Net Zero Renewable Energy Receives Notice of Application to Secure Debt

NIAGARA FALLS, ON / ACCESSWIRE / February 16, 2022 / Net Zero Renewable Energy Inc. (www.nzre.ca) (TSXV:NZRE) ("NZRE" or the "Company"), was issued a Notice of Application from Horizon Re Limited on Friday February 11, 2022 to bring an application in the Ontario Superior Court of Justice on February 24, 2022 to appoint a receiver to sell all the assets of the company to realize on its outstanding debentures.

Horizon Re Limited was issued 2 debentures by the Company. The first debenture has a face value of $3,000,000.00 was issued on March 4, 2015, and matured on March 4, 2018. The second debenture has a face value of $500,000 and was issued July 3, 2015, and matured on July 3, 2017. The aggregate accrued interest on the debentures is approximately $2,700,000.

The Company is in ongoing discussions with Horizon re Limited to find alternatives to proceeding with the application to appoint a receiver and is optimistic a mutually acceptable resolution can be found. The Company will have further updates as our legal team continues to look at such options.

The action currently does not impede the operations of EnerDynamic Building Systems Inc. or Windular Research and Technologies Inc. as these companies are not part of the claim, although the shares of these companies are assets of the Company.

For further information please contact:

John Gamble
Chief Executive Officer
Net Zero Renewable Energy Inc.
Tel: 289-488-1699
Email: [email protected]

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 release.

The statements herein that are not historical facts are forward‐looking statements. Forward-looking information relating to sales of the products (the "Opportunities") involves risk, uncertainties and other factors that could cause actual events, results, performance, prospects, for the Opportunities to differ materially from those expressed or implied by such forward-looking information. Although NZRE believes that the assumptions used in preparing the forward-looking information on the Opportunities outlined in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. NZRE disclaims any intention or obligation to update or revise any forward-looking information, whether a result of new information, future events or otherwise, other than as required by applicable securities laws.

SOURCE: Net Zero Renewable Energy Inc.