Metamaterial Appoints Kenneth L. Rice as CFO and EVP

 Metamaterial Inc. ("Company" or "META") (CSE: MMAT) a developer of high-performance functional materials and nanocomposites, today announced it has appointed Mr. Kenneth L. Rice MBA, JD, LLM, as Chief Financial Officer and Executive Vice President. Mr. Rice brings over 30 years of experience as a public and private company CFO, in-house counsel, operations and corporate development executive in technology and life sciences companies. Mr. Rice has raised over $250 million in public and private debt and equity capital. META would like to thank Mr. Keith Abriel for his valuable contributions as interim CFO since June 1, 2020 and has engaged him as an Advisor to the Company.

"On behalf of META we would like to thank Keith for his contributions in the last six months as interim CFO and looking forward to welcoming him to META's Board of Advisors where he can continue to add value with his capital markets, M&A, and financial expertise," said Ram Ramkumar, Metamaterial's Chairman.

"Following today's announcement and the signing of the Definitive Agreement with Torchlight, META continues the next phase of its growth and is working toward becoming a NASDAQ-listed company. We are pleased to maintain Mr. Abriel's support as an advisor and add a senior executive with Ken's deep financial expertise to strengthen our management team. He will help us to fully realize the value of our technology platform, intellectual property, and growing portfolio of innovative, sustainable products," said George Palikaras, President and CEO.

"Having worked in both technology and life sciences, I am excited to join a platform company like META. I see tremendous potential to create value for all stakeholders as we bring products with breakthrough performance in practical applications to a wide range of end markets," Mr. Rice commented.

Mr. Rice has served as the Chief Operating Officer of Paramount Financial Technologies, Inc. since 2019. Prior to joining Paramount, he served as President and CFO of LikeMinds, Inc., an affiliate of Alseres Pharmaceuticals, Inc. ("Alseres") from 2016 to 2019. From 2005 through 2016, Mr. Rice served as the Executive Vice President, Chief Financial Officer, and In-house Counsel to Alseres. From 2001 through 2005 Mr. Rice served as Executive Vice President, CFO, and In-house Counsel of Aderis Pharmaceuticals. From August 1999 through March 2001 , Mr. Rice served as Vice President and Chief Financial Officer of MacroChem Corporation, a publicly traded drug delivery company. Mr. Rice holds a BSBA and an MBA from Babson College , a Juris Doctor from Suffolk University Law School and an LLM in taxation, specialized in international tax from Boston University Law School.

About Metamaterial Inc.

META is changing the way we use, interact with, and benefit from light and other forms of energy. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. META is an award winning Global Cleantech 100 company with products that support sustainability by doing more with less; they encompass lightweight, sustainable raw materials and processes which consume less energy and offer more performance. META has a growing patent portfolio and is currently developing new materials with diverse applications in concert with companies in the automotive, aerospace, energy, consumer electronics and medical industries. META is headquartered in Halifax, Nova Scotia and has R&D and Sales offices in London, UK and Silicon Valley. For additional information on META, please visit www.metamaterial.com

Forward Looking Information

This release includes forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which may include, but are not limited to, statements with respect to the business strategies, product development operational activities of the Company, the potential continued listing on the NASDAQ and the benefits thereof. Often but not always, forward-looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of the Company, and are based on assumptions and subject to risks and uncertainties. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the parties to close the proposed transaction with Torchlight, the continued listing by the NASDAQ, risks regarding the technology industry, market strategic and operational activities, and management's ability to manage and to operate the business. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events, or otherwise.

The CSE has neither approved nor disapproved the contents of this news release.

SOURCE Metamaterial Inc.

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