Calgary, Alberta--(Newsfile Corp. - May 29, 2026) - Next Phase Ventures Ltd. (TSXV: NPV) (formerly Hempalta Corp.) (the "Company") announces that it has filed its interim financial statements, management's discussion and analysis ("MD&A"), and related certifications for the three-month period ended March 31, 2026 on SEDAR+.

Strengthening the Balance Sheet and Financing

As part of the Company's ongoing transition and strategic repositioning, the Company announces that it has entered into an agreement to settle approximately $400,000 of outstanding secured indebtedness owing to the Company's President & CEO, through the issuance of common shares of the Company at a deemed price of $0.02 per common share, subject to TSX Venture Exchange approval.

The Company also intends to complete a non-brokered private placement financing for gross proceeds of up to $500,000 through the issuance of units at a price of $0.02 per unit, subject to TSX Venture Exchange approval. The financing is expected to include a lead order of up to $100,000 from the Company's President & CEO, demonstrating continued alignment with shareholders and confidence in the Company's long-term strategic direction.

The proposed debt conversion and financing are intended to materially strengthen the Company's balance sheet, improve working capital, reduce long-term liabilities, and further align management with shareholders as the Company advances its strategic transition and evaluates future growth opportunities.

Corporate Update

The Company also announces that its common shares are now trading on the TSX Venture Exchange under the new name "Next Phase Ventures Ltd." and trading symbol "NPV", following the previously announced corporate name change from Hempalta Corp.

In addition, the Company is pleased to announce the launch of its new corporate website at www.nextphaseventures.ca. The new website reflects the Company's evolving strategic direction and provides updated information regarding the Company, its public platform, and ongoing initiatives.

Adoption of Semi-Annual Reporting

Further to the recent implementation of Coordinated Blanket Order 51-933 - Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers(the "Blanket Order"), the Company announces that it has adopted semi-annual financial reporting beginning with the interim period ending June 30, 2026.

The Company intends to rely on the exemption permitting eligible venture issuers to transition from quarterly to semi-annual financial reporting. The Company believes this approach will reduce administrative burden and compliance costs while continuing to maintain annual financial reporting, material change reporting, and timely disclosure obligations under applicable securities laws and TSXV policies. This news release is being filed pursuant to the Blanket Order.

Darren Bondar, President & CEO of the Company, stated:

"Over the past several months, we have worked to reposition the Company, preserve our public platform, and establish a stronger foundation for the next stage of development. The proposed debt conversion and financing reflect my continued confidence in the long-term potential of the Company and further align management with shareholders as we move forward.

With trading now underway under the NPV symbol, the launch of our new corporate website, and the completion of our corporate rebranding initiatives, we believe the Company is well positioned to pursue a more focused and disciplined strategy centered around scalable operating businesses, strategic transactions, and long-term shareholder value creation."

About Next Phase Ventures Ltd.

Next Phase Ventures Ltd. is a TSX Venture Exchange-listed company headquartered in Calgary, Alberta, focused on evaluating, developing, and operating businesses across emerging and evolving markets. The Company intends to pursue opportunities that leverage its public markets platform, operational experience, and disciplined approach to strategic growth and diversification.

The Company continues to maintain interests in its existing operating subsidiaries, including Hempalta Processing and Hemp Carbon Standard ("HCS"), a nature-based carbon solutions platform supporting the development of high-integrity carbon credit programs utilizing industrial hemp and digital measurement, reporting, and verification frameworks aligned with ISO 14064-2 standards.

For more information, visit:
www.nextphaseventures.ca
www.hempalta.com
www.hempcarbonstandard.org
www.trustedcarbon.org

Forward-Looking Statements

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the proposed debt settlement and private placement, the Company's strategic direction, future business opportunities, the anticipated benefits of semi-annual reporting, future growth initiatives, and the Company's ability to create long-term shareholder value.

Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including assumptions regarding regulatory approvals, financing availability, market conditions, and the Company's future strategic initiatives and business plans.

Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, risks relating to capital markets conditions, financing risks, strategic transaction risks, changing business and economic conditions, regulatory developments, and the Company's ability to successfully evaluate and execute future opportunities.

Readers are cautioned not to place undue reliance on forward-looking information. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.

Neither the 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 press release.

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