Knox Energy Solutions AS

Pre-Annual General Meeting Information • Sep 14, 2023

Hyon AS - UPDATE - Received offers and cancellation of EGM

Hyon AS - UPDATE - Received offers and cancellation of EGM

Drammen, Norway, 14 September 2023 - Hyon AS (HYON) ("Company") announces that

its Board of Directors (the "Board") has resolved to cancel the extraordinary

general meeting scheduled to be held on 15 September 2023 (the "EGM") following

receipt of offers on combination with privately held companies.

Reference is made to the Company's announcement on 30 August 2023 regarding

close of its strategic review process and the Board's proposal to dissolve the

Company as well as the announcement on 11 September 2023 regarding received

indications of interest in combination transactions with the Company.

Further to the previously announced information, the Company has now received

firm interest from third parties that have suggested terms for reverse takeover

transactions with issuance of new shares by the Company. The Board has assessed

the received offers and believes that it is possible to reach agreement on a

transaction that is more beneficial to its shareholders than a solvent

dissolution.

As a result, the Board has resolved to cancel the EGM.

The potential transactions are indicated to provide for a minority holding for

current shareholders of Hyon. Through the proposed transactions, Hyon's core

business will 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. Valuation of Hyon remains

subject to further discussion but is indicated by the interested parties inter

alia based on access to capital markets and a trading platform on Euronext

Growth Oslo.

The Company will continue discussions with the interested parties to assess the

received offers, with an aim to present one agreed proposal on a transaction for

the general meeting in due course. Although offers have been received, the

Company emphasizes that discussions are still ongoing, and that no assurances

can be given as to the outcome, timing, or the signing of any definite

agreements. The Company does not intend to make any further public comment

regarding the process until it has been completed or the Company determines that

disclosure is required or appropriate.

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.