Mr. Troy Lupul reports

PLASCRED CIRCULAR INNOVATIONS INC. ANNOUNCES Q2 2023 RESULTS

Plascred Circular Innovations Inc. has released financial and operating results for the second quarter of 2023.

Troy Lupul, President, and CEO, remarked, "The second quarter of 2023 marked a significant achievement in PlasCred's journey. Our patent pending PlasCred Primus pilot plant, which began operations in May 2023, has successfully produced Zero Sulphur Green Condensate, carbon black, and aromatics during its initial testing phase." He added, "We are currently enhancing our processes using a diverse range of catalysts and plastic waste feedstock. Concurrently, we are expanding our logistics network to ensure a steady plastic waste feedstock for the PlasCred Maximus plants' Phase One, targeting an initial production of approximately 2,000 barrels per day of Zero Sulphur Green Condensate and removing up to 300 metric tonnes of plastic waste per day from the environment."

Q2 2023 Highlights:

Completed negotiation of a reverse takeover ("RTO") and financing agreement with Cover Technologies Inc. ("CTI"), a company listed on the Canadian Stock Exchange ("CSE"). Subsequent to June 30, CTI's name was changed to PlasCred Circular Innovations Inc, and the listing application for the combined companies on CSE was approved. Trading under the symbol PLAS commenced on August 8, 2023.

Secured an additional short-term debt financing of $1,000,000 through a new loan agreement.

Invested roughly $330,000 in the ongoing construction of the Primus pilot plant, strategically located in a 1,000 square foot space within Calgary's industrial zone.

Operational Results:

For the six months ending June 30, 2023, the company reported the following:

Net loss and comprehensive loss: $(696,432)

Basic and diluted loss per common share: $(0.07)

Comparatively, for the quarter ending March 31, 2023:

Net loss and comprehensive loss: $(413,273)

Basic and diluted loss per common share: $(0.04)

Financial Position as of June 30, 2023:

Cash on hand: $1.1 million

Cash to be received on subsequent closing of Reverse Takeover: $1.6 million

Outstanding debt: $1.3 million

Intercompany loans of $1.9 million were eliminated on closing of the RTO.

By the close of Q2 2023, PlasCred had channeled $0.9 million, net, into capital expenditures. These funds were primarily allocated to the development and operation of the Primus plant and the ongoing engineering FEED study and development of logistics networks for the Plascred Maximus plant.

Shares Outstanding:

As of June 30, 2023 the company's outstanding shares totaled 14.8 million.

About PlasCred Circular Innovations Inc.

PlasCred is at the forefront of rebalancing the future of plastics. The company is transforming plastic waste by granting it a valuable second life. With a vision of advancing towards a climate-positive future, PlasCred aspires to be among the largest advanced plastic waste upcycler's in North America and globally. Their groundbreaking patent-pending technology is set to revolutionize the approach to plastic waste management and upcycling. PlasCred is also developing strategic partnerships with CN Rail and Fibreco Export Inc., providing PlasCred with unparalleled logistics support across North America and globally for transportation and handling of plastic waste. Further information on PlasCred, see their YouTube channel and website located at www.youtube.com/@PlasCredInc and www.plascred.com

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