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.

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

Brad continues to bring to Greenlane, on a full-time basis, his extensive experience and proven track record in the renewable natural gas (" RNG ") industry. With a strong strategic vision and a deep understanding of biogas upgrading technology and the overall RNG industry, Brad is poised to drive Greenlane's continued growth and success focusing on key strategic initiatives aiming to unlock the tremendous untapped potential that the Company sees in the global RNG industry.

Ian is a proven leader who has demonstrated his skill in optimizing company growth and financial performance after the startup phase. In his new role as President and CEO, Ian will lead the Company's profitable execution of its new strategic plan, working closely with the team to ensure Greenlane's objectives are met with excellence.

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 "will be", "continuing", "aiming to", "is expected", "likely", "should", "would", "plan", "anticipate", "intend", "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 relating to the expectations of management relating to the appointments of the Executive Vice Chair ("EVC") and the Chief Executive Officer ("CEO"); that the in his role as EVC, Mr. Douville will drive Greenlane's continued growth and success focusing on key strategic initiatives aiming to unlock the tremendous untapped potential that the Company sees in the global RNG industry; that as President and CEO, Mr. Kane will lead the Company's profitable execution of its new strategic plan, working closely with the team to ensure Greenlane's objectives are met with excellence;. 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 the potential for lucrative opportunities in the RNG market, 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 ability of the Company to realize the full potential of the most lucrative opportunities in its strategic plan and achieve profitable growth; 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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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 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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Greenlane Renewables Announces Graduation to the Toronto Stock Exchange

Greenlane Renewables Inc. (" Greenlane ") (TSXV: GRN / FSE: 52G) is pleased to announce that it has received final approval for the listing of its common shares and warrants on the Toronto Stock Exchange (" TSX ").

Greenlane's common shares and warrants will commence trading on the TSX effective as of market open tomorrow, February 17, 2021, under the current trading symbols of "GRN" and "GRN.WT", respectively. In connection with the TSX listing, Greenlane's common shares and warrants will be concurrently delisted from the TSX Venture Exchange (" TSXV ").

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bought deal

Greenlane Renewables Announces Closing of $26.5 Million Bought Deal Offering

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA), OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

Greenlane Renewables Inc. (" Greenlane ") (TSXV: GRN / FSE: 52G) is pleased to announce that it has closed its previously announced upsized bought deal offering (the "Offering") of 12,190,000 common shares ("Shares"), which included 1,590,000 additional shares issued pursuant to the underwriters' full exercise of their over-allotment option, at a price of $2.17 per share for total gross proceeds of approximately $26.5 million.

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Lake Resources NL  Proven Advances in DLE Technology & Webinar Slides

Lake Resources NL Proven Advances in DLE Technology & Webinar Slides

Sydney, Australia (ABN Newswire) - Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) confirms that Lilac Technologies' direct extraction technology has been proven successful through extensive field testing at the flagship Kachi project ("Kachi") in Argentina.

"This is a key milestone for DFS preparation for Phase 1 of the Kachi project and a major derisking of the Kachi project," Lake CEO David Dickson said.

"This is a significant achievement as Kachi is one of the largest successful DLE testing programs ever undertaken and couldn't have been done without this on-site development.

"This work supports the phased approach to first commercial lithium production from 2H 2027, with a targeted plant capacity of 25,000 TPA of battery grade LCE by 2028, and targeted plant capacity of 50,000 TPA battery grade LCE from 2030"

He said process unit operations had been tested and data collected for the commercial plant design.

"The ion exchange DLE technology at Kachi is working extremely well with outstanding rates of recovery at ambient brine temperatures, minimal water consumption, and high lithium concentrations.

"We processed 120,000 liters of Kachi lithium chloride eluate into battery grade lithium carbonate which included:

- Bench scale validation testing
- 1,000-liter Pilot Plant testing
- 10,000-liter Demo Plant testing

"Then we made the Kachi lithium carbonate product available for quality validation to Saltworks and our off takers.

"This, along with our demonstrated viability of extraction and injection has us on track for a Definitive Feasibility Study for Phase 1 of the Kachi Project in December 2023."

In the attached ASX presentation and in an investor webinar today Lake says that process design, site power design, equipment list compilation, and further detailing of capital and operating expenditure is well underway.

"We continue working with United States and Argentina authorities on strengthening the lithium supply chain."

He said he was also having regular updates with Export Credit Agencies in the United Kingdom and Canada and with offtake partners while working with strategic advisors on capital management.

