Solar Alliance appoints new CFO and creates Advisory Board to support strategic growth initiatives

TORONTO and KNOXVILLE, Tenn., Feb. 23, 2023 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (?Solar Alliance' or the ?Company') (TSX-V: SOLR, OTC: SAENF), a leading solar energy solutions provider focused on the commercial and utility solar sectors, announces the Board of Directors has approved the appointment of Christina Wu as Chief Financial Officer ("CFO") of the Company, effective March 10, 2023. Ms. Wu was previously CFO of the Company from February 2020 to September 2021 and has served as CFO for several publicly listed companies.

The Company also announces that current CFO Rob Roberti will step down from his role and move to a newly constituted Advisory Board position role, which has been created to support strategic growth initiatives moving forward. Mr. Roberti's move is effective March 10, 2023.

"Ms. Wu was a critical member of the Solar Alliance team as we began our transition to large commercial, industrial and utility solar projects," said CEO Myke Clark. "I am pleased to welcome Ms. Wu back to Solar Alliance and look forward to continuing our progress. I would like to thank Mr. Roberti for his contributions and welcome him to our new Advisory Board. This position will provide Mr. Roberti with the flexibility to pursue other interests while also supporting our long-term growth by applying his expertise to focused strategic initiatives."

As announced in the Company's corporate update dated February 15, 2023, Solar Alliance is pursuing opportunities to expand through partnerships, joint ventures or other initiatives. A strategic acquisition that meets the Company's criteria of profitability, strong management team and geographic diversification could provide an accretive opportunity for growth should such an opportunity arise. The Advisory Board will provide strategic advice to the Company as it assesses any potential opportunities. The Company expects to add to the Advisory Board when appropriate candidate(s) are identified.

The Company also announces that, subject to regulatory approval, it has granted an aggregate of 500,000 incentive stock options ("Options") to certain directors and/or officers in accordance with the Company's stock option plan. All such Options have an exercise price of $0.08 per share and a 5-year term.

Myke Clark, CEO

About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Our experienced team of solar professionals reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance's strategy is to build, own and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers. The technical and operational synergies from this combined business model supports sustained growth across the solar project value chain from design, engineering, installation, ownership and operations/maintenance.

Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words "would", "will", "expected" and "estimated" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory, legislative and political competitive developments, technological or operational difficulties, the ability to maintain revenue growth, the ability to execute on the Company's strategies, the ability to complete the Company's current and backlog of solar projects, the ability to grow the Company's market share, the high growth US solar industry, the ability to convert the backlog of projects into revenue, the expected timing of the construction and completion of the 872 KW Tennessee solar project, the targeting of larger customers, potential corporate growth opportunities and the ability to execute on the key objectives in 2023. Consequently, actual results may vary materially from those described in the forward-looking statements.

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