Avila Energy Corporation and Insight Acquisition Corp. announce they Have Mutually Agreed to Terminate their Business Combination Agreement

CALGARY, AB and NEW YORK, NY / ACCESSWIRE / August 11, 2023 / Avila Energy Corporation (CSE:VIK)(OTCM:PTRVF)(FRA:6HG0), and Insight Acquisition Corp. (NASDAQ:INAQ) announced today that on August 10, 2023, they mutually agreed to terminate, effective immediately, their previously announced Business Combination Agreement by and among Insight Acquisition Corp. ("Insight Acquisition"), Avila Amalco Sub Inc. and Avila Energy Corporation ("Avila"), dated as of April 3, 2023 (the "BC Agreement"). As part of the termination of the BC Agreement, Avila has agreed to pay Insight US$300,000 as partial reimbursement of its costs relating to the Insight Acquisition prior to April 1, 2024.

"Due primarily to the changes that have occurred in the SPAC market and the difficulties in arranging financing, Avila and Insight have determined that now is not the right time for Avila to list on NASDAQ. We look forward to continuing our business relationship with Insight's management team," said Leonard B. Van Betuw, the CEO of Avila.

"While Insight has agreed to terminate the BC Agreement with Avila, the Insight management team intends to maintain its professional relationship with Avila and monitor their progress," said Michael Singer, Executive Chairman of Insight Acquisition.

About Avila Energy Corporation

Avila is an emerging CSE listed corporation trading under the symbol (‘VIK'), and in combination with an expanding portfolio of 100% Owned and Operated oil and natural gas production, pipelines and facilities is a licensed producer, explorer, and developer of Energy in Canada. Avila's long-term vision is to achieve through the implementation of a closed system of carbon capture and sequestration, an established path towards the material reduction of Tier 1, Tier 2 and Tier 3 emissions and continues to work towards becoming a vertically Integrated Carbon Neutral Energy Producer. Avila's goals are to be achieved by focusing on the application of proven geological, geophysical, engineering, and production techniques in combination and the direct sale of energy to both residential and commercial consumers.

About Insight Acquisition Corp.

Insight Acquisition Corp. is a special purpose acquisition company formed solely to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Insight Acquisition Corp. is sponsored by Insight Acquisition Sponsor LLC. For additional information, please insightacqcorp.com.