Net Zero Renewable Energy Inc.

Net Zero Renewable Energy Inc., formerly EnerDynamic Hybrid Technologies Corp., has been under court-appointed receivership since February 24, 2022, when the Ontario Superior Court of Justice (Commercial List) appointed A. Farber & Partners Inc. as receiver on the application of Horizon RE Limited under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, in file CV-22-00676492-00CL. Horizon holds Series 1 debentures of $3,000,000 at 6.5%, matured March 4, 2018, and Series 2-1 debentures at 18%, matured July 3, 2017, secured under an indenture with Computershare Trust Company of Canada over all present and after-acquired property. Unaudited consolidated financials to August 31, 2021 reported total liabilities of $21,987,377 against current assets of $3,015,065, including $12,463,446 owing to Horizon and the remaining debenture holders, and a nine-month net loss of $5,593,656 on revenue of $236,700. The receivership is active.