Mr. David Eaton reports

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

Further to the press releases dated Oct. 4, 2023, and Oct. 31, 2023, the non-binding letter of intent dated Oct. 3, 2023, as amended Oct. 31, 2023, with Emissions EV Technologies Ltd., has been amended pursuant to a second amendment to the LOI dated Nov. 15, 2023. The amended LOI outlines the general terms and conditions pursuant to which Penbar and Emissions EV would be willing to complete a 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 second LOI amendment extends the time required for the parties to enter into a definitive agreement to Nov. 30, 2023. Except as amended by the second LOI amendment, the amended LOI continues in full force and effect, and the LOI, the first LOI amendment and the second LOI amendment will be read and construed collectively 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 electric vehicle 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, B.C., 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 to decarbonize sectors of global industry.

About Penbar Capital Ltd.

Penbar is a capital pool company created pursuant to the policies of the TSX Venture Exchange. It does not own any assets, other than cash or cash equivalents and its rights under the amended LOI and the second LOI amendment. 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 TSX-V so as to complete a qualifying transaction in accordance with the policies of the TSX-V.