Concerned Shareholder of CF Energy Corp. Seeks Joint Effort with Other Shareholders

TORONTO, Aug. 1, 2023 /CNW/ - Leean International Corp. ("Leean" or "We") owns approximately 9% of the issued and outstanding shares of CF Energy Corp. ("CF Energy" or the "Company"). Excluding persons and entities associated with the Lin family, Leean is the second largest shareholder of the Company.

We have significant concerns about a number of corporate governance issues at CF Energy. We are concerned that the Board has not fulfilled its duties to shareholders and has withheld crucial information from shareholders. Among other things, we are concerned that (i) there has been unlawful voting of certain shares, (ii) the Board has failed to take sufficient steps to enforce a RMB 36 million loan discharge agreement between CF Energy, a subsidiary, and the Estate of Huajun Lin, and (iii) the decision to finance various investments through bank debt secured against the Company's assets is contrary to CF Energy's mandate, has harmed the financial health of the Company, and is not in the best interests of shareholders.

Like other shareholders, Leean has suffered losses on its investment. We believe the declining market value is the result of the Board and management not fulfilling their fiduciary duty to act in the best interest of shareholders.

We have shared our concerns with the Company and urged the Board to investigate the corporate governance issues we have raised. However, our concerns were simply ignored.

Leean will seek compensation for its loss, which is estimated to be in the multiple millions of dollars at this stage. Leean is represented by Groia & Company Professional Corporation.

Except for the historical information contained herein, the matters addressed in these materials are forward-looking statements that involve certain risks and uncertainties. You should be aware that actual results could differ materially from those contained in the forward?looking statements. Leean International Corp. does not assume any obligation to update the forward?looking information.

SOURCE Leean International Corp.