ReGen III Update

Source: www.gulfoilandgas.com 4/4/2023, Location: North America

ReGen III Corp. is providing the following update.

After the successful completion of offtake product testing in late 2020, ReGen III ratified a Sales, Purchase & Marketing Agreement ("SPA") in May 2021 with BP Products North America Inc. ("BPPNA"), a distillates trading and origination division of BP PLC. Subsequent amendments to the SPA required ReGen III to secure financing for its Texas recycling facility by March 31, 2023.

After the close of trading on April 3, 2023, and in spite of the recent advancements being made on project financing with Export Development Canada, National Bank Financial and Raymond James Financial, ReGen III was notified that due to BPPNA's internal procedures and the Company not closing project financing by March 31, 2023, the SPA has been terminated.

ReGen III would like to thank the teams at BPPNA for the time, faith and technical support they spent on the Company's project over the past three-and-one-half years.

The Company's patented and disruptive processing technology remains a differentiated offering to capture global demand for Group III base oils. The Company continues to pursue financing options for its US Gulf Coast recycling facility while exploring other market opportunities where it can apply its patented technology. The dissolution of this agreement allows the Company to evaluate alternative opportunities and relationships that have surfaced over the past twenty-four months.

Group III base oils are in high demand globally while onshore North American production of Group III base oils will remain in structural short supply for the foreseeable future. Geopolitical developments have led to governments focusing on security of commodity supply and looking to increase domestic production. ReGen III's Group III base oil has successfully passed rigorous testing by Afton Chemicals, Castrol, several majors, super-majors and global blenders. Our re-refined products meet or exceed American Petroleum Institute standards.

ReGen III management has established and cultivated relationships with these majors, super-majors and global blenders regarding geographically diverse, varying volume & product specifications and varying contract durations over the past four years. The Company's management continues to have active discussions with these potential offtake buyers and blenders, who have historically and are continuing to actively propose business relationships and will update them about the availability of ReGen III's lower carbon, sustainable, Group II+ and Group III base oils.

ReGen III's management has discussed the SPA development with the Company's financial advisors at National Bank Financial and Raymond James. Both teams remain supportive of ReGen III and are continuing to advance their respective financing processes.


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