Solar Alliance to focus on continued U.S. growth, terminates Canadian acquisition LOI

TORONTO and KNOXVILLE, Tenn., Oct. 13, 2023 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (?Solar Alliance' or the ?Company') (TSX-V: SOLR), a leading solar energy solutions provider focused on the commercial and utility solar sectors, announces that the non-binding letter of intent entered into on May 16, 2023, to acquire an Alberta, Canada-based commercial solar company has been terminated in accordance with its terms.

"We have decided to focus our corporate and operational efforts in the United States" said CEO Myke Clark. "The political and market uncertainty in Alberta, combined with excessively dilutive acquisition terms due to capital markets volatility, has reaffirmed our commitment to the U.S. solar market. Our team continues to reduce costs, increase revenues and increase margins as we experience growth in the U.S. commercial solar market. As a result, we have the flexibility to wait for more favourable market conditions and acquisition opportunities as we continue to experience strong organic growth."

Solar Alliance continues to source and assess acquisition opportunities that meet the Company's criteria of profitability, market opportunity and strong management teams.

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 Company currently owns two operating solar projects in New York and actively pursuing opportunities to grow its ownership pipeline. 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; the ability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the construction sector, capital market conditions, restriction on labour and international travel and supply chains; 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."