Greenlane Renewables Announces $35.3 Million System Supply Contract in Brazil

Greenlane Renewables Announces $35.3 Million System Supply Contract in Brazil

~Greenlane to supply complete landfill gas-to-biomethane upgrading solution to repeat customer~

Greenlane Renewables Inc. ( "Greenlane ") (TSX: GRN) (FSE: 52G) is pleased to announce that it has been awarded a contract valued at $35.3 million ( US$26.2 million ) by a leading environmental services company in Brazil that is investing in a portfolio of landfill assets across the country to produce biomethane. Under the terms of the agreement, Greenlane will supply its proven Cascade PSA LF product, a complete landfill gas-to-biomethane solution including two-stage Pressure Swing Adsorption (" PSA ") technology. This solution is designed for high nitrogen and oxygen applications and will be deployed in one of the largest landfills in Brazil . The name of Greenlane's customer and the project location have not been disclosed at this time. Contract fulfillment is expected to start immediately.

Greenlane Renewables Inc. logo (CNW Group/Greenlane Renewables Inc.)

"We are delighted to have been selected for a showcase project in Brazil ," said Ian Kane , President and CEO of Greenlane. "Our customer ran a professional and highly competitive process and we are honoured to win the contract. Greenlane is motivated to build upon our market leadership and presence in Brazil and is committed to continuing to build out a talented local team that will be key to the implementation and eventual servicing of the systems we deploy throughout the country. The opportunity for significant expansion of biomethane in Brazil is clear to us and we look forward to working with our customers as they expand their own capacity and develop additional projects. Furthermore, this is an example of the type of high value contract we have been focused on winning, one with a repeatable configuration that leverages our new sector-focused product lines."

Greenlane is driving change: accelerating the energy transition to a net-zero emissions economy. We are cleaning up two of the largest and most difficult to decarbonize sectors of the global energy system: the natural gas grid and commercial transportation. As a pioneer and leading specialist in biogas upgrading, we have been actively contributing to the decarbonization of our planet for over 35 years. The systems we provide transform biogas generated from organic waste into high-value grid-ready renewable natural gas ("RNG"). Our systems produce clean, low-carbon and carbon-negative RNG from organic waste sources including agriculture (such as dairy and hog manure), water resource recovery facilities, food waste, landfills, and sugar mills. Greenlane is the only biogas upgrading company offering and actively deploying the three main upgrading technologies: waterwash, pressure swing adsorption, and membrane separation, plus proprietary biogas desulfurization technology. Greenlane has delivered over 140 biogas upgrading systems into 19 countries, including some of the largest RNG production facilities in the world. For further information, please visit www.greenlanerenewables.com .

FORWARD LOOKING INFORMATION – This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "will be", "may", "is expected", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "can", "may" or "will" happen or that current events or conditions will continue or be repeated. In particular, this news release contains forward looking information relating to the anticipated supply of the Company's Cascade PSA LF product that will be deployed in one of the largest landfills in the northeast of Brazil with fulfillment expected to start immediately; that the Company is committed to continuing to build out its team in Brazil for the implementation and servicing of the Company's systems that it deploys throughout the country; that there is opportunity for significant expansion of biomethane projects in Brazil ; that the customer is investing in its landfills to produce biomethane. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management's perceptions of future growth and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond the Company's control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, risks relating to the supply of and timing of the fulfillment of supply of the Cascade PSA LF, risks that may adversely affect the potential for expansion of biomethane in Brazil , and risks identified in the Company's annual information form and in other documents filed with Canadian securities regulatory authorities on the Company's SEDAR profile at www.sedarplus.ca . Readers are cautioned not to put undue reliance on forward-looking information.  Actual results may differ materially from those anticipated. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

SOURCE Greenlane Renewables Inc.

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Canadian Investment Regulatory Organization Trade Resumption - GRN

Canadian Investment Regulatory Organization Trade Resumption - GRN

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Company: Greenlane Renewables Inc.

