Alkemy Announces Management Change

TORONTO, March 3, 2022 /CNW/ - K.B. Recycling Industries Ltd., conducting business as Alkemy (www.alkemy.solutions) ("Alkemy" or the "Company"), an innovative plastics recycling company, is pleased to announce the appointment of Mr. Amichai Krupik as interim Chief Executive Officer of the Company effective March 1, 2022 (the "Effective Date"). Mr. Krupik will succeed Shmulik Porre, who will be resigning for personal reasons on the Effective Date and will assist the Company through this transition.

Mr. Krupik previously served as the Company's Chief Executive Officer between 2017 and May 2020, after which he served as the Company's Founder for Innovation and Technology Development. Mr. Krupik is well versed in the Company's history and will be in charge of leading its future direction pending the appointment of a permanent Chief Executive Officer. Prior to joining the Company, Mr. Krupik served as Chief Executive Officer and director for several public and private companies. Mr. Krupik is a Certified Public Accountant and holds a Bachelor of Arts in Business from the College of Management Academic Studies in Israel and a Master of Laws from Bar-Ilan University in Israel.

Yoav Horowitz, Chairman of the Board of Directors (the "Board") of Alkemy, commented, "On behalf of the Board, I am very pleased to welcome Mr. Krupik as interim Chief Executive Officer of the Company. Mr. Krupik will ably lead the Company through this leadership transition as we continue to focus on our operations and expansion in the European market."

"I would like to thank Mr. Porre for his considerable contribution to Alkemy during his tenure and wish him well in his future endeavors. We are already well advanced in the process of acquiring a Chief Executive Officer who will lead the Company into strong growth in Israel and Europe."

About Alkemy (K.B. Recycling Industries Ltd.)

Alkemy is an environmental technology company based in Israel that has developed a unique plastic recycling process for plastic bags and sheets traditionally not considered economically viable for recycling, and as such, have become one of the largest plastic pollutants in the world. Alkemy employs a dynamic one-step process that does not require separate recycling and production plants. Alkemy's process includes both recycling and finished product manufacturing in a single process called "waste-to-product", allowing Alkemy to reduce the cost of the recycled plastic as raw materials, and increase the profit margin per metric ton.

Forward-Looking Information

This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to anticipated events or results and may include information regarding the Company's financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "budgets", "scheduled", "estimates", "outlook", "forecasts", "projects", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances.

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, risks and uncertainties associated with market conditions and the satisfaction of all applicable regulatory requirements, as well as risks and uncertainties associated with the Company's business and finances in general.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in forward-looking information. The opinions, estimates or assumptions referred to above and the risk factors described in the "Risk Factors" section of Management's Discussion and Analysis dated November 30, 2021 should be considered carefully.

Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes is not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. Forward-looking information contained in this press release represents the Company's expectations as of the date of this press release (or as of the date they are otherwise stated to be made), and are subject to change after such date. The Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

Neither 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.

SOURCE K.B. Recycling Industries Ltd.

Amichai Krupik, K.B. Recycling Industries Ltd., Tel: [phone], Email: [email protected]