Calgary, Alberta – August 31, 2023–AdvEn Inc. and AdvEn Industries Inc. (AdvEn) are pleased to officially announce the appointment of R. Michael Steele as interim Chief Executive Officer (CEO).

“Michael’s extensive experience and exceptional leadership qualities make him the ideal choice to lead the company through its upcoming Nasdaq IPO and the dynamic commercialization phase,” said AdvEn board chair Dr. Greg Ombach. “His unique blend of financial expertise and visionary thinking will undoubtedly propel us toward achieving our strategic objectives.”

Over his career, Mr. Steele has built a strong reputation for his strategic insight, financial acumen, and marketing skill. Since he joined AdvEn as the Chief Financial Officer (CFO), he has shown unwavering dedication to the company, diligence and a forward-thinking approach. Mr. Steele will also continue to serve as CFO while the board evaluates AdvEn’s permanent leadership strategy later this year.

Mr. Steele replaces Yanguang Yuan (YY) who led AdvEn as CEO for over a decade and played an instrumental role in its remarkable growth and accomplishments.

“YY’s relentless dedication and visionary drive have been pivotal in driving the company’s success,” said Dr. Ombach. “As the company moves into the next stage of its evolution, YY will transition into the role of Executive Director of Government Affairs where he will further AdvEn’s strategic goals by securing essential government funding, cultivating key governmental relationships, orchestrating site visits, and spearheading the official opening of the Nisku operations plant later this year.”

About Us

AdvEn Inc. (formerly Nano Innovations Inc.), through its wholly owned subsidiary AdvEn Industries Inc., develops and commercializes carbon-centric advanced technologies utilizing industrial waste: converting refinery residues into non-combustible products for energy storage and a clean environment. AdvEn’s 36,000 square foot manufacturing plant and research facility located in Nisku, Alberta, Canada produces up to 400 metric tons per year of advanced super activated carbon (“ASAC”) and is currently piloting the Company’s patented dry electrode super adhesive coatings (“ESAC”). ASAC products provide superior performance when compared to similar graphite products used in the super capacitor, battery, pharmaceutical and industrial filtration markets.

AdvEn, ASAC and ESAC are trademarks of AdvEn in Canada and the United States.

Forward-Looking Statements

This news release and other publicly available documents, including the documents incorporated herein and therein by reference, contain, and our officers and representatives may from time to time make, “forward-looking statements”. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” “positions,” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding:

• Guidance relating to proforma fiscal year net income and EBITDA which is a non-GAAP measurement.
• Expected operating results, such as revenue growth and earnings.
• Anticipated levels of capital expenditures for fiscal year 2023 – 2026.
• Expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings.
• Strategy for customer retention, growth, product development, market position, financial results and reserves.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements as are applicable to the Issuer.

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