The webinar can be accessed at:
https://app.webinar.net/1yZ07ZdzGrl/on-demand



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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Forward Water Technologies Corp. Announces Non-Brokered Private Placement of Units

Forward Water Technologies Corp. Announces Non-Brokered Private Placement of Units

Forward Water Technologies Corp. (TSXV:FWTC) (the "Company" or "FWTC") is pleased to announce that it intends to complete a non-brokered private placement of up to 10,000,000 units ("Unit") of the Company at a price of $0.05 per Unit for gross proceeds of up to $500,000 (the "Private Placement"). Each Unit will consist of one common share of the Company and one warrant (a "Warrant") each Warrant entitling the holder thereof to acquire an additional common share (the "Warrant Share") of the Company at an exercise price of $0.075 per Warrant Share for a period of 36 months from the date of issuance

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Klimat X and Pomeroon, Participate in Ground-breaking Ceremony with His Excellency C.H. Santokhi, President of Suriname

Klimat X and Pomeroon, Participate in Ground-breaking Ceremony with His Excellency C.H. Santokhi, President of Suriname

 Klimat X Developments Inc. ("Klimat X" or the "Company") (TSXV: KLX) (FSE: Q1C) a leading provider of high-quality carbon credits sourced exclusively from afforestation and reforestation projects developed and owned by the Company and its stakeholders, is pleased to announce its participation in a ground-breaking ceremony in Suriname alongside his Excellency, C.H. Santokhi, President of Suriname. The occasion was marked by an inaugural tree planting ceremony, which included the presence of key District Commissioners, Government Ministers, and other representatives.

Ground-breaking Ceremony with His Excellency C.H. Santokhi, President of Suriname (CNW Group/KLIMAT X Developments Inc.)

James Tansey , CEO of Klimat X commented, "We are honoured to be part of this ceremony that serves to demonstrate the mutual commitments we share with our jurisdictional partners in Suriname. Since 2017, Klimat X and Pomeroon have been active in this region. Many people are not aware that Suriname is a net negative carbon emitter nation and has huge potential to generate carbon credits from mangrove restoration and conservation. James continues, "this type of project can generate 500-1000 tons per hectare with tens of thousands of hectares of potential and we see many mutual and intertwined benefits from this enhanced partnership with the Government of Suriname:

  • Further enhancement of the country's reputation for world leading investment in sustainable farming and nature-based carbon credit generation with a commitment to community and local benefits stemming from large nature-based mangrove projects.
  • The introduction and application of cutting edge technology, Tree Counter™ , a pool of proprietary machine learning tools developed in partnership with the University of Copenhagen to count every individual tree on projects and measure every kilogram of carbon sequestered.
  • Supporting the execution, quality, and traceability of the Company's operations through."
Highlights
  • Klimat X continues to work on data gathering and analysis for mangrove protection and restoration activities in both Coronie and Commeweijne Districts covering 30,000+ hectares.
  • Following 6 months of fieldwork, the Company aims to submit two draft Project Design Documents for pipeline listing with Verra by Q4 2023.
  • All Company activities will be supported by Tree Counter using ground-breaking remote sensing and AI enhanced data processing from the University of Copenhagen to monitor every tree planted and protected in Suriname.
  • Through Klimat X subsidiary, Pomeroon Suriname N.V. the Company launches sustainable agriculture operations in Suriname and formally opens its farm.
  • The Company has commenced both coconut seedling nursery setup and tree planting on a 3,000-acre farm site in the Coronie District. ('Coronie')
Background

On 30 September 2022 , the Company entered a Memorandum of Understanding ('MOU') with the Government to pursue two country-wide initiatives:

  • The development of mixed agro-forestry and carbon offset projects to be planted with coconut and hardwood trees in an environmentally friendly manner. More recently, a 3,000-acre site for long term company utilisation has been confirmed.
  • The restoration and rehabilitation of mangroves along the coastline of Suriname with their key existing partner and global expert in blue carbon– Silvestrum Climate Associates – KlimatX has deployed several field teams to Suriname throughout 2023.

  • On 21 December 2022 the parties entered into two binding co-operation agreements further detailing the terms of the proposed activities and investment in each area
  • This enabled the Company to commence investment in early 2023 and over USD500K has already been invested including on soil and ground analysis and testing, mapping, data gathering and establishment of a local office and team.
  • On April 24, 2023 the company announced it had signed a binding agreement with the national government of Suriname to develop mangrove carbon credit and agroforestry projects. The Company has built a presence in Suriname and has been actively conducting fieldwork to establish project size and feasibility.
  • Beyond job generation and employment, the Company expects to invest in, and undertake projects and initiatives in areas including education, climate smart agriculture and female empowerment and has a proven track record in doing so.
About Pomeroon

The Pomeroon group of companies were formed in 2017 with an initial focus on sustainable agriculture and coconut farming in Guyana . Since inception they have been mission driven, for profit corporations focussed on climate smart agriculture and more recently on nature-based carbon projects. They are controlled subsidiaries of KlimatX.

