CHAR Tech Announces Transition of the Altech Environmental Consulting Team and Assets to Cambium Inc. and Provides Update on North American Equipment Supply Strategy

TORONTO, Nov. 04, 2024 (GLOBE NEWSWIRE) -- CHAR Technologies (“CHAR Tech” or the “Company”), a leader in sustainable energy solutions, is pleased to announce the transition of the Altech Environmental Consulting team and assets to Cambium Inc., a well-established provider of Environmental Consulting & Geotechnical Engineering services across Ontario. This transition aligns with CHAR’s ongoing strategy to focus on its renewable energy initiatives, allowing Altech’s team, projects, clients, and intellectual property to continue seamlessly under Cambium’s respected brand.

This alignment supports CHAR Tech’s 2025 objectives to focus resources to the delivery of their build, own, and operate commercial woody biomass to renewable energy projects. Through this transition, Cambium Inc. will broaden its environmental consulting offerings, ensuring continuity of service for Altech’s clients while enhancing value through Cambium’s expertise and commitment to sustainable community development.

Andrew White, CEO of CHAR Tech, commented on the sale, stating “this transaction focuses our core competencies on our high-value growth projects while positioning Altech and its team of highly skilled professionals to thrive at Cambium, and to ensure that our Altech clients are transitioned to a highly professional firm. I would like to extend my sincere thanks to the entire Altech team for their dedication, hard work, and invaluable contributions over the years. They have built a remarkable legacy, and I am confident they will continue to thrive as part of Cambium.”

Update to Transition to North American Equipment Supply

On July 4^th, 2023, CHAR announced a transition to North American Equipment Supply for future projects, which included the termination of an Exclusive License Agreement between CHAR Biocarbon Inc., (“CHAR Biocarbon,” a wholly-owned subsidiary of the Company) and Actinon Pte. Ltd (“Actinon,” the parent company of Anergy, a Singaporean based supplier of kiln equipment to the Company) dated August 18^th, 2021 (the “Licence Agreement”).  To clarify that announcement, CHAR Biocarbon provided notice to terminate the License Agreement on August 28^th, 2022; however, it was Actinon’s allegation that the notice of termination was only effective 36 months following the date the notice was delivered.

About CHAR Tech

CHAR Tech (TSXV:YES) first-in-kind high temperature pyrolysis (HTP) technology processes unmerchantable wood and organic wastes to simultaneously generate two renewable energy revenue streams, renewable natural gas (RNG) or green hydrogen and a solid biocarbon that is a carbon neutral drop-in replacement for metallurgical steel making coal.

CHAR’s HTP is an ideal waste to energy solution that aligns with the global green energy transition by diverting waste from landfills and generating sustainable clean energy to decarbonize heavy industry.

For further information, please contact:

Website: www.chartechnologies.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this news release.

Forward-Looking Statements

Statements contained in this press release contain “forward-looking information” within the meaning of Canadian securities laws (“forward-looking statements”) about CHAR and its business and operations. The words "may", "would", "will", "intend", "anticipate", "expect" and similar expressions as they relate to CHAR, are intended to identify forward-looking information. Forward-looking statements include, but are not limited to, statements relating to the Offering, the anticipated benefits of, and rationale for, the Offering, statements regarding the intended use of proceeds of the Offering, expectations regarding the offtake agreement, future plans, operations and activities, expectations regarding the scale up of production, the anticipated development of additional project sites on an expedited basis, and other statements that are not historical facts. Such statements reflect CHAR’s current views and ‎intentions with respect to future events, and current information available to CHAR, and are subject to ‎certain risks, uncertainties and assumptions, including, among others, the timing and ability of CHAR to obtain final approval of the Offering from the TSX Venture Exchange and those risk factors discussed or referred to in CHAR’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada, including the Management Discussion & Analysis dated August 28^th, 2024 for the quarter ended June 30^th, 2024, and available under CHAR’s profile on www.sedar.com. Any such forward-looking information is expressly qualified in its ‎entirety by this cautionary statement. Moreover, CHAR does not assume responsibility for the accuracy or ‎completeness of such forward-looking information. The forward-looking information included in this press release ‎is made as of the date of this press release and CHAR undertakes no obligation to publicly update or revise ‎any forward-looking information, other than as required by applicable law.