Solar Alliance Announces Grant and Extension of Stock Options

TORONTO and KNOXVILLE, Tenn., Aug. 05, 2022 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTCQB: SAENF) announces that the board of directors of the Company (the “Board”) today, granted incentive stock options in accordance with the Company’s stock option plan to certain of its directors, officers and employees.

Options to purchase 2,425,000 common shares of the Company have been granted to certain directors and officers of the Company at an exercise price of $.09 per share. These options vest quarterly over a period of one (1) year, with the first 25% of the options vesting on November 5, 2022. The options expire on November 5, 2027. The stock options and any common shares of the Company issuable upon exercise of the stock options will be subject to a statutory hold period lasting four months and one day following the grant date.

The Company also announces that the Board has approved an extension to the expiry date of an aggregate of 1,300,000 stock options (the “Old Options“) held by certain non-executive employees of the Company. 1,000,000 Old Options were granted on December 22, 2017, and an aggregate of 300,000 Old Options were granted on January 26, 2018. The original expiry date was five (5) years from the grant date for each of the Old Options. The expiry date for the Old Options will be extended two (2) years such that the amended expiry date will be the date that is seven (7) years from the original grant date (the “Amendment”). The Old Options each have an exercise price of CAD$0.08 per Old Option and the exercise price of the Old Options will not be amended. The Old Options and any common shares of the Company issuable upon exercise of the Old Options will be subject to a statutory hold period lasting four months and one day following the date hereof. The Amendment is subject to TSX Venture Exchange approval.

Myke Clark, CEO

About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in Tennessee, Kentucky, North/South Carolina and Illinois and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed $1 billion of renewable energy projects that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.

Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.

“Neither 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 release.”