TIDEWATER RENEWABLES LTD. ANNOUNCES THE SALE OF ITS INTEREST IN THE RIMROCK RENEWABLES NATURAL GAS PARTNERSHIP

CALGARY, AB, Jan. 10, 2025 /CNW/ - Tidewater Renewables Ltd. ("Tidewater Renewables" or the "Corporation") is pleased to announce the successful closing of the sale of its interest, held through a wholly-owned subsidiary, in the Rimrock Renewables Limited Partnership ("RNG Partnership") to Biocirc Canada Holdings Inc. (the "Purchaser"), an affiliate of Biocirc Group ApS, a leading global renewable natural gas developer with extensive expertise in the design, development and construction of biogas projects.

The total purchase price is $7.8 million cash, of which $4.7 million was received on close and a further $3.1 million could be received upon the satisfaction of certain post-closing conditions on or before December 30, 2025.  The cash proceeds will be used to reduce outstanding debt on the Corporation's first lien senior credit facility.

"We are pleased to complete this transaction successfully and remain focused on our core operations at the renewable diesel facility while progressing front-end engineering work for the sustainable aviation fuel project," said Jeremy Baines, CEO of Tidewater Renewables.

Tidewater Renewables has retained its joint venture investment in Rimrock Cattle Company Ltd.

ABOUT TIDEWATER RENEWABLES

Tidewater Renewables is a multi-faceted energy transition company. The Corporation is focused on the production of low carbon fuels, including renewable diesel. The Corporation was created in response to the growing demand for renewable fuels in North America and to capitalize on its potential to efficiently turn a wide variety of renewable feedstocks (such as tallow, used cooking oil, distillers corn oil, soybean oil, canola oil and other biomasses) into low carbon fuels. Tidewater Renewables' objective is to become one of the leading Canadian renewable fuel producers. Additional information relating to Tidewater Renewables is available on SEDAR+ at www.sedarplus.ca and at www.tidewater-renewables.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "intend", "project", "would", "could", "should", "believe" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in the forward-looking statements used herein are reasonable, but no assurance can be given that these expectations will prove to be correct, and such forward-looking statements included in this press release should not be unduly relied on.

In particular, this press release contains forward-looking statements concerning potential future proceeds from the sale, the use of proceeds from the sale and the Corporation's activities, strategies and objectives.

Although the forward-looking statements contained in this press release are based upon assumptions which management of the Corporation believes to be reasonable, the Corporation cannot assure shareholders, investors or other parties that actual results will be consistent with these forward-looking statements. Any forward-looking statements contained in this press release represent expectations as of the date of this press release and are subject to change after such date. However, the Corporation is under no obligation (and the Corporation expressly disclaims any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

In addition, the Corporation is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control. Such risks and uncertainties include the factors discussed under "Risk Factors" in the Corporation's annual information form for the year ended December 31, 2023 and its most recent management's discussion and analysis.

All the forward-looking statements in this press release are qualified by the cautionary statements herein. Further information about factors affecting forward-looking statements and management's assumptions and analysis thereof is available in filings made by the Corporation with Canadian securities commissions available on SEDAR+ at www.sedarplus.ca.

SOURCE Tidewater Renewables Ltd.

For further information: Jeremy Baines, Chief Executive Officer, Tidewater Renewables Ltd., Email: [email protected]; Ian Quartly, Chief Financial Officer, Tidewater Renewables Ltd., Email: [email protected]