CHAR Tech Announces RSU and Options Grant

TORONTO, April 19, 2024 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. (“CHAR” or the “Company”) (TSXV:YES) a recognized leader in sustainable bioenergy solutions, announces that the Board of Directors has approved the grant of 1,116,159 stock options to employees, consultants, directors and officers of CHAR, which are exercisable into common shares of CHAR at a price of $0.42 per common share and expire on April 15^th, 2029. Of the grant, 312,500 options vest immediately, and the remaining 803,659 vest with time and performance milestones over the next 48 months. CHAR also announces that its Board of Directors has approved the grant of 968,933 Restricted Stock Units (“RSUs”) to employees, consultants and officers of CHAR. Of the grant, 174,020 RSUs vest after one year from the date of issue, and the remaining 794,913 vest with time and performance milestones over the next 48 months. The foregoing grants are subject to the Company’s Amended and Restated Omnibus Long-Term Incentive Plan and approval of the TSX Venture Exchange.

About CHAR Technologies Ltd.

CHAR Technologies Ltd. (TSXV:YES) first-in-kind high temperature pyrolysis (HTP) technology processes unmerchantable wood and organic wastes to simultaneously generate two renewable energy revenue streams, renewable natural gas (RNG) or green hydrogen and a solid biocoal that is a carbon neutral drop-in replacement for metallurgical steel making coal.

CHAR’s HTP is an ideal waste to energy solution that aligns with the global green energy transition by diverting waste from landfills and generating sustainable clean energy to decarbonize heavy industry.

For further information, please contact:

Website: www.chartechnologies.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this news release.

Forward-Looking Statements

Statements contained in this press release contain “forward-looking information” within the meaning of Canadian securities laws (“forward-looking statements”) about CHAR and its business and operations. The words "may", "would", "will", "intend", "anticipate", "expect" and similar expressions as they relate to CHAR, are intended to identify forward-looking information. Forward-looking statements include, but are not limited to, statements relating to the Offering, the anticipated benefits of, and rationale for, the Offering, statements regarding the intended use of proceeds of the Offering, expectations regarding the offtake agreement, future plans, operations and activities, expectations regarding the scale up of production, the anticipated development of additional project sites on an expedited basis, and other statements that are not historical facts. Such statements reflect CHAR’s current views and ‎intentions with respect to future events, and current information available to CHAR, and are subject to ‎certain risks, uncertainties and assumptions, including, among others, the timing and ability of CHAR to obtain final approval of the Offering from the TSX Venture Exchange and those risk factors discussed or referred to in CHAR’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada, including the Management Discussion & Analysis dated February 27th, 2024 for the quarter ended December 31, 2023, and available under CHAR’s profile on www.sedarplus.ca. Any such forward-looking information is expressly qualified in its ‎entirety by this cautionary statement. Moreover, CHAR does not assume responsibility for the accuracy or ‎completeness of such forward-looking information. The forward-looking information included in this press release ‎is made as of the date of this press release and CHAR undertakes no obligation to publicly update or revise ‎any forward-looking information, other than as required by applicable law.