CORRECTION – Earth Alive Acquires Interlube and Completes Simplified Vertical Merger

MONTREAL, Feb. 01, 2024 (GLOBE NEWSWIRE) -- In a release issued under the same headline today by Earth Alive Clean Technologies Inc. (TSXV: EAC), please note that some wording under the "Details of the Acquisition" subhead has been updated. The corrected release follows:

Earth Alive Clean Technologies Inc. (TSXV: EAC - "Earth Alive" or the "Company"), a leader in the development, production, and distribution of technological solutions facilitating the shift from the chemical era to the biological era, is pleased to announce the successful acquisition of Interlube Inc. ("Interlube"), a Quebec-based provider of biodegradable lubricants for industrial needs ("Transaction"). Following the Transaction's closure, Earth Alive has completed a simplified vertical merger with Interlube.

About Interlube

Interlube specializes in biodegradable lubricants and excels in converting various equipment from mineral to biological. Operating primarily in Quebec, where mining activities are prominent, the company serves sectors such as mining, drilling, agriculture, construction, various transportation types, and heavy industry. Since its establishment in 2018, Interlube has successfully penetrated the mining sector, becoming the first manufacturer to complete the full conversion of underground mining equipment to biodegradable lubricants.

The company has demonstrated its expertise with significant drilling and mining companies in Abitibi, generating a revenue of $5.6 million and an EBITDA of $1.2 million for the 12-month period ending on May 31, 2023.

With the acquisition of Interlube, Earth Alive becomes a one-stop-shop for industries and maintenance structures seeking to reduce their environmental impact.

Nikolaos Sofronis, CEO of Earth Alive, explains, "What attracted us to Interlube is that, like Earth Alive, the company not only offers top-quality environmentally friendly products but also provides technical support tailored to each customer. Through this acquisition, we not only expand our portfolio of biodegradable products but also strengthen our expertise and market presence in the Quebec mining industry by recruiting field experts. With Interlube's tailor-made services and know-how, we gain a complementary insight into the specific needs of the mining and industrial world, allowing us to accelerate the sale of complementary products such as our dust suppressant ea1^TM."