ACT Energy Technologies Ltd. — Capital/Financing Update 2024

Jul 5, 2024

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NEWS RELEASE

July 3, 2024 Calgary, Alberta

CATHEDRAL COMPLETES NAME CHANGE AND SHARE CONSOLIDATION – CATHEDRAL IS NOW “ACT ENERGY TECHNOLOGIES LTD.”

CALGARY, AB, CANADA – July 3, 2024 – ACT Energy Technologies Ltd. (TSX: ACX) (“ ACT ” or the “ Company ”) is pleased to confirm that it has filed articles of amendment to implement the previously announced name change from “Cathedral Energy Services Ltd.” to “ACT Energy Technologies Ltd.”, and the share consolidation of the Company’s common shares on the basis of one (1) post-consolidation common share for every seven (7) pre-consolidation common shares. ACT’s common shares are expected to begin trading under its new symbol, “ACX”, and on a consolidated basis, on the Toronto Stock Exchange on or about Friday, July 5, 2024. ACT will be launching its new website at www.actenergy.com in connection with the name change and the ticker symbol change.

"The corporate name change and re-brand acknowledges the growth and transformation that our Company has undertaken over the past few years”, said Tom Connors, President and CEO of ACT. “ACT conveys a spirit of innovation and our energy and enthusiasm towards providing high-performance solutions for our customers. ACT represents the proactive nature of the organization and culture we are building as we constantly pursue improved ways to deliver our technology and service offering.”

Concurrent with the name change, the Company’s Canadian operations, which formerly operated as “Cathedral Energy Services”, now operate under the name “Altitude Energy Partners”. This re-branding of Canadian operations under the Altitude banner provides a seamless identity across all of ACT’s North American directional drilling operations. Together, the Altitude operations in Canada and the United States comprise the Company’s largest business segment. The motor rental business in the United States will continue to operate as “Discovery Downhole Services” and the engineering and MWD manufacturing division will continue to operate as “Rime Downhole Technologies”. Further details regarding the Company's share consolidation and name change are contained in the Company's press release dated June 27, 2024.

ABOUT ACT ENERGY TECHNOLOGIES

ACT Energy Technologies Ltd., based in Calgary, Alberta, Canada, is incorporated under the Business Corpora�ons Act (Alberta). We operate in Canada and in the United States as “Al�tude Energy Partners”, and in the U.S. under “Discovery Downhole Services” and “Rime Downhole Technologies”. ACT’s common shares are publicly-traded on the Toronto Stock Exchange under the symbol “ACX”. ACT is a trusted partner to North American energy companies requiring high performance direc�onal drilling services and related downhole technologies. We work in partnership with our customers to tailor our equipment and exper�se to meet their specific geographical and technical needs. Our experience, technologies and responsive personnel enable our

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www.actenergy.com.

FORWARD-LOOKING INFORMATION

This news release contains statements and informa�on that may cons�tute "forward-looking informa�on" within the meaning of applicable securi�es legisla�on, including statements iden�fied by the use of words such as "will", "expects", "posi�ons", "believe", "poten�al" and similar words, including nega�ves thereof, or other similar expressions concerning ma�ers that are not historical facts. Forward-looking informa�on in this news release includes, but is not limited to, ACT’s business strategy and focus, and the share consolida�on, name change and stock symbol change, including the an�cipated effects thereof.

The forward-looking informa�on in this news release is based on various assump�ons that may prove to be incorrect, including, but not limited to, assump�ons with respect to market and economic condi�ons. Although the Company believes that such assump�ons are reasonable, the Company can give no assurance that such forward-looking statements will prove to be correct or that any of the events an�cipated by such forward-looking statements will occur, or if any of them do so, what benefits the Company will derive there from.

and economic condi�ons, and changes in laws and regula�ons.

Addi�onal informa�on regarding risks and uncertain�es of the Company's business are contained under the heading "Risk Factors" in the Company's annual informa�on form for the financial year ended December 31, 2023 and the Company's other public filings which are available under the Company's profile on SEDAR+ at www.sedarplus.ca. The forward-looking informa�on included in this news release is made as of the date of this news release and the Company does not undertake an obliga�on to publicly update such forward-looking informa�on to reflect new informa�on, future events or otherwise, except as required by applicable law.

Requests for further informa�on should be directed to:

P. Sco� MacFarlane, Interim Chief Financial Officer ACT Energy Technologies Ltd. 6030 3 Street S.E. Calgary, Alberta T2H 1K2 Telephone: 403.265.2560, Fax: 403.262.4682 www.actenergy.com

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