Vancouver, British Columbia--(Newsfile Corp. - October 31, 2023) - Penbar Capital Ltd. (TSXV: PEM.P) ("Penbar") announces that further to its press release dated October 4, 2023, the timelines in the non-binding letter of intent dated October 3, 2023 (the "LOI") with Emissions EV Technologies Ltd. ("Emissions EV") have been amended pursuant to an amendment to the LOI dated October 31, 2023 ("Amended LOI"). The LOI outlines the general terms and conditions pursuant to which Penbar and Emissions EV would be willing to complete a transaction (the "Transaction") that will result in a reverse takeover of Penbar by the securityholders of Emissions EV and is intended to constitute the "qualifying transaction" of Penbar under Policy 2.4 - Capital Pool Companies of the TSX Venture Exchange (the "TSXV").

Vancouver, British Columbia--(Newsfile Corp. - October 4, 2023) - Penbar Capital Ltd. (TSXV: PEM.P) ("Penbar") is pleased to announce that it has entered into a non-binding letter of intent dated October 3, 2023 (the "LOI") with Emissions EV Technologies Inc. ("Emissions EV") pursuant to which Penbar proposes to acquire all of the issued and outstanding securities of Emissions EV in exchange for the issuance of securities of Penbar, which will result in Emissions EV becoming a wholly-owned subsidiary of Penbar (the "Transaction"). The Transaction, assuming the completion of the Financing (as defined below), will result in a reverse take-over by Emissions EV where the existing shareholders of Emissions EV will own a majority of the outstanding common shares of Penbar (the "Penbar Shares") and Penbar is anticipated to be renamed, subject to shareholder approval, to a name to be determined by Emissions EV (the "Resulting Issuer"). Upon completion of the Transaction, it is anticipated that the Resulting Issuer will be an industrial issuer focused on the design, manufacturing, and production of cutting-edge electrically powered industrial and commercial vehicles.