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Greenlane Renewables Unveils Compelling Sector-Focused Product Lines

Greenlane Renewables Unveils Compelling Sector-Focused Product Lines

~Accelerating the energy transition: optimized upgrading solutions for biogas from all feedstocks~

Greenlane Renewables Inc. ( "Greenlane ") (TSX: GRN) (FSE: 52G) is pleased to announce the launch of its sector-focused product lines at the RNG Works conference in Nashville, Tennessee . Based on decades of experience, Greenlane has optimized biogas upgrading solutions for the key feedstock sources of agriculture (such as dairy and hog manure), water resource recovery facilities, food waste, landfills, and sugar mills. The product lines launched include:

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Greenlane Renewables Completes Previously Announced Appointments of Executive Vice Chair and President and Chief Executive Officer

Greenlane Renewables Completes Previously Announced Appointments of Executive Vice Chair and President and Chief Executive Officer

~Appointments enable Greenlane to focus on market expansion and overall profitability~

Greenlane Renewables Inc. (" Greenlane ") (TSX: GRN) (FSE: 52G) is pleased to confirm the appointments of Brad Douville as Vice Chair of the Board of Directors and "Executive Vice Chair" while Ian Kane is now President and CEO. These appointments, as previously announced on June 8, 2023 mark an important next step in the execution of Greenlane's strategic plan and represent a significant addition to its leadership team. Mr. Kane has also been appointed to the Company's Board of Directors.

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Greenlane Renewables Announces Second Quarter 2023 Financial Results

Greenlane Renewables Announces Second Quarter 2023 Financial Results

Greenlane Renewables Inc. (" Greenlane " or the " Company ") (TSX: GRN) (FSE: 52G) (OTC: GRNWF) today announced its financial results for the second quarter ended June 30, 2023 . For further information on these results please see the Company's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis filed under the Company's profile on SEDAR at www.sedarplus.ca . All amounts reported are in Canadian dollars and in accordance with International Financial Reporting Standards (" IFRS ") unless otherwise stated.

Greenlane Renewables Inc. Logo (CNW Group/Greenlane Renewables Inc.)

Second Quarter Highlights Include:
  • Revenue of $14.9 million .
  • Gross profit of $3.8 million , Gross Margin 1 before amortization of $4.3 million (29% of revenue).
  • Net loss and comprehensive loss of $4.3 million .
  • Adjusted EBITDA 2 loss of $1.5 million .
  • Sales Order Backlog 3 of $16.3 million as at June 30, 2023 .
  • Cash and cash equivalents of $16.1 million and no debt outside the ordinary course of business, as at June 30, 2023 .
  • The Company announced a collaborative agreement with ZEG Biogás e Energis SA (" ZEG Biogás "), a company 50% owned by Vibra Energia S.A. ("VIBRA"), previously the fuel distribution unit of Petrobras, to establish industrial scale volume production of Greenlane's Totara+ Water Wash biogas upgrading product in Brazil . ZEG Biogás' goal is to deliver 75 Totara+ systems over the next 5 years, for which the Company will earn revenue under a new royalty-like business model together with supply of components from outside of Brazil and ongoing local service contracts.
Subsequent Event:
  • The Company increased its standby letter of credit facility from $20 million to $26.5 million . The facility is secured by a guarantee from Export Development Canada and is used to enhance sales by providing guarantees and letters of credit to the Company's customers who require them.

"During the second quarter we continued to work toward our goal of becoming cash flow and Adjusted EBITDA positive in the next nine months by targeting attractive market segments where Greenlane can realize volume opportunities with a streamlined product portfolio and by investing in systems and processes that will allow us to scale the business," said Brad Douville , CEO of Greenlane Renewables. "Our agreement with ZEG Biogás is emblematic of the type of opportunity that will help create operating leverage. The second quarter was an extremely busy one for us, as we continued to successfully build and commission over 20 separate upgrading projects. We delivered strong gross margins this quarter. Additionally, our sales team has been active in building relationships with strategic customers interested in placing larger orders.  As I transition into my new role as Vice Chair of the Company I look forward to taking a more focused role in these initiatives. We are looking forward to adding additional sales to our backlog through the remainder of 2023."

"The market for RNG continues to offer tremendous growth opportunities for Greenlane's products and services. Not only are we excited about the growing sales opportunities that we see for biogas upgrading equipment, but we believe the expansion of our traditional business model to include a royalty-like structure offering a standardized system will support further sales growth."

Greenlane's Gross Margin before amortization for the second quarter of 2023 is 29% of revenue, up from 25% in the second quarter of 2022. The increase is driven by gained efficiencies on project execution and a reversal for warranty provisions that have expired. Excluding the reversal of warranty provisions, Gross Margin before amortization is 26%, in line with our historical range.

