K.B. Recycling Industries Ltd. (Alkemy) Announces Annual and Special Meeting of Shareholders and Stock Option Grants

TORONTO and BEIT SHEAN, Israel, May 7, 2021 /CNW/ - K.B. Recycling Industries Ltd., conducting business as Alkemy ("Alkemy" or, the "Company") (TSXV: AKMY) (TSXV: AKMY.WT), a leading environmental technology company based in Israel, announced today that its Annual and Special Meeting of shareholders (the "AGM") will be held on July 12, 2021.  As COVID-19 restrictions continue to affect several jurisdictions, the time, format, location and business to be conducted at the AGM will be communicated at a later date.

The Company also announced that, under the Company's Global Equity Incentive Plan, the Board of Directors resolved to grant options to two of its external directors.  Each of the external directors shall be granted 736,516 options to purchase Ordinary Shares at an exercise price of C$0.33 per share, being the Discounted Market Price to the Company's Ordinary Shares closing price on the TSX Venture Exchange on May 6, 2021.  The grant is subject to the ratification at the AGM of their appointment as external directors and their compensation as set forth in the Director Services Agreements entered into between the external directors and the Company. Subject to such ratifications and their continued engagement with the Company, these options shall vest as to 245,506 options on the first anniversary of the date of the shareholders' approval and the remainder of the options will vest in two equal instalments of 245,505 options on each of the second and third anniversaries of such date.

About K.B. Recycling Industries Ltd.

K.B. Recycling Industries Ltd. is an environmental technology company based in Israel, and carries on business under the name "Alkemy". Alkemy has developed a unique plastic recycling process to recycle 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 the Company's future financial outlook and 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. The forward-looking information contained herein includes, but is not limited to, information related to the completion of the Offering and the listing of the securities of the Company on the TSX Venture Exchange.

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 the annual Management's Discussion and Analysis of the Company dated April 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.

Shmuel Porre, Chief Executive Officer, K.B. Recycling Industries Ltd., Tel: [phone], Email: [email protected]; Noah Hershcoviz, Managing Partner, A-Labs Finance & Advisory Ltd., Tel: [phone] (IL) | [phone] (CA), Email: [email protected]