Nexera Provides Update on Delayed Filing of Annual Financial Statements and MD&A and Management Cease Trade Order

CALBARY, AB and SAN ANTONIO, TX / ACCESSWIRE / May 25, 2022 / Nexera Energy Inc. (TSX Venture:NGY, OTCPINK:EMBYF) (the "Corporation", the "Company" or "Nexera") is providing a bi-weekly default status report (the "Default Status Report") in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").

On April 25, 2022, the Company announced (the "Default Announcement") that, for the reasons disclosed in the Default Announcement, the filing of its annual financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the period ended December 31, 2021 (the "Annual Filings") would not be completed by the prescribed filing deadline.

As a result of these delays and as further disclosed in the Company's press release dated April 25, 2022, the Company proactively applied to its principal regulator, the Alberta Securities Commission ("ASC"), for a management cease trade order ("MCTO") in regards to these Annual Filings, and the ASC granted the MCTO to the Company. The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company until such time as the Annual Filings have been filed by the Company. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.

The Company's board of directors and its management confirms that they are working expeditiously to meet the Company's filing obligations and expect to file the Annual Filings on or before May 30, 2022.

As required by the alternative information guidelines specified by NP 12-203, the Company reports that since the Default Announcement and any subsequent press release disclosure there have not been any changes to the information set out in the Default Announcement that would reasonably be expected to be material to an investor nor any failure by the Company to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Annual Filings. Further, there is no additional material information concerning the affairs of the Company that has not been generally disclosed and there are no insolvency proceedings against the Company as of the date of this Default Status Report.