Mr. Tom Connors reports

ACT ENERGY TECHNOLOGIES ANNOUNCES EARLY REPAYMENT OF EXCHANGEABLE SUBORDINATED PROMISSORY NOTE

ACT Energy Technologies Ltd. has repaid in full the outstanding exchangeable subordinated promissory note (EP note), issued in connection with its acquisition of Rime Downhole Technologies LLC on July 11, 2023.

ACT repaid the outstanding aggregate principal amount of $20-million (U.S.) of the EP note, plus accrued interest. The early repayment of the EP note was financed using the available $20-million (U.S.) term facility provided by the company's syndicate of lenders. The EP note was cancelled upon repayment.

The EP note was originally issued on July 11, 2023, by CET Flight Holdco Inc., a U.S.-based wholly owned subsidiary of ACT, as part of the consideration in ACT's transaction to acquire Rime. The EP note contained a conversion right for the EP note to be converted into 3.51 million common shares of ACT in certain circumstances. As a result of the early repayment of the EP note, this conversion right is no longer applicable.

The repayment of the EP note resolves its coming maturity and eliminates the potential dilutionary impact of a conversion.

About ACT Energy Technologies Ltd.

ACT Energy Technologies, headquartered in Calgary, Alta., operates in Canada under the brand Altitude Energy Partners and in the United States under the brands Altitude Energy Partners, Discovery Downhole Services, Rime Downhole Technologies and Stryker Directional. ACT's common shares trade on the Toronto Stock Exchange under the symbol ACX. ACT provides high-performance directional drilling services and downhole technologies to North American energy companies, delivering tailored solutions that improve drilling efficiency and reduce project costs.