H2O Innovation Announces Meeting Updates

(TSX: HEO) – H₂O Innovation Inc. (“H₂O Innovation” or the “Corporation”) has announced the meeting and record dates for the special meeting of shareholders (the “Acquisition Meeting”) to be held in connection with the acquisition by Ember SPV I Purchaser Inc., an entity controlled by funds managed by Ember Infrastructure Management, LP, a New York-based private equity firm, of all of the issued and outstanding common shares in the capital of the Corporation (the “Shares”), other than the Shares to be rolled over by Investissement Québec, Caisse de dépôt et placement du Québec and certain key executives of the Corporation, pursuant to a statutory plan of arrangement (the “Arrangement”) in accordance with the Canada Business Corporations Act. The Corporation intends to hold the Acquisition Meeting to consider the Arrangement on November 28, 2023. The record date for the Acquisition Meeting will be October 24, 2023. The Corporation’s Board of Directors has unanimously recommended that its shareholders vote FOR the special resolution approving the Arrangement.

The Corporation announced today that it is postponing until December 22, 2023 its annual meeting of shareholders previously scheduled to be held on December 5, 2023 (the “Annual Meeting”). The record date of October 26, 2023 for the Annual Meeting will remain the same, and meeting materials will be sent to shareholders of record in due course. The Corporation believes that the postponement is in the best interests of the Corporation as it will allow management to focus its efforts on preparing for the Acquisition Meeting, the completion of the Arrangement and completing its customary financial reporting.

The Arrangement remains subject to shareholder and court approvals and the satisfaction of other customary closing conditions.

Cautionary Note and Forward-Looking Statements

The Corporation’s oral and written public communications may include forward-looking statements. These statements are included in this press release and may be included in other filings or communications from the Corporation. The forward-looking statements are made pursuant to the applicable securities legislation. Forward-looking statements may include, but are not limited to, statements and comments with respect to the holding of the Acquisition Meeting and the Annual Meeting, the anticipated timing and the various steps to be completed in connection with the Arrangement, including receipt of shareholder and court approvals, and the anticipated timing of closing of the Arrangement. Forward-looking information also relates to, among other things, the Corporation’s strategies to achieve its objectives, as well as information with respect to management’s beliefs, plans, expectations, anticipations, estimations and intentions, and may also include other statements that are predictive in nature, or that depend upon or refer to future events or conditions. The management of H₂O Innovation would like to point out that forward-looking statements involve a number of uncertainties, known and unknown risks and other factors which may cause the actual results, performance or achievements of the Corporation to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. In preparing its outlook, the Corporation made assumptions that do not consider extraordinary events or circumstances beyond its control. When used in this press release, words such as “aim”, “anticipate”, “assume”, “believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “foresee”, “future”, “goal”, “guidance”, “indicate”, “intend”, “likely”, “maintain”, “may”, “objective”, “outlook”, “plan”, “potential”, “predict”, “project”, “seek”, “should”, “strategy”, “synergies”, “target”, “undertake”, “view”, “vision”, “will”, “would” or the negative or comparable terminology as well as terms usually used in the future and the conditional are generally intended to identify forward-looking statements, although not all forward-looking statements include such words.