Vancouver, British Columbia--(Newsfile Corp. - May 3, 2023) - Solarvest BioEnergy Inc. (TSXV: SVS) ("Solarvest" or the "Company") wishes to provide an update regarding its corporate activities.

Further to the update provided on April 19, 2023, the Company confirms that it is on notice to have its listing transferred to the NEX board of the TSX Venture Exchange. As such, the Company has until July 20, 2023 to provide its analysis how it intends to meet Tier 2 Continued Listing Requirements ("CLR") and the timing to do so.

However, the Company continues its efforts to reduce its liabilities, including on-going conversations with FSD Pharma, and to sell certain assets to generate the funding needed to resume operations.

The board of directors and management would like to thank shareholders for their patience and continued support.

For further information contact:

Claes Ellegaard
Chief Executive Officer
Phone: 1.514.898.3488
Email: invest@solarvest.ca

Forward-Looking Statement

This news release contains statements that constitute "forward-looking information" within the meaning of Canadian securities laws ("forward-looking statements"), which are based upon our current expectations, estimates, projections, assumptions and beliefs. All information that is not clearly historical in nature may constitute forward-looking statements. Forward-looking statements are typically identified by the use of terms or phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would" and "should", and similar terms and phrases, including references to assumptions.

Forward-looking statements, by their nature, are based on assumptions and are subject to known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the forward-looking statement will not occur. The forward-looking statements in this press release speak only as of the date hereof and reflect several material factors, expectations and assumptions. While Solarvest considers these factors, expectations and assumptions to be reasonable, actual events or results could differ materially from the results, predictions, forecasts, conclusions or projections expressed or implied in the forward-looking statements. Undue reliance should not be placed on any predictions or forward-looking statements as these may be affected by, among other things, changing external events and general uncertainties of the business. A discussion of the material risks applicable to us can be found in our current Management Discussion and Analysis, which will be filed on SEDAR and can be accessed at . Solarvest cautions that the list of risk factors included in such Management Discussion and Analysis is not exhaustive. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and we disclaim any intention and assume no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the 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 press release.

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