During the second quarter, the Company took control of one of the projects in its Deployment of Development Capital ("DoDC") program as a result of unforeseen circumstances and associated delays. Initially, under its convertible note, the Company had the opportunity to receive a return on its invested funds and to convert the note into a minority equity interest in that renewable natural gas project. As a result of this transaction, the Company has now acquired 100% of this pre-construction project and is advancing the opportunity. Accordingly, the convertible note was canceled, and the Company recorded a corresponding impairment in the note in the amount of $1.1 million .

Greenlane has also evaluated its DoDC program in the context of the rapidly evolving RNG market and its strategic growth plan and has determined that funds previously allocated to the DoDC program should be re-allocated to working capital. This shift better positions the Company to leverage its product and execution expertise over repeatable, high volume / high value opportunities globally.

Greenlane continually provides an update on its system sales opportunities that successfully convert into contractual agreements in its reported sales order backlog (" Sales Order Backlog "). The Company's Sales Order Backlog of $16.3 million as at June 30, 2023 is a snapshot in time which varies from quarter-to-quarter. The Sales Order Backlog increases by the value of new system sales contracts and is drawn down over time as projects progress towards completion with amounts recognized in revenue. A typical system sales contract (excluding Airdep and ZEG Biogas product sales) has six stages of completion and a duration of nine to 18 months, and therefore annual and quarterly operating results will fluctuate as a result of the timing of contract related work.

The Market Outlook

The U.S. Environmental Protection Agency (EPA) released its final rulemaking for the renewable fuel volumes for 2023-2025 under the Renewable Fuel Standard Program in late June. As noted in industry press, the new rule was published without inclusion of the potentially lucrative but controversial eRIN program and included positive treatment for RNG. eRINs in the EPA's initial proposal would have offered a substantial new source of revenue for biogas producers in the waste industry, many of which generate electricity and not renewable natural gas. The EPA's deferral of eRINs resulted in a 30% jump in D3 RIN prices. According to EPA data, 99.8% of D3 RIN generation for the first half of 2023 was from RNG.

Additionally, the final EPA rulemaking is supportive of co-digestion projects with mixed waste streams through inclusion of RIN apportionment between D3 and D5 RINs. In a recent publication of its analysis of the EPA's final rulemaking, BioCycle states that historically anaerobic digesters processing food waste and producing RNG were automatically assigned a lower value D5 RIN, while digestion facilities processing manure and biosolids to generate RNG were allocated the higher value D3 RIN. Through the apportionment mechanism in the EPA's final rule, mixed waste stream digestion facilities that accept food waste, manure and biosolids will be eligible for D3 RINs, which is a big win for the industry as the separation and processing of food waste is a growing source of feedstock.

The transportation sector continues to turn to RNG as a key driver of its decarbonization strategy. NGVAmerica and the RNG Coalition announced that 69 percent of all U.S. on-road fuel used in natural gas vehicles in calendar year 2022 was RNG, surpassing the previous year's record-breaking level. RNG use as a transportation fuel grew 17 percent over 2021 volumes, up 218 percent from 2018 levels. And in California , fleets fueled with bio-CNG achieved carbon-negativity in their transportation operations last calendar year for the third straight year.  NGVAmerica also announced that over US$230 million has been awarded by the Biden administration to compressed natural gas transit bus projects across the United States . Natural gas-powered buses offer the most cost-effective emission reduction investment, as operators can affordably achieve carbon-negative transit by refueling with RNG.

Conference Call

The public is invited to listen to the conference call in real time by telephone today, August 14 th , at 2:00 p.m. PT ( 5:00 p.m. ET ). To access the conference call by telephone, please dial: 1-800-319-4610 ( North America toll-free) or 1-604-638-5340. Callers should dial in 5-10 minutes prior to the scheduled start time and ask to join the Greenlane Renewables conference call. Callers should dial in 10 minutes prior to the scheduled start time and ask to join the Greenlane Renewables conference call.

Shortly after the conference call, the replay will be archived on the Greenlane Renewables website and replay will be available in streaming audio and a downloadable audio file.

SPECIFIED FINANCIAL MEASURES

Management evaluates the Company's performance using a variety of measures, including "Gross Margin before amortization", "Adjusted EBITDA" and "Sales Order Backlog". The specified financial measures, including non-IFRS measures and supplementary financial measures should not be considered as an alternative to or more meaningful than revenue, gross profit or net income. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. The Company believes these specified financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Company. Management uses these specified financial measures to exclude the impact of certain expenses and income that must be recognized under IFRS when analyzing consolidated underlying operating performance, as the excluded items are not necessarily reflective of the Company's underlying operating performance and make comparisons of underlying financial performance between periods difficult. From time to time, the Company may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.

