ACT ENERGY TECHNOLOGIES ANNOUNCES TSX APPROVAL FOR RENEWAL OF NORMAL COURSE ISSUER BID

CALGARY, AB, July 25, 2024 /CNW/ - July 25, 2024 – ACT Energy Technologies Ltd. (TSX: ACT) ("ACT", the "Company", "we", "us" or "our") is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted and provided approval for ACT's notice of intention to renew our normal course issuer bid ("NCIB"). Except where stated otherwise, all common share figures herein reflect the Company's share consolidation, which was effective July 3, 2024, on the basis of one (1) post-consolidation common share for every seven (7) pre-consolidation common shares (the "Share Consolidation").

The NCIB allows ACT to purchase up to 1,902,008 common shares (representing 10% of the Company's public float, as defined by the TSX, as of July 15, 2024) over a period of 12 months commencing on July 29, 2024. On July 15, 2024, ACT had 34,769,058 common shares issued and outstanding and 19,020,083 common shares in our public float. This normal course issuer bid will expire no later than July 28, 2025.

Under the NCIB, common shares may be purchased through the facilities of the TSX, or through other alternative Canadian trading systems. The price the Company will pay for any common shares acquired under the NCIB will be the market price at the time of acquisition, and the common shares acquired will be cancelled. The actual number of common shares purchased under the NCIB, the timing of purchases and the price at which the common shares are purchased will depend on management discretion based on factors such as market conditions.

The average daily trading volume ("ADTV") of the Company's common shares on the TSX over the six months ending June 30, 2024, was 44,549 common shares. Under TSX rules, ACT is entitled to purchase up to the greater of: 25% of the ADTV of the respective class of shares; or 1,000 shares on any trading day; or a larger amount of shares per calendar week, subject to the maximum number that may be acquired under the NCIB, if the transaction meets the block purchase exception under TSX rules. Accordingly, unless a block purchase meeting the block purchase exception under TSX rules is made, the Company is entitled to purchase up to 11,137 common shares on any trading day.

In connection with the NCIB, the Company has established an automatic securities purchase plan ("the Plan") for the Common Shares. The Plan was established to provide standard instructions regarding how the Common Shares are to be repurchased under the NCIB. Accordingly, the Company or its broker may repurchase its securities under the NCIB on any trading day during the NCIB except during regulatory restrictions or self-imposed trading blackout periods. The Plan will commence on July 29, 2024 and terminate on July 28, 2025. The Company may otherwise vary, suspend or terminate the Plan only if it does not have material non-public information and the decision to vary, suspend or terminate the Plan is not taken during a self-imposed trading blackout period. The Plan constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been reviewed by the TSX.

The Board of Directors and senior management of the Company are of the opinion that from time to time the purchase of its Common Shares at the prevailing market price is in the best interest of the Company and its shareholders. By making such repurchases, the number of Common Shares in circulation will be reduced and the proportionate interest of remaining shareholders of the Company in the share capital of the Company will be increased on pro rata basis.

The Company was permitted to repurchase up to 12,160,008 pre-consolidation common shares under its prior NCIB that ran from July 16, 2023 to July 17, 2024. As at July 15, 2024, ACT had repurchased an aggregate of 6,766,600 pre-consolidation common shares (equivalent to 966,657 post-consolidation common shares) under our expired NCIB on the open market at a volume weighted average price per common share of approximately $0.87 per common share (approximately $6.09 when adjusted to reflect the Share Consolidation).

ABOUT ACT ENERGY TECHNOLOGIES

ACT Energy Technologies Ltd., based in Calgary, Alberta, Canada, is incorporated under the Business Corporations Act (Alberta). We operate in Canada and in the United States as "Altitude Energy Partners", and in the U.S. under "Discovery Downhole Services" and "Rime Downhole Technologies". ACT's common shares are publicly-traded on the Toronto Stock Exchange under the symbol "ACX". ACT is a trusted partner to North American energy companies requiring high performance directional drilling services and related downhole technologies. We work in partnership with our customers to tailor our equipment and expertise to meet their specific geographical and technical needs. Our experience, technologies and responsive personnel enable our customers to achieve higher efficiencies and lower project costs. For more information, visit www.actenergy.com. 

FORWARD-LOOKING INFORMATION

This news release contains statements and information that may constitute "forward-looking information" within the meaning of applicable securities legislation, including statements identified by the use of words such as "will", "expects", "positions", "believe", "potential" and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking information in this news release includes, but is not limited to, statements regarding ACT's expectations regarding the Company's plans to purchase for cancellation shares under the normal course issuer bid. Such forward-looking information is based on various assumptions that may prove to be incorrect, including, but not limited to, assumptions with respect to: regulatory approval, market and economic conditions, and availability of sellers. Although the Company believes that such assumptions are reasonable, the Company can give no assurance that such forward-looking statements will prove to be correct or that any of the events anticipated by such forward-looking statements will occur, or if any of them do so, what benefits the Company will derive there from. Actual results could differ materially due to a number of factors and risks including, but not limited to market and economic conditions, availability of sellers and changes in laws and regulations. Additional information regarding risks and uncertainties of the Company's business are contained under the heading "Risk Factors" in the Company's annual information form for the financial year ended December 31, 2023 and the Company's other public filings which are available under the Company's profile on SEDAR+ at www.sedarplus.ca. The forward-looking information included in this news release is made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, future events or otherwise, except as required by applicable law.

Requests for further information should be directed to:

Tom Connors, President & Chief Executive Officer
P. Scott MacFarlane, Interim Chief Financial Officer
ACT Energy Technologies Ltd.
6030 3 Street S.E.
Calgary, Alberta T2H 1K2
Telephone: [phone], Fax: [phone]
www.actenergy.com

SOURCE ACT Energy Technologies Ltd.