Mr. David Eaton reports

PENBAR CAPITAL LTD. ANNOUNCES AMENDMENT TO LETTER OF INTENT WITH EMISSIONS EV TECHNOLOGIES LTD.

Further to Penbar Capital Ltd.'s press release dated Oct. 4, 2023, the timelines in the non-binding letter of intent dated Oct. 3, 2023 (LOI), with Emissions EV Technologies Ltd. have been amended pursuant to an amendment to the LOI dated Oct. 31, 2023. The LOI outlines the general terms and conditions pursuant to which Penbar and Emissions EV would be willing to complete a transaction (the "Transaction") that will result in a reverse takeover of Penbar by the securityholders of Emissions EV and is intended to constitute the "qualifying transaction" of Penbar under Policy 2.4 - Capital Pool Companies of the TSX Venture Exchange (the "TSXV").

The Amended LOI extends the time required for the parties to enter into a definitive agreement to November 15, 2023 and to complete the Transaction to on or before March 31, 2024. Except as amended by the Amended LOI, the LOI continues in full force and effect and the LOI and the Amended LOI will be read and construed together as one agreement.

About Emissions EV Technologies Ltd.

Emission EV specializes in the design, manufacturing, and production of cutting-edge electrically powered industrial and commercial vehicles. Emissions EV is dedicated to revolutionizing the logistics and production sector by providing sustainable transportation solutions that are at the forefront of the EV industry today. Emissions EV's collaborative approach involves close engagement with its customers, allowing them to contribute their unique needs and insights to the project, ensuring that the machines that are created for their use are completely without compromise.

Based in New Westminster, British Columbia, Emissions EV creates environmentally friendly, efficient, and reliable vehicles that not only meet industry standards and regulatory requirements but also partner with local suppliers and vendors to manage and maintain the strictest in compliance and finished product quality.

By combining its technical capabilities with its ingenious design engineering support, Emissions EV aims to drive innovation, reduce emissions, and usher in a brighter, more sustainable future in hard to decarbonize sectors of global industry.

About Penbar Capital Ltd.

Penbar Capital Ltd. is a capital pool company created pursuant to the policies of the TSXV. It does not own any assets, other than cash or cash equivalents and its rights under the LOI and the Amended LOI. The principal business of Penbar is to identify and evaluate opportunities for the acquisition of an interest in assets or businesses and, once identified and evaluated, to negotiate an acquisition or participation subject to acceptance by the TSXV so as to complete a qualifying transaction in accordance with the policies of the TSXV.