Vancouver, British Columbia--(Newsfile Corp. - June 12, 2024) - Esstra Industries Inc. (TSXV: ESS) ("Esstra" or the "Company") is pleased to announce the appointment of Alexander Damouni as Chief Executive Officer ("CEO") and Director as well as Sohrab Jahanbani as Strategic Advisor.

Alexander Damouni, CEO and Director, states, "I am delighted to become part of the Company. Sohrab Jahanbani, Rabih Brair (CFO), and I have previously collaborated together and we look forward to building out Esstra's investment opportunities over the coming months."

Mr. Alexander Damouni has over 20 years of corporate experience managing strategy and growing companies across four continents. Throughout his career, Alexander focused on creating value by helping business owners better understand their situation and providing tools and solutions to scale their companies. He has served as an advisor to a venture-backed online marketplace, where he directly supported the CEO in growing the business from a concept to generating $100M in gross transaction value. The platform helped over a thousand SMEs enable technology to achieve nearly a quarter of a million in new customer growth. Alexander holds an MBA from Hult International Business School and a BA from McGill University.

Mr. Sohrab Jahanbani is a seasoned entrepreneur with over 28 years of experience in founding and scaling early-stage ventures across diverse sectors, including telecoms, mobile payments, SaaS, e-commerce, and marketplaces. He has successfully founded five businesses himself and as a mentor at Techstars and an Entrepreneur in Residence at Citibank, Sohrab has guided many founders through successful fundraising and scaling processes.

Resignation

The Company also announces the resignation of Virginia Olnick as CEO of the Company. Ms. Olnick will remain on the Board of Directors.

Option Issuance

The Company has issued a total of 820,250 options to purchase common shares in its capital to directors, officers, and consultants at a price of C$0.10 per share (the "Options"). The Options vest immediately upon grant and expire three years from the grant date.

About Esstra Industries Inc.

Esstra Industries Inc. is listed on the TSX Venture Exchange and is classified as an "Investment Company" under applicable Exchange policies.

Alexander Damouni
Chief Executive Officer

For further information, please contact the Company at:
Tel.: (604) 785-1425

Reader Advisory

This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.