CarbonOne Technologies Inc. Commences Trading on the TSX Venture Exchange (TSX VENTURE

CX) - Seite 2

"CarbonOne offers investors a compelling entry point to the advanced materials market, with an experienced team and innovative, disruptive products with applications across a range of industries," said John Proust, Chairman and CEO of CarbonOne. "CarbonOne's disciplined approach to growth has allowed us to identify the best initial products to launch the Company, establish strong industry partnerships, and build a network of supportive shareholders who understand CarbonOne's long-term potential.

"CarbonOne's suite of intellectual property provides the Company with a myriad of opportunities," continued Mr. Proust. "For the last year we have focused our attention on two products - C1Bar and C1Board - that can be rapidly advanced to cash flow and have significant scale potential. Concurrently, our research and development team continues to develop opportunities that could provide an ongoing pipeline of new products.

"We are pleased to have achieved the significant milestone of a public listing, and look forward to announcing additional near-term achievements as we execute our business plan and commence production of C1Bar and C1Board."

The board of directors of the Company now comprises John Proust, Jack Khorchidian, Robert Cross, Gordon Keep, Murray Flanigan, Morris Klid, Patrick Malkassian and Haig S. Bagerdjian. In addition, management of the Company consists of John Proust as Chief Executive Officer and Chairman, Jack Khorchidian as Chief Operating Officer, Danny Lee as Chief Financial Officer, Steve Rohring as Chief Technology Officer, William Hill as VP Production and Engineering, Rhylin Bailie as VP Investor Relations and Communications, and Eileen Au as Corporate Secretary.

About the Transaction

Palo Duro had 32,218,347 shares issued and outstanding prior to closing and completed a share consolidation (on a four to one basis) leaving it with 8,054,606 shares issued and outstanding. Following consolidation and on closing, Palo Duro issued 61,501,788 shares to shareholders of CarbonOne Holdings (one Palo Duro share for each one share of CarbonOne Holdings) and concurrently issued 11,215,033 shares to shareholders of Tapango (1.071 Palo Duro shares for each one share of Tapango). Concurrently with closing of the Transaction, Palo Duro changed its name to CarbonOne Technologies Inc.