Loop Energy Announces Termination of Amalgamation Agreement and Status of Strategic Review

VANCOUVER, BC / ACCESSWIRE / May 1, 2024 / Loop Energy™ Inc. ("Loop" or the "Company") (TSX:LPEN) advises that it has terminated the Amalgamation Agreement between Loop, H2 Portable Power Corp. ("H2P") and 1465123 B.C. Limited entered into on February 9, 2024 and that the transaction contemplated therein will not be completed. Discussions with H2P continue and the Company intends to undertake a very limited marketing process however, there can be no assurance that Loop will be able to successfully conclude a sale transaction or strategic combination or obtain additional financing. If the Company is unable to conclude a sale transaction, strategic combination or raise additional funds, it will be required to consider alternatives that may not see Loop continue as a going concern. The Board of Directors of Loop intend to provide an update prior to the end of May.

About Loop Energy Inc.

Loop Energy™ is a leading designer and manufacturer of hydrogen fuel stacks targeted for the electrification of commercial vehicles such as buses and trucks, as well as stationary power applications. Loop Energy's products feature the company's proprietary eFlow^TM technology in the fuel cell stack's bipolar plates. eFlow™ technology enables customers to achieve superior performance and higher fuel efficiency when using Loop Energy's fuel cell stacks, which lowers operating cost for end users while enabling OEMs to achieve lower capital cost and faster time to market. Loop Energy works closely with its partners to enable the production of hydrogen electric solutions. For more information about how Loop Energy is driving towards a zero- emissions future, visit www.loopenergy.com.

Forward Looking Warning

This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations and projections regarding future events. Forward looking information includes our assessment of the ability of the Company's eFlow^TM technology to maintain uniform operation over time, the impact of such technology on fuel cell durability and the achievement of cost reduction, profitability and revenue targets; our future growth prospects and business outlook including without limitation the expected demand for our products, the allocation of resources and funds, the expected timeline for profitability, the planned growth of our customer base and the expected growth of our operations globally. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect to negotiations with third parties, the current and future performance of the Company's products, growth in demand for the Company's products and the Company's ability to execute on its current strategy), and is subject to a number of risks and uncertainties, many of which are beyond the Company's control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward-looking information. Such risks and uncertainties include, but are not limited to, risks associated with, and uncertainty regarding, the realization of costs savings from implementation of the Company's operating cost reduction program and benefits derived therefrom, the realization of electrification of transportation and hydrogen adoption rates, the elimination of diesel fuel and ongoing government support of such hydrocarbon fuels, the expected growth in demand for fuel cells in the commercial transportation market, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology as well as the other risk factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 21, 2024 and in its other disclosure documents. Loop Energy disclaims any obligation to update these forward-looking statements.

Loop Energy Investor and Media Inquiries:

Paul Cataford | [email protected]

SOURCE: Loop Energy Inc.