Mr. Eugene Hodgson reports

TEVANO SYSTEMS HOLDINGS INC. ANNOUNCES AGREEMENT TO RELEASE SHARES SUBJECT TO POOLING AGREEMENT

Further to the news release dated April 25, 2023, Tevano Systems Holdings Inc. has reached an agreement to release all common shares of Tevano held under the voluntary pooling agreement. This pooling agreement was originally entered into by certain former shareholders of Aqua-Eo Ltd. in connection with the acquisition of Aqua-Eo by Tevano.

Under the acquisition agreement, Tevano had issued 18,995,000 common shares at a deemed price of six cents per share, with an aggregate value of $1,139,700, to the existing shareholders of Aqua-Eo. Out of these transaction shares, 6,945,000 were subject to the voluntary pooling agreement, which required a staged release of the shares over a 36-month period.

As per the terms of the pooling agreement, 10 per cent of the shares held in the pooling agreement were released on the closing date, and 15 per cent of the remaining shares were to be released every six months thereafter. The pooling agreement allowed for the acceleration of the release of the shares based on certain conditions, including the unanimous agreement by the company and the holders of the shares, or at the sole discretion of the chief financial officer of the company and one independent director of the company.

Given current market conditions, the pooling agreement has not yielded the expected advantages and value creation for all parties involved.

"While we initially entered into the pooling agreement with the best intentions, it has become evident that the anticipated benefits for all parties involved have not materialized as expected," stated Eugene Hodgson, chief financial officer of Tevano. "In the interest of fostering a mutually beneficial environment and aligning with our commitment to value creation, we have decided to terminate the agreement and release all shares held under its provisions."

Tevano remains committed to its strategic growth plans and will continue to focus on creating value for its shareholders. The termination of the pooling agreement reflects the company's dedication to adapt and optimize its capital structure to better serve the interests of all its shareholders.

About Tevano Systems Holdings Inc.

Tevano is a leading provider of innovative solutions for the oil and gas exploration, production, and industrial effluent treatment and recycling industries. The company specializes in developing cutting-edge technologies that address environmental challenges and promote sustainability. Tevano is committed to delivering high-quality, reliable solutions that meet the evolving needs of its clients worldwide.

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