Greenlane Renewables Announces Management Changes

VANCOUVER, BC, Aug. 23, 2024 /CNW/ - Greenlane Renewables Inc. ("Greenlane") (TSX: GRN) (FSE: 52G) today announces changes to its senior management team, which are effective immediately. Ian Kane, currently President and Chief Executive Officer ("CEO") has submitted his resignation. Ian has left the role of CEO but will continue as President for approximately three months to assist in the transition of the new roles in the senior management team, after which he will leave the Company. Brad Douville, who has been the Company's Executive Vice Chair, has left that role to re-assume the role of CEO, a position he held from June 2019 through August 2023. Alex Chassels has left his position as Chief Operating Officer ("COO") of the Company and has left the Company. Maura Lendon, who has been Greenlane's Chief Legal Officer, has left that role to assume the role of COO. Ian and Brad will continue as members of the Board of Directors.

"When Ian was hired over a year ago, he was tasked with working with the Board, Brad and the senior team to plot a path towards a sustainable business plan while also giving Brad the bandwidth to pursue unique strategic opportunities and partnerships," said Wade Nesmith, Greenlane's Board Chair. "As previously reported, considerable work has been accomplished in that effort. The Company is focused on its strengths; expanding the successful business of its Italian subsidiary Airdep, pushing forward with its growing upgrader business with key industry leaders in Brazil, working to extend its service offerings and continuing to offer a more focused portfolio of unique standardized products in the North American upgrader market.

"Ian's work over the past year in a dynamic RNG market has been challenging and I want to take this opportunity to thank him for his efforts on our behalf," continued Mr. Nesmith. "We are a much more focused and efficient company than we were a year ago and much of that is due to Ian's vision and leadership. I would also like to thank Alex for his efforts over the past two years as our COO. And I am very pleased to welcome Maura to her new role. I've worked with Maura, in different roles, for over a decade, including as a key executive within Greenlane over the last three years, and I look forward to her work in this critical corporate role."Finally, I am happy to welcome Brad back as CEO. His strategic work over the past 12 months has positioned us well to achieve a sustainable business model in an increasingly challenging market. We look forward to turning the corner to profitability under his leadership."

About Greenlane Renewables
Greenlane is driving change: accelerating the energy transition to a net-zero emissions economy. We are cleaning up two of the largest and most difficult to decarbonize sectors of the global energy system: the natural gas grid and commercial transportation. As a pioneer and leading specialist in biogas upgrading, we have been actively contributing to the decarbonization of our planet for over 35 years. The systems we provide transform biogas generated from organic waste into high-value grid-ready renewable natural gas ("RNG"). Our systems produce clean, low-carbon and carbon-negative RNG from organic waste sources including agriculture (such as dairy and hog manure), water resource recovery facilities, food waste, landfills, and sugar mills. Greenlane is the only biogas upgrading company offering and actively deploying the three main upgrading technologies: waterwash, pressure swing adsorption, and membrane separation, plus proprietary biogas desulfurization technology. Greenlane has delivered over 145 biogas upgrading systems into 19 countries, including some of the largest RNG production facilities in the world, and over 160 biogas desulfurization units. For further information, please visit www.greenlanerenewables.com.

FORWARD LOOKING INFORMATION – This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "will", "is expected", "likely", "plan", "anticipate", "look forward", or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "can", "may" or "will" happen, or that present events will continue. In particular, this news release contains forward looking information relating to Ian Kane continuing as President for approximately three months; that Ian Kane and Brad Douville will continue as board members; and management's expectations that the Company is positioned well to achieve a sustainable business model and turn the corner to profitability. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management's perceptions of future growth and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond the Company's control, could cause actual results to differ materially from the forward-looking information in this press release. Additional risk factors can also be found in the Company's Management Discussion and Analysis, its Annual Information Form and in its base shelf prospectus dated January 4, 2024, all of which have been filed under the Company's SEDAR+ profile at www.sedarplus.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

SOURCE Greenlane Renewables Inc.

For more information please contact: Incite Capital Markets, Darren Seed / Eric Negraeff, Ph: 604.493.2004; Brad Douville, CEO, Greenlane Renewables, Email: [email protected]