Earthworks Inc.

Earthworks makes loan buy-out agreement payment

Earthworks Industries Inc. (the “Company”), wishes to confirm that it has made a $265,000 payment under the terms of the Loan Buy-Out Agreement (Buy-Out Agreement)with North Bay Corporation  dated March 13, 2023. The Buy-Out Agreement was previously announced in a News release dated March 15, 2023.

The U.S. $265,000 payment was made from proceeds of the Company’s recently completed financing.  The balance of U.S. $2,500,000 payable under the Buy-Out Agreement remains payable by September 30, 2023.

The Company continues to proceed with the development of its integrated waste handling project in Colusa County, California. The project is being developed by the Company’s wholly owned U.S. subsidiary Cortina Integrated Waste Management Inc.

The Company has also granted 250,000 share purchase options to a service provider. The options will be exercisable until July 31, 2025, at $0.20 per share.