Solarvest BioEnergy Inc.

Vancouver, B.C. – TheNewswire - November 3, 2022 – Solarvest BioEnergy Inc. (“Solarvest”, or the “Company”) (TSXV:SVS), (“Solarvest” or the “Company”) is pleased to announce that at the Annual and Special Meeting of shareholders held on October 25, 2022 (the “Meeting”), Solarvest shareholders approved the re-appointment of Arsenault Best Cameron Ellis, Chartered Professional Accountants as auditors and re-elected the existing board of directors. Disinterested shareholders also overwhelmingly approved the 2022 Stock Option Plan and ratified the re-pricing of stock options previously granted to insiders of the Company. After the Meeting, the board of directors appointed Claes Ellegaard, current CEO of the Company, as an additional director to increase the total number of directors to four.


The Company is also very pleased to announce that, in connection with its Collaborative Research and Development Agreement with FSD Pharma Inc., it has appointed Mr. Donal Carroll to the board as a director.


Mr. Carroll is an experienced business executive having 20 years of corporate finance leadership and public company experience, as well as deep expertise in syndicate investing both in equity and debt securities. He is currently a director and Chief Financial Officer of FSD Pharma Inc., Solarvest’s strategic partner. With a balance of prudent financing practices and business insights, Mr. Carroll has successfully guided companies through expansion and growth. Mr. Carroll was previously with Danaher, Alberto Culver (now Unilever (NYSE:UL) and Cardinal Meats, where he was instrumental in major restructuring activities, mergers and acquisitions and the implementations of new internal controls and ERP systems resulting in significant efficiencies through periods of substantial change and strong company growth. Since September 15, 2017, Mr. Carroll has been a Director of Bird River Resources Inc. He holds a CPA-CMA designation as well as a Bachelor of Commerce degree from University College Dublin.


The Company also wishes to announce that, concurrent with the appointment of Mr. Carroll, Gerri Greenham, founder and long-time director and officer, has resigned from the board due to personal reasons.


“Mr. Greenham has served on the Company’s board since 2005. On behalf of the Board, we thank Mr. Greenham for his contributions over the last 17 years and wish him all the best in the future,” said Dr. William Cheliak, Chair of the board of directors.


The following are now members of the board of directors of the Company: William Cheliak (Chair), Gregory Drohan, Claes Ellegaard and Donal Carroll.

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. The company has successfully demonstrated the expression of BMP, a high value therapeutic protein, viral antigens (immune stimulating proteins), and Cecropins (antimicrobial peptide/protein). The company has initiated a program for the expression of CBD and THC to be produced in GMP fermentation facilities.

For further information contact:

Claes Ellegaard, CEO

Email: invest@solarvest.ca

Phone: (647) 204-4095

Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the terms of the Offering, the completion of the Offering and the expected use of the net proceeds received by the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.

Neither the 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 press release.

None of the securities of Solarvest have been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or “U.S. persons” (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.


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