Knox Energy Solutions AS

Regulatory Filings • Aug 16, 2023

Hyon AS announces update on strategic review

Hyon AS announces update on strategic review

Drammen, Norway, 16 August 2023 Hyon AS (HYON) ("Company") announces that its

Board of Directors (the "Board") has resolved to broaden its previously

announced strategic review process to include options for closing down

operations.

Reference is made to the Company's announcement on 5 July 2023, where it was

announced that the Board had initiated a strategic review process to investigate

opportunities with the aim to secure shareholder value and to secure funding to

pursue the Company's development plans.

The ongoing strategic review process has to date not resulted in available

alternatives that can extend the cash runway within an appropriate timeframe.

The Company remains in a position where it has available cash to cover its

operations to year-end 2023, however the Board may have to take action to reduce

cost prior to year-end to maintain this position.

Should the Company's lack of funding extend further in time, the Company will

move towards a situation where it will not be able to finance current

operations. On this basis, the Board has resolved to assess all cost reduction

measures, which may include reduction of personnel. Further, should the

strategic review not result in any viable option for continued operations, the

Board will also consider closing down operations and winding up of the Company.

In addition to the broadened scope of the review, the Company continues to

explore strategic alternatives, including financing, structural alternatives,

government supported R&D programs and other relevant market opportunities. No

assurances can be given as to the outcome or timing of the review process.

For further inquiries, please contact: Jørn Kristian Lindtvedt CEO

(jorn.lindtvedt@hyon.energy), or Otto Søberg Chairman of the Board

(Otto.Soeberg@outlook.com).

Inside information

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to section 5-12 the Norwegian Securities Trading Act. This stock exchange

announcement was published by Jørn Kristian Lindtvedt, CEO at the time stated in

this announcement on behalf of the Company.

Forward-looking statements

Matters discussed in this announcement may constitute forward-looking

statements. Forward-looking statements are statements that are not historical

facts and may be identified by words such as "believe", "expect", "anticipate",

"strategy", "intends", "estimate", "will", "may", "continue", "should" and

similar expressions. The forward-looking statements in this release are based

upon various assumptions, many of which are based, in turn, upon further

assumptions. Although the Company believe that these assumptions were reasonable

when made, these assumptions are inherently subject to significant known and

unknown risks, uncertainties, contingencies and other important factors which

are difficult or impossible to predict and are beyond their control. Actual

events may differ significantly from any anticipated development due to a number

of factors, including without limitation, changes in public sector investment

levels, changes in the general economic, political and market conditions in the

markets in which the Company operates, the Company's ability to attract, retain

and motivate qualified personnel, changes in the Company's ability to engage in

commercially acceptable acquisitions and strategic investments, and changes in

laws and regulation and the potential impact of legal proceedings and actions.

Such risks, uncertainties, contingencies and other important factors could cause

actual events to differ materially from the expectations expressed or implied in

this release by such forward-looking statements. The Company does not make any

guarantee that the assumptions underlying the forward-looking statements in this

announcement are free from errors nor does it accept any responsibility for the

future accuracy of the opinions expressed in this announcement or any obligation

to update or revise the statements in this announcement to reflect subsequent

events. You should not place undue reliance on the forward-looking statements in

this announcement.

The information, opinions and forward-looking statements contained in this

announcement speak only as at its date, and are subject to change without

notice. The Company does not undertake any obligation to review, update,

confirm, or to release publicly any revisions to any forward-looking statements

to reflect events that occur or circumstances that arise in relation to the

content of this announcement.

This announcement is for information purposes only and is not to be relied upon

in substitution for the exercise of independent judgment. It is not intended as

investment advice and under no circumstances is it to be used or considered as

an offer to sell, or a solicitation of an offer to buy any securities or a

recommendation to buy or sell any securities of the Company.