BROSSARD, Quebec -- Orletto Capital II Inc. (TSXV: OLT.P) (“Orletto”) a capital pool company listed on the TSX Venture Exchange (the “Exchange”) and Charbone Corporation (“Charbone”) are pleased to announce that Charbone and the City of Selkirk (the “City of Selkirk”) have entered into a non-binding memorandum of understanding (the “MOU”) pursuant to which they are entering into exclusive discussion into the establishment of a first green hydrogen production facility in Manitoba for the supply of green hydrogen on a land owned by the City of Selkirk. Charbone will leverage is expertise in the construction and development of green hydrogen production facilities powered from renewable energies and the selling and distribution of it’s green hydrogen. Under the terms of the MOU, Charbone and the City of Selkirk will cooperate to define the best location for a proposed green hydrogen facility of (i) a de-commissioned waste-water treatment plant site located within the City of Selkirk (long-term lease), and (ii) a facilitate placement on appropriately suited industrial land, proximate to a potential and complimentary manufacturing interest (by sale of other arrangements). Charbone and the City of Selkirk will evaluate the feasibility of the facility with expected initial deliveries as early as the fourth quarter of 2022. Charbone and the City of Selkirk will negotiate to determine a fair and reasonable monthly rental rate, as they work together with the provincial authorities or others to ensure Charbone has access to required utilities and to identify and contact potential green hydrogen users. Charbone may also provide to the City of Selkirk oxygen in the absence of market feasibility. “The City of Selkirk and its proximity to Winnipeg, to the USA border and the potential Manitoba customer base for Charbone around the area is a tremendous advantage for us” said Dave B. Gagnon, Chairman and CEO of Charbone. “The proactive collaboration of the City of Selkirk and, the different Manitoban government agencies involve into the discussion have conducted to a rapid decision to explore the potential of Charbone to install its first western Canadian green hydrogen facility and offer Manitoba and Canadian industries a new alternative clean energy solution.” “We are pleased that Charbone Corporation has decided on the City of Selkirk as the potential location for its first Western Canadian venture,” said Tim Feduniw, Director of Sustainable Economic Development for the City of Selkirk. “This is great news as it literally fuels our vision for growth by creating prosperity in harmony with the environment.” “This is an exciting project for Manitoba and Manitoba’s trucking industry. Our members are eager to participate pro-actively in the decarbonization of our sector. Charbone is bringing options and solutions to Manitoba in an effort to start changing our economy”, said Aaron Dolyniuk Acting Executive Director of the Manitoba Trucking Association. For more information on Orletto’s proposed qualifying transaction with Charbone (the “Qualifying Transaction”), see press release dated October 22, 2021.

About Charbone

Charbone Corporation is a Canadian green hydrogen group established in North America. The Company’s strategy consists in developing modular and expandable hydrogen facilities. Through the acquisition of hydropower plants in the United States of America and Canada, Charbone will be able to produce green dihydrogen molecules using reliable and sustainable energy to distinguish itself as a provider of an environmentally friendly solution for industrial and commercial enterprises.

About the City of Selkirk

The City of Selkirk is a small city with big city attitude nestled along the banks of the Red River just 20 kilometers North of Winnipeg, in Manitoba, Canada

About Orletto

Orletto is a capital pool company pursuant to the Exchange’s Policy 2.4. Except as specifically contemplated in such policy, until the completion of its Qualifying Transaction, Orletto will not carry on business, other than identification and evaluation of companies, businesses or assets with a view to completing a Qualifying Transaction. Investors are cautioned that trading in the securities of a capital pool company is considered highly speculative.

CHARBONE Corporation and the City of Selkirk Partner on Supply of Green Hydrogen