ReGen III is a cleantech recycling company focused on creating sustainable solutions, better environmental outcomes and compelling economics. ReGen III owns a portfolio of patented technologies that enable used motor oil (“UMO”) re-refineries to produce a higher value product mix of base oils than traditional methods. The Company’s technology has been validated in two independent pilot plant tests and by Stantec Consulting Ltd., WSP Canada, Wood Group Mustang, U.S. Department of Energy Oak Ridge Laboratory, Tetra Tech, Process Dynamics Inc. and Koch Modular Process Systems. Not only is re-refining the highest value use for UMO, but it is also the most environmentally responsible as it prevents UMO from being disposed of improperly or burned as fuel. Based on a life-cycle assessment study conducted for the British Columbia Used Oil Management Association, the Company calculates that the ReGen™ process at its proposed USGC facility will reduce CO2e emissions by up to 725,000 tonnes per annum versus burning or current disposal methods for UMO; according to the EPA, this is equivalent to removing the emissions generated by 156,000 passenger vehicles each year. In 2021, ReGen III engaged Koch Project Solutions, LLC (“KPS”) to provide project execution management services leading up to the turnkey delivery of its proposed facility in Texas whereby KPS will lead ReGen III’s world class engineering, construction and licensed vendor teams (PCL Industrial Management Ltd., Koch Modular Process Systems and Duke Technologies) through the completion of detailed design, construction, commissioning, and start-up. ReGen III has signed a definitive offtake agreement with bp to purchase 100% of the Company’s base oils produced at the proposed Texas re-refining facility.