Knox Energy Solutions AS

Hyon AS - UPDATE - Signed non-binding term sheet

Drammen, Norway, 27 October 2023 - Hyon AS (HYON) ("Company") announces a market

update.

Reference is made to the Company's announcement on 14 September 2023 regarding

received offers from third parties that have suggested terms for reverse

takeover transactions with issuance of new shares by the Company.

Hyon has signed a non-binding term sheet with an interested party, with an aim

to present an agreed proposal for a transaction to be dealt with by the general

meeting by year end 2023.

As previously disclosed, Hyon's core business is expected to be changed to

markets unrelated to its current business, and its current business and

technology are expected to be discontinued and/or potentially realised to

maximise shareholders' value, should a transaction as proposed prove feasible.

Although a term sheet has been signed, it is non-binding on the parties save for

customary provisions and the Company emphasizes that no assurances can be given

as to the outcome, timing, or the signing of any definite transaction agreement.

The Company has undertaken customary confidentiality provisions and will provide

further updates as appropriate and pursuant to its obligations as a listed

company.

For further inquiries, please contact: Jørn Kristian Lindtvedt CEO

([email protected]), or Otto Søberg Chairman of the Board

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