Mr. Raveel Afzaal reports

NEXT HYDROGEN SOLUTIONS INC. ANNOUNCES DELAY IN FILING OF ANNUAL FINANCIAL STATEMENTS

Next Hydrogen Solutions Inc. does not expect to meet the filing date for filing of the following continuous disclosure documents:

• The company's annual audited financial statements for the year ended Dec. 31, 2022, as required by Section 4.2 of National Instrument 51-102, Continuous Disclosure Obligations;
• The company's management discussion and analysis for the year ended Dec. 31, 2022, as required by Section 5.1(2) of NI 51-102.

During the year ended Dec. 31, 2022, the company identified potential errors in management estimate in the measurement of inventories and provisions, and the presentation of the income statement as at and for the year ended Dec. 31, 2021. As such, the company expects to restate previously issued annual financial statements of the company for the year ended Dec. 31, 2021 (the affected period), which has caused a delay in the filing of the documents. The company is now working with its auditor to file the documents, and, if applicable, the restated financial statements and accompanying management's discussion and analysis for the affected period.

"In connection with the appointment of our new auditor, they are taking the appropriate time to ensure our opening balances are presented fairly," said Raveel Afzaal, chief executive officer of Next Hydrogen. "We are working closely with them to ensure the financial statements are accurate and we hope to file the statements very shortly."

The company was advised that its management cease trade order application would not be accepted as the British Columbia Securities Commission was no longer taking applications and the applicable Canadian securities regulatory authorities will proceed with issuing a general cease trade order (CTO) against the company for failure to file the documents within the prescribed time period.

About Next Hydrogen Solutions Inc.

Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen's unique cell design architecture supported by 39 patents enables high-current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors.

We seek Safe Harbor.