Hillcrest Energy Technologies Announces AGM Results for Shareholder Updates

Hill Crest Energy Technologies

The current seven members of the board have been re-elected.

David Farrell has elected a new chairman of the board.

Hillcrest has shut down its oil and gas business and completed our planned withdrawal from the fossil fuel business.

Vancouver, British Colombia, June 30, 2022 (GLOBE NEWSWIRE)-Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FRA: 7HIA.F) (Hillcrest or the Company), clean to develop transformational power Technological Innovation Company We are pleased to announce the voting results at the annual meeting held on Wednesday, June 29, 2022 for conversion technology and control system solutions for next-generation electrical systems.

Shareholders overwhelmingly voted in favor of all items submitted by the Board of Directors and management. Hillcrest’s current seven-member committee, consisting of David Farrell, Donald J. Curry, Michael Moskowitz, Kylie Dixon, Mike Cruzs, Robert Lambert, and Thomas G. Milne, has all been reelected. ..

Shareholders also voted in favor of: (I) Receive and review the Company’s consolidated audited financial statements for the fiscal year ending December 31, 2021. (Ii) Set the number of directors to seven. (Iii) Appointment of directors for the following year. (Iv) DeVisser Gray LLP appoints a certified accountant as an auditor of the company.

Election of new chairman of the board

At the end of this year’s annual shareholders meeting, Michael Cruz resigned as Executive Chairman of Hillcrest, and the Board elected David Farrell as the next chairman. Krzus has been reappointed to Perth, Australia, and believes that the chairman should be placed near the company and at a more accessible time. As mentioned above, Mr. Cruzs will continue to be a member of the Board of Directors and will continue to provide management consulting services to the Company.

Having served as Hill Crestboard for the past year, Farrell offers over 25 years of corporate and investment banking experience. Throughout Farrells’ career, he has worked with several global junior and mid-tier companies throughout his major growth trajectory. Hillcrest CEO Don Curry, as the new chairman of the board, states that Dave is in a position to help Hillcrest mature as a clean energy technology company.

The story continues

On behalf of the company, I would like to thank Mike Cruzs for his dedication and leadership over the past seven years as Chairman of the Board of Directors. Mike brought about a focused structure and governance throughout his term as chairman. He has resigned from his role as a stronger company than when Hillcrest accepted the position.

Finished oil field complete

Through a wholly owned subsidiary, Hillcrest has shut down its oil and gas operations in the West Hazel oil field in the West Canada Sedimentary Basin of Saskatchewan and completed its withdrawal from the fossil fuels business. This decision will allow us to fully focus on the commercialization of clean technology.

Hillcrest has the sole focus and it is developing its clean energy technology. Oil and gas assets are in direct and open conflict with the direction the company is pursuing, and the assets need to be sold or repaired, said CEO Curry. As this area became non-profit, only the decision to repair was available. By shutting down oil and gas operations, it is possible to reach the commercialization goals of the technology and attract financial and investor support from those who could or did not support hydrocarbon activities. We continue to strive to create long-term shareholder value.

As part of Hillcrest’s commitment to environmentally friendly businesses, we actively launched abandonment activities in West Hazelfield last year. Seven non-profit wells have already been closed and covered, and the remaining two wells are now closed and covered. In addition, an initial surface regeneration plan is underway and will be completed within the next few years. Initiating these abandonment activities has significantly reduced the cost of the company’s environmental footprint and long-term asset retirement obligations.

About Hillcrest Energy Technologies Hillcrest Energy Technologies is a clean technology company developing high-value, high-performance power conversion and digital control systems for next-generation powertrains and grid-connected renewable energy systems. From concept to commercialization, Hillcrest is investing in developing energy solutions that empower a more sustainable and electrified future. Hillcrest is a symbol of HEAT on the CSE and is listed on the OTCQB Venture Market as HLRTF and on the Frankfurt Stock Exchange as 7HIA.F. For more information, please visit https: //hillcrestenergy.tech/.

Contact Information Investor Relationships Cornell [email protected] O: +1 313.309.9500

Public RelationsScott [email protected]: +1 313.309.9500

Neither the Canadian Stock Exchange nor its regulatory service provider has considered or accepted liability for the validity or accuracy of this release.

“Future Outlook” Notice Some of the statements contained in this news release are forward-looking statements and information in the sense of applicable securities law. Forward-looking statements and information may be words such as expectations, intents, expectations, possibilities, suggestions or variations of such words or phrases, or may have specific actions, events, or consequences. It can be identified by the use of the statement that there is and should be. Can be taken, or is taken, occurs, or is achieved. Information regarding this future outlook is provided as of the date of this news release. The forward-looking information reflects our current expectations and assumptions and is subject to many known and unknown risks, uncertainties and other factors. Expectations that these factors represent or imply that actual results, performance, or outcomes are expressed or implied by information about expected future results, performance, or future prospects. There is no guarantee that these assumptions will prove correct. Forward-looking statements and information are not historical facts and are subject to many risks and uncertainties beyond our control. Investors are encouraged to consider the risk factors under the heading “Risks and Uncertainties in the Company’s MD & A” for the fiscal year ending December 31, 2021. Outcomes that are substantially different from the expected future outcomes, performances, or outcomes expressed or implied by information about the future outlook. Therefore, readers should not place undue reliance on forward-looking statements. We undertake no obligation to make public updates or revise forward-looking statements, except as required by law.

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