Note 1 - Gross Margin before amortization is a non-IFRS measure and is defined by the Company as gross profit before amortization of intangible assets and property and equipment.

Note 2 - Adjusted EBITDA is a non-IFRS measure and is defined by the Company as earnings before interest, taxes, foreign exchange, depreciation and amortization, as well as adjustments for other income (expense), value assigned to options and RSU's granted, and strategic initiatives.

Reconciliation of net loss and comprehensive loss to Adjusted EBITDA:

(in $000s)

Three months ended June 30th

2023

2022

Net loss and comprehensive loss

(4,339)

(2,680)

Add (deduct):



Exchange difference on translating

foreign operations

(80)

508

Provisions for income taxes

293

-

Foreign exchange (gain) loss

810

(491)

Other loss

20

-

Finance income

(131)

(10)

Finance expense

17

20

Impairment of notes receivable

1,068

-

Share-based compensation

182

638

Strategic initiatives

-

782

Amortization of office equipment

110

113

Amortization of property and equipment

49

39

Amortization of intangible assets

482

652

Adjusted EBITDA

(1,519)

(429)


Note 3
- Sales Order Backlog is a supplementary financial measure that refers to the balance of unrecognized revenue from contracted biogas upgrading system supply projects. The Sales Order Backlog increases by the value of new system sales contracts and is drawn down over time as projects progress towards completion with amounts recognized in revenue (by reference to the stage of completion of each contract).

Greenlane Renewables is a pioneer in the rapidly growing renewable natural gas (" RNG ") industry. As a leading global provider of biogas upgrading systems, we are helping to clean up two of the largest and most difficult-to-decarbonize sectors of the global energy system: the natural gas grid and the commercial transportation sector. Our systems produce clean, low-carbon and carbon-negative RNG from organic waste sources such as landfills, wastewater treatment plants and agricultural and food waste streams. To the company's knowledge, Greenlane is the only biogas upgrading company offering and actively deploying the three main technologies: waterwash, pressure swing adsorption, and membrane separation. Greenlane's business has been built on over 35 years of industry experience, patented and proprietary technology, with over 140 biogas upgrading systems sold into 19 countries, including some of the largest RNG production facilities in the world, and over 140 biogas desulfurization units sold. For further information, please visit www.greenlanerenewables.com .

Forward Looking Information Advisory –

This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "expect", "likely", "could", "plan", "expects" or "is expected to","believe", "continues to", "remains" or "continually" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen or that current events or conditions will continue or be repeated. The forward-looking information contained in this press release, includes, but is not limited to: that ZEG Biogás' goal is to deliver 75 Totara+ systems over the next 5 year,, that the Company will earn revenue under a royalty-like business model, and will supply components and have ongoing service contracts; management's expectation that the Company will be cash flow and Adjusted EBITDA positive in the next nine months; that the Company will continue to be successful in building and commissioning projects; that strategic customers are interested in placing larger orders and that management is looking forward to additional sales through the remainder of 2023; that the market for RNG continues to offer tremendous growth opportunities for Greenlane's products and services and management's belief that the its royalty-like model will support further sales growth; that the shift of funds to working capital better positions the Company to leverage its product and execution expertise over repeatable, high volume / high value opportunities globally; that the regulatory developments outlined under 'The Market Outlook' are supportive of new and expanded opportunities in the RNG market; that the sales order backlog will be drawn down and the Company advances and completes projects to realize revenue; that significant capital continues to flow into the RNG sector. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believes to be reasonable at the time such statements were made, including management's perceptions of future growth, that regulatory developments in the US and other jurisdictions in which the Company conducts business will be favourable for the RNG industry; results of operations, operational matters, historical trends, current conditions and expected future developments, the state of competition in the RNG industry and competitors' capabilities, that favourable legislative initiatives will have a positive impact on the pace of growth and the availability of financing in the RNG industry and will generate sales opportunities for Greenlane, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond Greenlane's control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: risks relating to the collaboration with ZEG Biogás not resulting in the volume production of Units or other ancillary benefits to Greenlane as anticipated, risks that ZEG Biogás' biomethane production goals are not met over the anticipated time period; that strategic customers may not place larger orders as anticipated; the market for RNG may not continue to offer tremendous growth opportunities for Greenlane's products and services, and the expansion of the Company's traditional business model to include a royalty-like structure offering a standardized system may not support further sales grow; that legislative changes may not support new opportunities in the RNG industry; risks relating to Greenlane's financial performance, Greenlane may face impediments in delivering and advancing projects to be able to timely realize revenue reducing the sales backlog; RNG initiatives and projects of natural gas utilities being changed, delayed or canceled, the state of competition in the RNG industry, Greenlane's position as a leading biogas upgrading and project development solutions provider. Additional risk factors can also be found in the Company's Management Discussion and Analysis, and its Annual Information Form, all of which have been filed under the Company's SEDAR profile at www.sedarplus.ca . Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

