Victoria, British Columbia--(Newsfile Corp. - March 25, 2024) - ALUULA Composites Inc. (TSXV: AUUA) ("ALUULA" or the "Company") announced today the appointment of Richard Myerscough, the Company's founder, as its Chief Innovation Officer (CIO). The creation of the new role is attributed to ALUULA's commitment to prioritizing continued product innovation.

"My passion has always been rooted in the engineering of our materials," said Richard Myerscough, CIO of ALUULA. "I'm excited to be focusing my attention fully on further breakthroughs that help make high-performance and sustainability synonymous in the outdoor industry and beyond."

The Company identified the importance of a leadership position dedicated to the continued advancement of its technology, specifically in the performance and outdoor recreation industries. During the ALUULA board meeting in March, the CIO position was approved. On March 25, 2024, ALUULA's board of directors finalized the appointment of Richard Myerscough into this new role and appointed Sage Berryman as CEO and President.

"There are major growth opportunities ahead of us as we continue to meet the demand for our materials in the outdoor industry," said Sage Berryman, CEO and President of ALUULA. "Richard's material science innovations are the foundation of ALUULA's success. His developments and brand partner relationships have helped generate the interest we're now seeing across many industries. Having him take on the role of CIO is key to ensuring that our forward-looking product innovation remains at the core of our business."

A report from Fortune Business Insights states the global technical textiles market size was valued at $225.99B in 2023 and is projected to grow to $346.67B by 2030, exhibiting a compound annual growth rate of 6.3% during the forecast period.

According to multiple market reports, the outdoor industry is experiencing a trend of demand for eco-friendly products. The report notes a specific interest in technology that improves the performance of outdoor gear and offers environmentally sustainable benefits.

"We are creating the best team to support our growth as a leading premium ingredient brand in the outdoor market," said Berryman. "This move is key as we maintain our status as innovators, and we look forward to advancing our key brand partnerships this year."

About ALUULA Composites

ALUULA is a materials brand that improves the performance of outdoor gear with environmentally sustainable solutions. Proudly owned and manufactured on the Canadian west coast, ALUULA's innovation is driven by a deep understanding that equipment does not need to sacrifice performance for sustainability. ALUULA's materials are known for their unique construction capabilities and their ability to make products lighter, stronger, and more sustainable.

aluula.com | TSXV: AUUA

On behalf of the Board of Directors,
Sage Berryman
Chief Executive Officer
1-888-724-2470

For ALUULA investor inquiries, please contact:

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ALUULA's Brand Partners

The term "brand partners" does not refer to formal partnerships with our customers. The term refers to marketing relationships with our customers who use ALUULA's technology as a brand ingredient in their products.

TSX Venture Exchange

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Forward-Looking Statements

The information in this news release includes certain information and statements about management's view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based on assumptions subject to significant risks and uncertainties as described in the Company's management discussion and analysis. Because of these risks and uncertainties and as a result of a variety of factors, including the timing and receipt of all applicable regulatory, corporate third-party approvals, the actual results, expectations, achievements, or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

SOURCE: ALUULA Composites Inc.