Pond Announces that AB Agri has Begun to Grow Algae Following the Delivery of a Pond Algae Lab

MARKHAM, ON / ACCESSWIRE / December 14, 2022 / Pond Technologies Holdings Inc. ("Pond") (TSX.V:POND)(OTCQB:PNDHF)(FSE:4O0), an ESG company addressing global sustainability challenges of wellness and climate change, is providing an update on its agreement with Livalta, an AB Agri company, a subsidiary of Associated British Foods (LSE:ABF). Pond is pleased to report that the installation of an algae lab, along with a number of Pond designed algae bioreactors, has been successfully installed on site at AB Agri's British Sugar plant in Wissington, UK.

Pond built a system of smaller 60 L bioreactors and controls at its Canadian headquarters in Markham, Ontario, and has delivered, installed, and commissioned the system at the AB Agri Wissington location. Pond worked with AB Agri to specify the equipment needed to set up the lab which is an important step to support the 1,500 L and 10,000 L pilot bioreactors in Wissington in 2023. The initial algae grown in this lab will be used in the bioreactor scale up process.

Valerie Schuster, Managing Director of Livalta (a division of AB Agri) said: "This is our first step towards piloting Pond's technology to grow algae using CO2 emissions as feedstock - or, as we would put it, take a problem (CO2 emissions) out of the air and convert it into high value protein. There is still some way to go, but we have made a start with a great team effort between Livalta, AB Agri, British Sugar and Pond Technologies."

Grant Smith, President & CEO at Pond said: "Installing the lab and initial seed train is the first stage in any algal project because doing so permits larger commercial scale photobioreactors. We are excited to report that algae growth has begun, and we anticipate that larger bioreactors will go online in 2023."

About Pond Technologies Holdings Inc.:

Located in Markham, Ontario, Pond Technologies has developed a proprietary system that can profitably transform CO2 into valuable products. Its Pond Carbon business focuses on absorbing greenhouse gas emissions, transforming these into food, feed, and nutraceutical ingredients. Pond recently added a Biotech division focused on the growth of unique strains of microalgae to be used as a reproductive medium for the expression of human antibodies and proteins.

For more information, please visit https://www.pondtech.com/.

About Livalta:

Livalta, an AB Agri company, develops new, responsible proteins for feed and food using the latest science and technology. It seeks to contribute to making food systems more responsible, meeting the needs of people and the planet. It produces local, traceable proteins from e.g., co-products, algae or single cells and transforms them into high value feed and food ingredients.

About AB Agri:

AB Agri is the agricultural division of Associated British Foods and manufactures animal feed, nutrition, and technology-based products and offers data services for the agri-food industry. It operates all along the food industry supply chain. It produces and supplies compound animal feed, feed enzymes, specialised feed ingredients and a range of value-added services to farmers, feed and food manufacturers, processors and retailers.

Associated British Foods is a diversified international food, ingredients and retail group with sales of £17bn and 132,000 employees operating in 53 countries. It has significant businesses in Europe, Africa, the Americas, Asia and Australia. Its aim is to achieve strong, sustainable leadership positions in markets that offer potential for long-term profitable growth. It looks to achieve this through a combination of growth of existing businesses, acquisition of complementary new businesses and achievement of high levels of operating efficiency.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Forward-Looking Statements:

This press release contains forward‐looking statements within the meaning of applicable securities laws, including statements regarding the Wissington pilot project and timing of bringing on larger bioreactors at the site. Such forward‐looking statements are based on certain key expectations and assumptions made by Pond, including, among others, assumptions regarding successful operation of the Pond lab and algae bioreactors, sale of algae produced on favourable terms, construction of the larger bioreactors on time and within budget, compliance by Livalta of its contractual obligations with Pond, the continued legislative (including tax) regime in which Pond operates, availability of cost‐effective labour and supplies, the proper functioning of Pond's technology, the quality of the algae produced, the demand for Pond's technology, the ability of Pond to successfully compete, cash flow and expenses, and obtaining and maintaining intellectual property protection. Although Pond believes that the expectations and assumptions on which such forward‐looking statements are based are reasonable, undue reliance should not be placed thereon and Pond can give no assurance that they will prove to be correct. By its nature, such forward‐looking statements are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed, including the risks set forth in Pond's management's discussion and analysis of financial condition and results of operations for its year ended December 30, 2021, available on Pond's profile on SEDAR at www.sedar.com.

Readers are cautioned not to place undue reliance on this forward‐looking information, which is given as of the date hereof, and to not use such forward‐looking information for anything other than its intended purpose. Pond does not undertake any obligation to update publicly or revise any forward‐looking information, whether as a result of new information, future events or otherwise, except as required by law.

For further information contact: Grant Smith, Chief Executive Officer, at info@pondtech.com, or 416-287-3835 ext. 201

SOURCE: Pond Technologies Holdings Inc.