FINANCIAL OUTLOOK INFORMATION – This news release contains "financial outlook information" regarding Greenlane's prospective revenue and results, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above. Revenue and other estimates contained in this news release were made by Greenlane management as of the date of this news release and are provided for the purpose of describing anticipated changes, and are not an estimate of profitability or any other measure of financial performance. Investors are cautioned that the financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein. The Company's revenues are largely derived from a relatively small number of biogas upgrader orders accounted for on a stage of completion basis over typically a nine to eighteen-month period. Timing of new contract awards varies due to customer-related factors such as finalizing technical specifications and securing project funding, permits and RNG off-take and feedstock agreements. Some contracts contain termination provisions that allow the customer to terminate with no penalty or with minimum prescribed threshold payments based on the length of time since the contract was entered into. Some projects have built-in pause periods to allow customers to complete concurrent activities such as civil work. As a result, the Company's revenue varies from month to month and quarter-to-quarter. THE COMPANY QUALIFIES ALL THE FORWARD LOOKING STATEMENTS AND FINANCIAL OUTLOOK INFORMATION CONTAINED IN THIS NEWS RELEASE BY THE FOREGOING CAUTIONARY STATEMENTS.

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this news release.

SOURCE Greenlane Renewables Inc.

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Greenlane Renewables to Announce Second Quarter 2023 Results on August 14, 2023 and Host Conference Call

Greenlane Renewables to Announce Second Quarter 2023 Results on August 14, 2023 and Host Conference Call

Greenlane Renewables Inc. (" Greenlane ") (TSX: GRN) (FSE: 52G) intends to announce its 2023 second quarter financial results on Monday, August 14, 2023 after markets close, followed by a conference call at 5:00 PM ET ( 2:00 PM PT ). Representing management will be Brad Douville Chief Executive Officer, and Stephanie Mason Director of Finance. Monty Balderston Chief Financial Officer, will be unavailable due to medical reasons. A question and answer period with analysts will follow brief remarks from management.

Greenlane Renewables Inc. Logo (CNW Group/Greenlane Renewables Inc.)

The Company also reports that the previously announced appointments of Brad Douville as Executive Vice Chair and Ian Kane as CEO are expected to follow the release of the Company's second quarter financial results.

Live Conference Call

The public is invited to listen to the conference call in real time by telephone. To access the conference call by telephone, please dial: 1-800-319-4610 ( North America toll-free) or 1-604-638-5340. Callers should dial in 5-10 minutes prior to the scheduled start time and ask to join the Greenlane Renewables conference call.

Shortly after the conference call, the replay will be archived on the Greenlane Renewables website and replay will be available in streaming audio and a downloadable audio file.

Greenlane Renewables is a pioneer in the rapidly growing renewable natural gas (" RNG ") industry. As a leading global provider of biogas upgrading systems, we are helping to clean up two of the largest and most difficult-to-decarbonize sectors of the global energy system: the natural gas grid and the commercial transportation sector. Our systems produce clean, low-carbon and carbon-negative RNG from organic waste sources such as landfills, wastewater treatment plants and agricultural and food waste streams. To the company's knowledge, Greenlane is the only biogas upgrading company offering and actively deploying the three main technologies: waterwash, pressure swing adsorption, and membrane separation. Greenlane's business has been built on over 35 years of industry experience, patented and proprietary technology, with over 140 biogas upgrading systems sold into 19 countries, including some of the largest RNG production facilities in the world, and over 140 biogas desulfurization units sold. For further information, please visit www.greenlanerenewables.com .