About Carbon Done Right and Tree Counter™

The Carbon Done Right methodology and technology company Tree Counter can provide analysis-ready data and results maps and statistics. Metrics can be at plot level, stand level, ecosystem level or at a national or continental scale. For Governments or developers. They have a world leading AI dataset that provides unprecedented insights into forest change and carbon capture at the individual tree level, with advanced deep learning models. Tree Counter is a nature monitoring technology intended to revolutionize the monitoring, reporting, and verifying of nature with expertise. The company's cutting-edge analytics platform covers all nature-based solutions, including forestry, regenerative agriculture, rice methane, grassland management, and blue carbon. Providing small holder carbon project developers and natural capital investors, and governments with real-time verification of co-benefits and monitoring of potential leakage, double counting, permanence, and additionality of environmental interventions.

About Klimat X

Klimat X is an owner and operator of nature-based carbon assets that serves the growing demand for carbon credits from companies seeking to meet their Net Zero goals. The Company achieves this by investing in the exploration, restoration and management of terrestrial and marine systems that can either be protected to enhance the sequestration of greenhouse gases or restored from a degraded status to fully productive ecosystems. The Company's dedication to environmental stewardship and its robust pipeline of carbon credit projects makes it a trusted partner to the largest buyers of carbon credits in the world, in the fight against climate change. Klimat X deploys capital at risk under various arrangements (including cooperation, assignment, and production sharing agreements) with government engagement in various suitable jurisdictions around the world.

ON BEHALF OF THE BOARD OF DIRECTORS
"James Tansey"
James Tansey
Chief Executive Officer

Cautionary Note Regarding Forward Looking Statements

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements and forward-looking information (collectively " forward looking statements ") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "intends" "expects" and similar expressions which are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the Offering and the ongoing business of the Company. Klimat X cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions, and expectations, many of which are beyond the control of Klimat X including expectations and assumptions concerning the Company and the need for additional capital by the Company through financings, and the risk that such funds may not be raised. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Klimat X. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and Klimat X does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

SOURCE Klimat X Developments Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2023/27/c5190.html

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Lake Resources NL  Successful Completion of Lithium Carbonate Test Program

Lake Resources NL Successful Completion of Lithium Carbonate Test Program

Sydney, Australia (ABN Newswire) - Lake Resources (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) announces the successful completion of the Saltworks Technologies lithium carbonate test program to produce battery grade lithium carbonate from Lilac DLE lithium chloride eluate. Lake delivered 120,000 litres of concentrated lithium chloride eluate to Saltworks Technologies in Richmond, BC for this carbonate production test work. The eluate was produced from the Kachi Lilac DLE Demonstration plant in Catamarca Province, Argentina.

"Most DLE lithium carbonate announcements are based on a few kilograms of carbonate produced on a lab bench scale unit; we've produced more lithium carbonate than most DLE projects under development. This gives us great confidence in our process," Lake CEO David Dickson said.

The DLE Demo Plant continues to operate in Catamarca having now produced over 150,000 litres of eluate and processed over 3 million litres of Kachi brine. The demonstration plant is expected to produce over 200,000 litres of eluate and process close to 4 million litres of Kachi brine from multiple wells before it is shut down in October.

"The extraction technology is now proven, and we are concentrating on designing well-structured project schedules for a facility with a target design life of 25 years at Kachi."

Mr. Dickson said Lake remained on track for completion of a bankable Definitive Feasibility Study in December, as previously announced.

He said Saltworks had demonstrated the Kachi commercial flowsheet unit operations in the processing of the 120,000 the litres of eluate solution:

- Reverse Osmosis
- Impurity removal (Ca, Mg)
- Evaporation
- Ion Exchange (Ca, Mg, B)
- Lithium Carbonate precipitation
- Centrifuge and Washing

Mr Dickson said these results, along with the recent successful extraction and injection testing, showed that the DLE process at Kachi was being paired with high-yield, production-scale extraction wells.

"Process plant design is underway, we have good optionality with our power supply, and environmental and community consultations are well underway, so we are very happy with the progress."

"We have drilled deeper for better grades and improved our drilling performance by 40 percent this year."

"Grades from recent extraction tests are 20 percent higher than exploration samples and we can expect further JORC updates prior to publishing the Phase 1 DFS results," he said.



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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Nano One Announces Collaboration Agreement with Sumitomo Metal Mining and a C$16.9 Million Strategic Investment

Nano One Announces Collaboration Agreement with Sumitomo Metal Mining and a C$16.9 Million Strategic Investment

TSX:NANO)(OTC:NNOMF)(Frankfurt:LBMB) and Tokyo, Japan (TSE:5713

Highlights:

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Blockmate Ventures to Divest Midpoint Business

Blockmate Ventures to Divest Midpoint Business

Blockmate Ventures Inc (TSX.V: MATE) (FSE: 8MH1) (" Blockmate " or " the Company ") advises that yesterday, September 21, 2023, it entered into a binding agreement to divest its Midpoint foreign exchange business.

The 100% sale of Midpoint to David Wong for a nominal figure will allow Blockmate to focus all of its resources towards the blockchain, battery and clean energy ventures within its portfolio. By divesting Midpoint, Blockmate is expected to reduce its net cash outflows by approximately $500,000 per annum.

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