TSX-V: EWK
OTCQB: EAATF

VANCOUVER, BC , June 24, 2024 /CNW/ - Earthworks Industries Inc. (the "Company") is pleased to provide the following update on its loan Buy-Out Option progress with North Bay Corporation (NB).

The Company continues to move ahead on the development of its integrated waste handling project ("the Project") on the Cortina Rancheria in Colusa County, California. The Project is being developed by the Company's wholly owned U.S. subsidiary, Cortina Integrated Waste Management Inc. ("CIWM")

With federal approval, CIWM holds a lease of 443 acres of the Kletsel Dehe Wintun Nation's Cortina Rancheria for the development of an integrated waste handling operation, which includes a material recovery system, composting, soil decontamination, and landfill operations.

Following up on our News Release dated April 12, 2024, the Company wishes to report that the TSX Venture Exchange has accepted for filing the Extension Agreement, dated April 10, 2024.

Under the terms of the Extension Agreement with North Bay Corporation, the Company reduced the buyout amount by $500,000U.S., by issuing 2,887,000 Units at a deemed value of $0.235 CDN. Each Unit consists of one fully paid voting common share of the Company and a share purchase warrant, which is exercisable until October 30, 2025, to purchase one fully paid voting common share of the Company for $0.40. The Buy-out amount which has now been reduced to $1.65-millionU.S., will be payable no later than November 15, 2024, including accrued interest.

Mr. David Atkinson, President & CEO of Earthworks Industries commented "We are pleased to see North Bay Corporation expressing additional confidence for the future of the Project by continuing to increase its ownership in Earthworks. North Bay Corporation now owns more than 10% of the common shares in the Company".

The Cortina Project's focus is on creating a whole new standard of regulations for environmentally responsible waste handling by complying with the stringent regulations of the State of California, the Tribe and U.S. EPA.  The Company continues to work enthusiastically to complete the project.

Forward Looking Statements:

The news release contains "forward-looking information" and "forward-looking statements" (collectively 'forward-looking statements") within the meaning of the applicable Canadian securities regulations. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objective assumptions, future events or performance  (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company or CIWM to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the "Risks and Uncertainties Statement" attached to this news release. Forward- looking statements contained herein are made as of the date of this news release. The Company will update these forward-looking statement and Risks and Uncertainties as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on the forward-looking statements.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.

SOURCE Earthworks Industries Inc.