SOLARVEST ANNOUNCES WITHDRAWAL OF SHAREHOLDER REQUISITION AND DIRECTOR CHANGES

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TSX-V: SVS

VANCOUVER, BC, Oct. 18, 2023 /CNW/ - Solarvest BioEnergy Inc. (TSXV: SVS) ("Solarvest" or the "Company") is pleased to announce that it has reached an amicable settlement with the shareholders of the Company (the "Concerned Shareholders") that had sent a shareholder requisition (the "Requisition") to the Company on July 24, 2023. Accordingly, the Concerned Shareholders have withdrawn their requisition for a Special Meeting of Shareholders, as announced by the Concerned Shareholders in a press release dated August 3, 2023.

As part of the Amicable Settlement:

• the Concerned Shareholders have withdrawn their requisition for a Special Meeting of Shareholders, as announced by the Concerned Shareholders in a press release dated August 3, 2023;
• Garth Greenham, Michael Farley and Eugenio-Noel Cuesta have been appointed to the board of directors of the Company effective immediately to fill the vacancies left by Claes Ellegaard, who will remain as CEO, Gregory Drohan, and Donal Carroll who have agreed to resign as directors of the Company;
• the Concerned Shareholders have arranged a $100,000 bridge loan for the Company; and
• the Company has agreed to pay or reimburse all fees and expenses incurred by the Concerned Shareholders.

Garth Greenham

Mr. Greenham, is the former executive of the Company and a corporate director with an extensive record with both privately-held and publicly-traded health care companies. He served as President of the global aquaculture division of Novartis Inc. He started his career with Johnson & Johnson (J&J) where he served 15 years mostly with McNeil Pharmaceutical in numerous management positions in Operations and Contract & Export Sales. He joined Cobequid Life Sciences Inc. (KQR) and served as Director of Sales, Marketing & Operations for nine years and helped grow the company to global leader in the field of aquaculture animal vaccines. He was COO of Solarvest until April 2023.

Eugenio-Noel Cuesta

Mr. Cuesta holds an M. Sc. In Mechanical Engineering, with postgraduate studies in Mechanical Vibration and Nuclear Engineering. He has been responsible for new product testing and implementation for Hydro-Québec's Testing and Commissioning Group. He also worked as a physicist at their Reactor Physics Group at the Gentilly-2 Nuclear Power Plant from 2006 to 2014. Prior to working at Hydro-Québec, he was a Professor of Mechanical Engineering at Simon Bolivar University in Caracas, Venezuela.

Michael Farley

Mr. Farley is an entrepreneur and corporate, business advisor to health and wellness companies in international markets. Dr. Farley was involved in dozens of financial, market entry and M&A transactions since the early 2000s. He is also partnered with a corporate advisory firm Switzerland offering IR services to NA life science small caps in Europe. In the 1990s Michael managed technology and investment programs at the Canadian Foreign Affairs Department. He holds a PhD in the Philosophy of Science from the Université de Montréal.

About Solarvest

Solarvest BioEnergy Inc. is an algae biologics company whose production platform provides it with an extremely flexible system capable of producing numerous products from Omega 3 fatty acids to human therapeutic proteins.

Forward-Looking Statements

This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

Neither the TSX-V nor its regulation services provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE Solarvest BioEnergy Inc.