Avila Energy Corporation is Pleased to Announce the Completion of all Terms of Settlement with MTT and the Issuance of the Licensed Rights for the Manufacturing, Sale, Supply and Servicing of MTT's EnerTwin in Canada and the United States of America

CALGARY, AB / ACCESSWIRE / July 26, 2023 / Avila Energy Corporation ("Avila" or the "Company" or "Avila Energy"), trading symbol (CSE:VIK)(OTC PINK:PTRVF)(FRA:6HG0), is pleased to announce the completion of all terms of settlement with MTT and the Issuance of the Licensed Rights for the Manufacturing, Sale, Supply and Servicing of MTT's EnerTwin in Canada and the United States of America

Avila Energy Corporation is pleased to confirm that all financial obligations have been paid in full to MTT and that as of July 25^th, 2023, Avila's investments to date of € 4,160,000 have resulted in the following:

1. Avila Energy Corporation and MTT confirms that Avila's license, as agreed on June 26, 2023, to manufacture, sell and service the EnerTwin in Canada and the United States of America is now in effect as of July 25, 2023, and has been released from escrow by MTT. The up-front license fee paid being € 1,500,000, or approximately CDN $ 2,205,000.**
2. Avila Energy Corporation is to receive 12,328 (twelve-thousand, three-hundred twenty-eight) non-voting shares of MTT (the "Shares"), at this moment representing 15% of the issued share capital of MTT at a price of € 202.80 per Share, the total investment being € 2,500,000, or approximately CDN $ 3,675,000.** The shares are subject to the provisions that in the event Avila does not sell 5,000 EnerTwin units on or before July 1, 2026, MTT retains the right to repurchase the shares for cancellation at a cost of one (1) Euro.
3. Initiation of CSA and UL Certification at a cost € 135,350.40 and interest expense totaling € 26,649.60

_{**Assumes an exchange rate of 1 Euro = CDN $ 1.47}

"MTT is pleased that the issues between companies now have been fully resolved. In accordance with the License Agreement, MTT looks forward to start working on Phase 2, of the adaptations required to acquire CSA/UL certification for the EnerTwin and to continue to support Avila with the introduction of the EnerTwin to the Canadian and North American markets," said Willy Ahout, CEO of MTT.

"Avila is also pleased to have reached this milestone and looks forward to collaborating with MTT on the technical transfer and ramp up sales in North America," said Leonard B. Van Betuw, President & CEO. "The Company anticipates that it will be commencing the acceptance of orders by late August of 2023, that will be conditional on their application and/or the timing of the CSA/UL certification."