Hillcrest Energy Technologies Announces AGM Results and Provides Shareholder Update

• Current seven-member Board of Directors re-elected.
• David Farrell elected new board chair.
• Hillcrest has ceased oil and gas operations, completing the Company’s planned exit from the fossil-fuel business.
  

VANCOUVER, British Columbia, June 30, 2022 (GLOBE NEWSWIRE) -- Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FRA: 7HIA.F) (“Hillcrest” or the “Company”), a clean tech innovation company developing transformative power conversion technologies and control-system solutions for next-generation electrical systems, is pleased to announce the results of voting at its Annual General Meeting held Wednesday, June 29, 2022.

Shareholders overwhelmingly voted in favour of all items put forward by the Board of Directors (“the Board”) and Management. Hillcrest’s current seven (7) member Board, consisting of David Farrell, Donald J. Currie, Michael Moskowitz, Kylie Dickson, Mike Krzus, Robert Lambert and Thomas G. Milne, have all been re-elected.

Shareholders also voted in favour of: (i) receiving and considering the consolidated audited financial statements of the Company for the financial year ended December 31, 2021; (ii) setting the number of Directors at seven; (iii) electing Directors for the ensuing year as noted above; (iv) appointing DeVisser Gray LLP, Chartered Professional Accountants as auditor of the Company.

Election of New Board Chair

Upon conclusion of this year’s Annual General Meeting, Michael Krzus stepped down as Executive Chair of Hillcrest and the Board elected David Farrell to serve as the incoming Chair. Mr. Krzus has redomiciled to Perth, Australia, and believes the person holding the Chair position should be located closer to the Company, in a more accessible time zone. As stated above, Mr. Krzus remains a member of the Board and will provide management consulting services to the Company going forward.

Mr. Farrell, who has served on the Hillcrest Board for the past year, offers more than 25 years of corporate and investment banking experience. “Throughout Mr. Farrell’s career, he has worked with several global junior and mid-tier companies through major growth trajectories. As the new Board Chair, Dave will be well-positioned to help steer Hillcrest into our maturation as a clean energy technology company,” stated Don Currie, Hillcrest CEO.