FORWARD LOOKING INFORMATION – This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "likely", "could", "plan", "intends to", "will be", "are expected to", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "can", "may" or "will" happen. In particular, this news release contains forward looking information including that the Company intends to announce its 2023 second quarter financial results on Monday, August 14, 2023 after markets close, that the Chief Financial Officer will be unavailable due to medical reasons and that the appointments of the Executive Vice Chair ("EVC") and the Chief Executive Officer ("CEO") are expected to follow the release of the Company's second quarter financial results. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including that management's plans for issuing its financial results will proceed as anticipated, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, or that assumptions may not be correct. A variety of factors, including known and unknown risks, many of which are beyond the Company's control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, changes that may occur between the time of this news release and the date planned for the issuance of financial results; changes in the availability of Company officers; and risks identified in the Company's annual information form and in other documents filed with Canadian securities regulatory authorities on the Company's SEDAR profile at www.sedar.com . Readers are cautioned not to put undue reliance on forward-looking information. Actual results may differ materially from those anticipated. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

SOURCE Greenlane Renewables Inc.

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Bitcoin Well Provides Preliminary Year End Update and Bitcoin Super Company Vision

Bitcoin Well Provides Preliminary Year End Update and Bitcoin Super Company Vision

Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces a preliminary, unaudited year end update and the "bitcoin super company" vision.

Key highlights

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Lake Resources NL  Presenting at the Bell Potter Unearthed Natural Resources Conference

Lake Resources NL Presenting at the Bell Potter Unearthed Natural Resources Conference

Sydney, Australia (ABN Newswire) - Lake Resources (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF), the responsible lithium developer, announces that management will present at the Bell Potter Unearthed Natural Resources Conference, a virtual event which began on 12 February and will continue through 15 February, from 9:00 a.m. to 6 p.m. AEDT.

Lake CEO, David Dickson will present to investors on 14 February at 9:50 a.m. AEDT.

Dickson will discuss challenges and opportunities within the lithium sector as well as provide an update on the strategic delivery of Lake's Flagship Kachi project located in the heart of Argentina's Lithium Triangle.

The presentation will be available on the Lake Resources website.

Lake also wishes to congratulate its technology and Kachi project partner, Lilac Solutions, for its successful Series C capital raise to support the continued scaling up of proven technology.

Lilac raised US$145m with support from Mercuria, Lowercarbon Capital, Breakthrough Energy Ventures, Engine Ventures, T. Rowe Price, Sumitomo, Emerson Collective, Mitsubishi and The Nature Conservatory.

For more information or to register to attend the virtual conference, visit:
https://www.abnnewswire.net/lnk/160Q17E0

To view the Presentation, please visit:
https://www.abnnewswire.net/lnk/F7HDJ8UZ



About Lake Resources NL:

Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.

This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.



Source:
Lake Resources NL

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Klimat X Announces Joint Venture Agreement Terms with Imperative Global Projects for Yucatan Mangrove Project

Klimat X Announces Joint Venture Agreement Terms with Imperative Global Projects for Yucatan Mangrove Project

KLIMAT X Developments Inc. Logo (CNW Group/KLIMAT X Developments Inc.)

Klimat X Developments Inc. ("Klimat X" or the "Company") (TSXV: KLX) (FSE: Q1C) is a leading provider of high-quality technology-enabled carbon credits sourced exclusively from conservation and reforestation carbon projects developed and owned by the Company and its stakeholders, is pleased to announce it has signed a binding Heads of Agreement with Imperative Global Projects Pte Ltd ( Imperative ) to jointly develop the large-scale mangrove restoration project in the State of Yucatan, Mexico secured and previously announced by Klimat X.

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Lake Resources NL  JORC Update

Lake Resources NL JORC Update

Sydney, Australia (ABN Newswire) - Clean lithium developer Lake Resources N.L. (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) reports that drilling completed at the Kachi Lithium Brine Project ("Kachi" or the "Project") in Catamarca Province, Argentina continues to intercept lithium bearing brine in sand units favourable to extraction over thick intervals in the southern portion of central resource area.

The K25D44 drillhole (Figure 1* and Figure 2*) was not completed in time to be incorporated into the Project's Definitive Feasibility Study (DFS) for Phase One, released in December 2023. However, the results from the drillhole confirm the presence of higher-grade lithium brine south of the central resource area to a depth of more than 600 m. The results further support the positive hydrogeological modelling results that were the basis for the Project Ore Reserve and Definitive Feasibility Study (DFS) submitted in December 2023. The DFS highlights include:

- Total resource is estimated at 10.6 Mt LCE, a globally significant resource.

