H2O Innovation Receives Interim Order and Files Management Information Circular in Connection with Special Meeting of Shareholders

(TSX: HEO) – H₂O Innovation Inc. (“H₂O Innovation” or the “Corporation”) announces that the Superior Court of Québec (the “Court”) issued on October 27, 2023 an interim order (the “Interim Order”) in connection with the previously announced acquisition by Ember SPV I Purchaser Inc. (the “Purchaser”), an entity controlled by funds managed by Ember Infrastructure Management, LP, a New York-based private equity firm, of all of the issued and outstanding common shares in the capital of H₂O Innovation (the “Shares”), other than the Shares to be rolled over by Investissement Québec, Caisse de dépôt et placement du Québec and certain key executives of the Corporation (collectively, the “Rollover Shareholders”), for $4.25 in cash per Share, pursuant to a statutory plan of arrangement (the “Arrangement”) under the Canada Business Corporations Act. Among other things, the Interim Order authorizes the Corporation to call, hold and conduct a special meeting (the “Meeting”) of holders (the “Shareholders”) of Shares to consider the Arrangement.

The Management Information Circular (the “Circular”) and related materials for the Meeting are available under the Corporation’s profile on SEDAR+ at www.sedarplus.ca and on H₂O Innovation’s website at www.h2oinnovation.com. H₂O Innovation expects to begin the distribution and mailing of the Circular and related materials to Shareholders in the coming days.

The Meeting will be held on November 28, 2023 at 10:00 a.m. (Montréal time) in virtual only format via live audio webcast online at https://web.lumiagm.com/460305072; password: innovation2023 (case sensitive). Shareholders of record on October 24, 2023 will be entitled to receive notice of, and to vote at, the Meeting. Shareholders and their duly appointed proxyholders will be able to attend, ask questions and vote at the Meeting online following the instructions contained in the Circular. Shareholders will have an equal opportunity to attend the Meeting online regardless of their geographic location. The Circular, which Shareholders are expected to receive in the coming days, provides information on, among other things, the Arrangement and voting procedures.