Three Sixty Solar Signs Letter of Intent for Demonstration Tower Sale in Indian Market

VANCOUVER, British Columbia, Nov. 14, 2023 (GLOBE NEWSWIRE) — Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF) (“Three Sixty,” “Three Sixty Solar,” or the “Company”), an innovative alternative energy design, manufacture, and sales organization focused on solar equipment supply to the global marketplace, is pleased to announce that they have signed a non-binding letter of intent (the “LOI”) with Greenlit Energy Systems (“Greenlit”) to proceed with the sale and installation of a Three Sixty Solar Tower in south India.

Key Points:

• Three Sixty has signed an LOI with Greenlit Energy Systems indicating their intent to install a solar tower at a location in the south of India.
• Power generated from the tower will be utilized by a local university or similar institution, with potential grid connection for net metering.
• The parties are already engaged with multiple fabricating organizations to source fabrication of solar towers in India, with the goal to finalize costs for a binding purchase order by mid-January, 2024.

Three Sixty Solar’s CEO, Brian Roth states, “I’m excited to be expanding our global reach with this signed the letter of intent with Greenlit Systems in India. I expect this initial demonstration to prove the utility of solar towers in their market and I am encouraged at the prospects of working collectively to build the business there. Understanding the space constraints in the heavily populated and economically developing region, I believe that our towers provide an ideal solution and cooperation with Greenlit Systems who have been working there successfully for eight years already is a great fit.”

Greenlit Energy Systems is a Renewable Energy Services Company providing design, engineering, installation, and O&M services for utility and megawatt scale solar systems in India. The company provides end-to-end power solutions to customers and has delivered more than 10 MW of installed capacity in the last three years alone.

Greenlit Energy Systems Founder and Director, Abhiram Duvvuru, adds, “We met Mr. Roth and were introduced to Three Sixty Solar’s solar tower concept at the RE+ tradeshow and believe that this technology can be a great opportunity to increase the deployment of solar power in India. We are looking forward to kicking off this initial demonstration in South India and to working with Three Sixty to deploy solar towers broadly throughout our country.”

On Behalf of the Board of Directors,

—Brian Roth—

Brian Roth,
Chief Executive Officer & Director
Three Sixty Solar Ltd.
www.threesixtysolar.com

About Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF)

Three Sixty Solar Ltd. is an all-Canadian enterprise which focuses on solar equipment supply to the global market. The company’s premier product line is the patent pending SVS series commercial solar tower. According to Statistics MRC, the solar farm sector is set to grow to around $296 billion by 2028. Three Sixty Solar’s unique tower concept is a high density, clean energy solution that uses up to 90% less land space than conventional solar farms and can co-locate adjacent to homes, retail, agriculture, and industry, thus minimizing line loss and maximizing energy delivery in places where renewables have been difficult to install until now. In multi-tower applications, developers can utilize the spaces between towers to better leverage land assets through additional revenue generating activities. Designed to withstand major instances of extreme weather, Three Sixty Solar offers a clean energy solution with minimal environmental and habitat impact. To find our more, visit: www.threesixtysolar.com and please watch our video. To stay informed, please sign up to receive news alerts and follow us on Instagram (@threesixtysolar.vsol), Twitter (@ThreeSixtySolar), and Facebook (@threesixtysolar.vsol).

Forward Looking Information Disclaimer

This letter contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the Company’s plans to enter into a binding purchase order to install solar towers with Greenlit Energy Systems in India and the timing thereof, and the potential for Three Sixty to work with Greenlit to deploy solar towers broadly throughout India.

Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the sector in which the Company operates; and laws and any amendments thereto applicable to the Company.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described under the heading “Risks Factors” in the Company’s annual information form dated December 29, 2022 filed under the Company’s profile at www.sedarplus.ca. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.

Neither the Neo Exchange Inc. nor any securities regulatory authority has approved nor disapproved the contents of this press release.

CONTACT INFORMATION

Three Sixty Solar Ltd.
Investor Relations
Email: investors@threesixtysolar.com
Telephone: +1 (778) 383-6743

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Email: info@threesixtysolar.com
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