearing to be scheduled. Implementation of the proposal is subject to receipt of the order and the approval by the exchange of the share issuance.

Assuming the company obtains the order and the approval of the exchange, the company anticipates implementing the proposal, that sees, among other things, the issuance of its common shares, commencing in August, 2023, in accordance with the proposal terms.

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.