Mr. William Crossland reports

THERMAL ENERGY INTERNATIONAL ANNOUNCES LETTER TO SHAREHOLDERS FROM CHIEF EXECUTIVE OFFICER

Thermal Energy International Inc. has made available on its website a letter to shareholders from the company's chief executive officer, William Crossland. In the letter, William Crossland provides his commentary on Thermal Energy's fiscal 2023 fourth quarter and year end results and the Company's outlook for fiscal 2024.

The letter to shareholders is available on the company's website.

Topics discussed include:

• The Company's strong growth in revenue and profitability
• Order intake in fiscal 2023 and subsequent to year end
• Surge in Project Development Agreements
• The Company's focus on repeat business
• Thermal Energy's reinvestment in the business

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About Thermal Energy International Inc.

Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback.

Thermal Energy is a fully accredited professional engineering firm with engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, Germany, Poland, and Italy. By providing a unique mix of proprietary products together with process, energy, and environmental engineering expertise, Thermal Energy can deliver unique, site-specific turnkey and custom engineered solutions with significant financial and environmental benefits for our customers.

Thermal Energy's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on Twitter at https://twitter.com/GoThermalEnergy.# # #

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