Mr. Myke Clark reports

SOLAR ALLIANCE CANCELS PRIVATE PLACEMENT AS CANADIAN SOLAR ACQUISITION DUE DILIGENCE CONTINUES

Solar Alliance Energy Inc. has cancelled the brokered private placement announced on July 20, 2023.

The company continues to work on the Canadian solar acquisition opportunity originally announced on May 18, 2023. "Given current market conditions, the private placement would have been excessively dilutive to current shareholders, and we have decided to reassess our funding options as we continue due diligence on the Canadian solar acquisition," said chief executive officer Myke Clark. "Our team has worked hard to reduce costs, increase revenues and increase margins. As a result, we have the flexibility to wait for more favourable market conditions to solidify our balance sheet. Solar Alliance remains committed to a prudent approach to growth and protecting shareholder value."

About Solar Alliance Energy Inc.

Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Its experienced team of solar professionals reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance's strategy is to build, own and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers.

We seek Safe Harbor.