- 25-year life of mine (LoM) supported by maiden Ore Reserve statement.

- Phase One targets a production of 25,000 tonnes per annum (tpa) over the LoM to meet the growing demand and specifications of the battery market.

- The 25,000 tpa operation recovers only a small fraction of the Measured and Indicated Resource, which allows Lake to study further expansions.

- DLE process tailored to mitigate impact on the local community with minimal disruption to land, freshwater table, and water usage.

- The Project targets production of consistent battery grade lithium carbonate (>99.5% purity) at site without the need for further refining or processing.

- Kachi is targeting first lithium in 2027 with ramp-up to full capacity by the end of 2028, which is forecast to coincide with the start of a prolonged period of structural deficit for battery grade lithium chemicals.

Drillhole results prove the continuity of higher-grade lithium brines, south of the Phase One DFS extraction wellfield design and across a northwest-southeast trending fault that is interpreted to create the escarpment south of the field. The relatively high lithium and favourable geologic materials grades beyond the planned DFS wellfield highlight continued favourable results for a higher capacity wellfield.

"The latest drilling intercept further demonstrates the vertical continuity of the lithium bearing brine to more than 600 metres in clean, fine and medium grained sands conducive to high productive extraction wells." commented Michael Gabora, Director of Geology and Hydrogeology of Lake Resources. He continued, "With an average of 257 mg/L through the production zones, the K25D44 hole continues the trend of intercepting lithium grades that are significantly higher than the 205 mg/L design basis of the DFS".

Continuation of Higher-Grade Lithium Resource Intercepts to the South

The principal objectives of the K25D44 (K25 Platform) drillhole were to:

1) Test the continuity of the lithium resource to the south, outside of the footprint of the salar;

2) Expand the Measured Resource to the south and potentially connect the Measured Resource to previous positive lithium intercepts at K21 (Figure 1*);

3) Complete additional sampling and analysis of the deeper portion of the unconsolidated deposits from about 400 m to more than 600 m depth; and,

4) Validate lithium concentrations used in the area of K25 in the Ore Reserve analysis completed with the calibrated hydrogeologic model.

K25D44 was drilled about 2.25 kilometres southwest of K16D28 (K16 Platform; Figure 1*) and has an average lithium grade of 219 mg/L from 19 samples collected between 40 and 622 m below ground surface (bgs) (Table 1*). All but two samples were collected with single packer configurations generally with a test interval of about 10 to 15 m, although this varied depending on hole conditions. Standard operating procedures are followed with significant development of the test interval, at least 3 borehole volumes (measured from surface to hole bottom), and sampling only occurs once brine is clear and field chemistry parameters are stable and indicative of reservoir fluids.

A standpipe piezometer was installed and screened between 418 to 430 m below ground surface and was developed and sampled via airlifting. Results for the airlift sample are consistent with the packer testing within the same interval, with 275 mg/L measured by SGS and 248 mg/L measured by Alex Stewart laboratory, for an average of 261 mg/L compared to 263.5 mg/L for a packer collected sample from 424 to 430 m below ground surface (see Table 1*).

The fine to medium-grained sand (Figure 3* and Figure 4*) and low frequency of fine-grained layers within the planned production horizons (i.e., approximately 200 m to 600 m) are consistent with drillholes in the central resource area and both stratigraphy and general chemistry support the continuity of the lithium brine resource throughout the southern portion of the field.

As has been observed in the other greater than 600 m deep drillholes completed to-date, the lithium brine continues to a depth of more than 600 m. Lithium concentrations deeper than 400 m averaged more than 250 mg/L, far exceeding the design basis for the DFS (205 mg/L).

The modelled lithium concentration in the Project Ore Reserve8 at K25 was 268 mg/L (200 m to 600 m) within the production horizon. The weighted average of the laboratory results through the same interval (215 m to 622 m) is 271.7 mg/L. This indicates that the modelled values are representative, if not slightly conservative, relative to the measured data in the field at this location. The results of the comparison further build confidence in the lithium resource model used as the basis for lithium distributions within the hydrogeological model and Ore Reserve modelling.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/UOL27931



About Lake Resources NL:

Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.

This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.



Source:
Lake Resources NL

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