MARKHAM, ON, Nov. 29, 2022 – Pond Technologies Holdings Inc. (the “Corporation” or “Pond“) (TSXV:POND) (OTCQB:PNDHF) (FSE:400), announces that the unaudited interim condensed consolidated financial statements of the Corporation for the three and nine months ended September 30, 2022 and the related management’s discussion and analysis have been filed and are available for review on the SEDAR website at www.sedar.com or on the Corporation’s website at www.pondtech.com. Q3 Highlights and a brief business update follow below:

1. Biotech Division Successfully Met Commercial Milestone – Pond has successfully met an additional milestone under the previously announced contract with a major Fortune 500 Oil and Gas company, announced on August 10, 2021. For completion of this milestone, the Corporation has received an additional $350,000 payment, equating to a total of $580,000 received to-date from the contract. To achieve this significant milestone, the Corporation extracted recombinant proteins from algae grown by Pond that needed to perform as well or better than conventionally manufactured proteins in a lateral flow diagnostic test. In August, lateral flow tests using Pond-grown recombinant proteins successfully tested for COVID antibodies and were more reactive than conventional proteins. Since the beginning of 2022, Pond has been making weekly deliveries of recombinant proteins to the project consortium for testing. This material has proven that algae-grown recombinant proteins perform as well as conventionally produced proteins in diagnostic tests. Results of these trials were recently published in the scientific journal Nature Scientific Reports and is available here: https://www.nature.com/articles/s41598-022-11053-7. 
   
   
2. Joint Commercialization Project with AB AGRI/ Livalta – The joint commercialization project to produce algae-based animal feed ingredients with AB Agri/Livalta continued to progress. This global partnership with the protein specialists AB AGRI/Livalta and Pond will produce commercial algae-based animal feed ingredients from CO₂ emissions. Effectively, the technology is designed to take CO₂ emissions to produce high value protein. Since the start of the agreement, Pond has received approximately $1,572,000 for initialization and advanced milestone payments and has completed initial engineering work. The advance milestone payments are recorded as deferred contract revenue and moves to revenue when milestones are met. A further approximately $4,000,000 in license and engineering, procurement and construction payments remain to be earned by Pond.
   
   
3. Share Issuance – On September 28, 2022, the Corporation issued a total of 2,006,667 common shares at $0.15/share for aggregate gross proceeds of $301,000 in a non-brokered private placement. There were no warrants issued and this included insider participation of $250,000.

On November 16, 2022, the Corporation issued 3,750,000 common shares at $0.12 for aggregate gross proceeds of $450,000. There were no warrants issued and this included insider participation of $348,000.

Grant Smith, President and CEO of Pond, said: “Our pipeline is full as we continue to see significant demand around the world to deploy our patent protected technology into a variety of industries. In order to capture this demand, our short-term focus consists of two major initiatives. Firstly, we are scaling up our North American demonstration facility at St. Mary’s Cement in order to move prospects through our sales channel with the goal of capturing additional license revenue with prospects in our opportunities pipeline. Furthermore, we are focused and working towards securing longer term commercialization funding as we scale the business and progress on our commercial roadmap. We are making progress on both these initiatives and look forward to updating shareholders when appropriate. I also want to take this opportunity to reiterate the fact our management team and Board of Directors continue to show strong support for the future of Pond with members participating for over $550,000 into our recent private placements. We remain dedicated to enhancing shareholder value over the long term and we look forward to keeping investors apprised of those details as we move through 2023.”

Located in Markham, Ontario, Pond has developed a proprietary system that can profitably transform CO₂ into valuable products. Its Pond Carbon business focuses on absorbing greenhouse gas emissions, transforming these into food, feed, and nutraceutical ingredients. Pond recently added a Biotech division focused on the growth of unique strains of microalgae to be used as a reproductive medium for the expression of human antibodies and proteins.

For more information, please visit https://www.pondtech.com/.

This press release contains forward–looking statements within the meaning of applicable securities laws, including statements regarding strategy, project pipeline and development, commercialization funding, and achieving milestones. Such forward–looking statements are based on certain key expectations and assumptions made by Pond, including, among others, assumptions regarding achieving milestones, negotiating financing arrangements on terms acceptable to Pond, the continued legislative regime in which Pond operates, availability of cost–effective labour and supplies, the proper functioning of Pond’s technology, the demand for Pond’s products, the ability of Pond to successfully compete, cash flow and expenses, and obtaining and maintaining intellectual property protection. Although Pond believes that the expectations and assumptions on which such forward– looking statements are based are reasonable, undue reliance should not be placed thereon and Pond can give no assurance that they will prove to be correct. By their nature, such forward–looking statements are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed, including the risks set forth in Pond’s management’s discussion and analysis of financial condition and results of operations for its year ended December 31, 2021 available on Pond’s profile on the SEDAR website at www.sedar.com.

Readers are cautioned not to place undue reliance on this forward–looking information, which is given as of the date hereof, and to not use such forward–looking information for anything other than its intended purpose. Pond does not undertake any obligation to update publicly or revise any forward–looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Pond Technologies Holdings Inc.

For further information: Grant Smith, Chief Executive Officer, at [email protected], 416-287-3835 ext. 201

Featured Image IstockPhoto @ Galeanu Mihai

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Pond Technologies Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Pond Technologies Inc.’s industry; (b) market opportunity; (c) Pond Technologies Inc.’s business plans and strategies; (d) services that Pond Technologies Inc. intends to offer; (e) Pond Technologies Inc.’s milestone projections and targets; (f) Pond Technologies Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Pond Technologies Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Pond Technologies Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Pond Technologies Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Pond Technologies Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Pond Technologies Inc.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Pond Technologies Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Pond Technologies Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Pond Technologies Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Pond Technologies Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Pond Technologies Inc.’s business operations (e) Pond Technologies Inc. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, Pond Technologies Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Pond Technologies Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Pond Technologies Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Pond Technologies Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Pond Technologies Inc. or such entities and are not necessarily indicative of future performance of Pond Technologies Inc. or such entities.