- Increases engagement with off-takers, including super-majors, majors, additives manufacturers and leading global lubricant blenders

- Advances draft application for submission to the U.S. Department of Energy's Loan Programs Office

- Egyptian patent application gains acceptance, enhancing industry leadership and proprietary innovation in recycling used motor oil for Group III base oils

- Launches convertible debenture offering

Vancouver, British Columbia--(Newsfile Corp. - October 30, 2023) - ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4) ("ReGen III" or the "Company"), a leading clean technology company commercializing the ReGen patented process to recycle used motor oil ("UMO") into high-value Group III base oils, is pleased to provide the following corporate update.

OFFTAKE & STRATEGIC INVESTMENT

Subsequent to the Company's general update on August 30, 2023, ReGen III is continuing to engage with a broad spectrum of super-majors, majors, additives manufacturers and globally recognized lubricant blenders interested in advancing commercial base oils and ancillary by-products offtake arrangements and/or potential strategic equity investments at the project level.

Throughout September and October, ReGen III entered into additional non-disclosure agreements. Physical samples of ReGen III's Group III base oils were sent to these entities for their in-house laboratory testing. The Company is continuing to receive positive test results, confirming Group III synthetic base oil status, from previous sample recipients and has not received notifications of any negative test results. ReGen III looks forward to receiving continued positive Group III synthetic base oil test results from the most recent sample recipients.

Further to the Company's announcement on September 19, 2023, ReGen III executives attended the Independent Lubricant Manufacturers Association ("ILMA") Annual Meeting, between October 7 and 10, 2023, to advance offtake and strategic investment discussions. These meetings were positively received and negotiations are ongoing.

REGEN III PATENT APPLICATION ACCEPTED IN EGYPT

The Company is informed that ReGen III's 2021 patent application to the Egyptian Patent Office for the method and system for re-refining and upgrading used oil was recently accepted. Certification and issuance of the patent certificate will occur in due course.

This is the sixteenth (16^th) patent issued, allowed, or accepted for the Company's ReGen process, with another sixteen (16) patents pending globally, further solidifying the Company's position not only as an industry leader, but also highlighting its propriety innovation focus on furthering its ReGen technology to recycle UMO into high-value Group III base oils.

U.S. DEPARTMENT OF ENERGY and LOAN PROGRAMS OFFICE

In addition to the Company's ongoing work with National Bank Financial and Raymond James & Associates, Inc., ReGen III has submitted additional documentation and data in response to initial drafting comments received from the U.S. Department of Energy ("DOE") in support of the Company's application to the Loan Programs Office ("LPO"). A meeting with representatives of the DOE's LPO has been scheduled for early November to review feedback on the updated draft, in advance of submitting the Company's formal application.

With funding available through the Inflation Reduction Act ("IRA") of 2022, the LPO can finance projects in the United States that support clean energy deployment and energy infrastructure reinvestment to reduce greenhouse gas emissions and air pollution.

CONVERTIBLE DEBENTURE FINANCING

To support ongoing corporate deliverables, ReGen III is launching a non-brokered private placement of up to 5,000 Convertible Debenture Units (the "Units"), at a price of $1,000 per Unit for gross proceeds of up to $5,000,000 (the "Placement").

Each Unit will consist of a $1,000 in principal amount of unsecured convertible debenture (a "Debenture") and 1,000 common share purchase warrants of the Company (a "Warrant"). Each Warrant will be exercisable to purchase one common share at a price of $0.55 for a period of 24 months after closing.

The Debentures will have a term of 24 months and will accrue interest at a rate of 14% per annum, payable in arrears on a semi-annual basis, and on the maturity date. After 12 months, the Company may elect to pay outstanding interest in common shares ("Interest Shares") at a price per share equal to the volume weighted average price of the common shares on the TSX Venture Exchange (the "Exchange") for the 5 trading days prior to the date such interest is due.

The Debentures will be convertible at the option of the holder into common shares at a price of $0.55 per common share. After 4 months, the Company may redeem the Debentures in whole or in part by payment of 115% of the principal amount being redeemed, in cash, together with payment of any accrued but unpaid interest on the principal amount being redeemed, in cash or Interest Shares or a combination thereof.

Finder fees may be paid in accordance with the policies of the Exchange, subject to compliance with applicable law and Exchange approval. The Company intends to use the net proceeds from the Placement to advance the Company's re-refinery engineering, including consulting studies, for general working capital and to evaluate potential mergers and acquisitions.

The Placement may be closed in one or more tranches. The Debentures, the Warrants and any underlying common shares will be subject to a four month hold period from closing. The certificates representing the Debentures and the Warrants will contain such additional terms and conditions as are considered necessary or advisable by the Company. The Placement, including but not limited to the payment of any finder fees and any future issuance of Interest Shares, remains subject to Exchange approval.

This press release does not constitute, and shall not be construed as, an offer to sell or a solicitation of an offer to buy any Units within the United States.

About ReGen III

ReGen III is a cleantech company commercializing its patented ReGen technology to recycle UMO into high-value Group III base oils. With a focus on creating sustainable solutions that generate better environmental outcomes and compelling economics, the Company's ReGen process is expected to reduce CO₂e emissions by 82% as compared to virgin crude derived base oils combusted at end of life.

In 2022, ReGen III completed FEL2 and value engineering for the Company's 5,600 bpd UMO Texas recycling facility, where world-class engineering, construction and licensed vendor teams - including Koch Project Solutions, LLC, PCL Industrial Management Ltd., Koch Modular Process Systems and Duke Technologies - are providing detailed design, construction, commissioning, and start-up services.

Operating in an underserved segment of the base oil market, ReGen III aims to become the world's largest producer of sustainable Group III base oil.

For more information on ReGen III or to subscribe to the Company's mailing list, please visit: and .

For further information, please contact:

Investor & Media inquiries:
Caroline Sawamoto
investors@regeniii.com

Corporate Inquiries:
Kimberly Hedlin
Vice President, Corporate Finance
(403) 921-9012
info@regeniii.com

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 release.

Certain information other than statements of historical facts contained in this news release constitutes "forward-looking information" or "forward-looking statements" (collectively, "forward-looking information"). Without limiting the foregoing, such forward-looking information includes statements regarding the Company's business plans, expectations, capital costs and objectives. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management's good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Management's Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at under the Company's profile and on the Company's website, . The forward-looking information set forth herein reflects the Company's expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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