Loop Energy Terminates Amalgamation Agreement and Provides Update on Strategic Review

VANCOUVER, BC - Loop Energy Inc. (TSX:LPEN) announced the termination of its Amalgamation Agreement originally signed with H2 Portable Power Corp. and 1465123 B.C. Limited on February 9, 2024. Consequently, the transaction planned under this agreement will not proceed. Discussions with H2 Portable Power Corp. are still in progress. The company also mentioned its intention to commence a limited marketing process to explore potential sales or strategic partnerships.

However, Loop Energy highlighted that there is no certainty in concluding any sale or strategic transaction or securing additional financing in the near future. The company warned that failure to achieve these objectives might lead them to consider alternatives which could affect its continuity as a going concern. An update from the Board of Directors is expected before the end of May 2024.