Mr. David Eaton reports

PENBAR CAPITAL LTD. PROVIDES UPDATE ON PROPOSED QUALIFYING TRANSACTION WITH THE ACQUISITION OF EMISSIONS EV TECHNOLOGIES LTD.

Penbar Capital Ltd. is providing an update with respect to its previously announced proposed qualifying transaction involving the acquisition of all of the issued and outstanding securities of Emissions EV Technologies Ltd., a private arm's-length British Columbia company, pursuant to an amalgamation agreement among the company, Emissions EV, 1451356 B.C. Ltd., a newly incorporated wholly owned subsidiary of Penbar (NewCo), and Emission EV Operating Corp., a wholly owned subsidiary of Emissions EV (the qualifying transaction).

The company, Emissions EV and NewCo are continuing to progress toward the completion of the qualifying transaction. Emissions EV and the company are working toward completing the required submissions with the TSX Venture Exchange including, but not limited to, completing required audits of Emissions EV's financial statements and submission of a draft filing statement with respect to the qualifying transaction.

For more information on the qualifying transaction, please see the company's news releases dated Oct. 4, 2023, Oct. 31, 2023, Nov. 15, 2023, and Nov. 27, 2023.

About Emissions EV Technologies Ltd.

Emission EV specializes in the design, manufacturing and production of electrically powered industrial and commercial vehicles. Emissions EV is dedicated to changing the logistics and production sector by providing sustainable transportation solutions that are at the forefront of the electric vehicle (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, 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 standards 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 the global auto industry.

About Penbar Capital Inc.

Penbar Capital is a capital pool company created pursuant to the policies of the TSX-V. It does not own any assets, other than cash or cash equivalents, and its rights under the agreement. 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.

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