November 13, 2017 - 12:21 PM EST
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ONEnergy Inc., OZZ Electric Inc. and OZZ Clean Energy Inc. Terminate Arrangement Agreement

(via TheNewswire)

TORONTO, CANADA / TheNewswire / November 13, 2017 - ONEnergy Inc. ("ONEnergy" or the "Company") (TSXV: OEG), OZZ Electric Inc. ("OZZ") and OZZ Clean Energy Inc. ("OCE") (together, the "Parties") have mutually terminated the arrangement agreement (the "Arrangement Agreement") announced on August 21, 2017. The Arrangement Agreement was contingent on completing several conditions precedent, including the completion of a proposed minimum financing of $23,000,000 (the "Minimum Financing") to finance the combined entity. Several conditions precedent were not completed, including the Minimum Financing which could not be completed on favourable terms acceptable to the Parties, and as a result the Arrangement Agreement was mutually terminated.

Trading in the common shares of ONEnergy ("Shares") were halted on December 21, 2016 on the announcement of ONEnergy's intent to enter into a transaction with OZZ. The Shares are expected to resume trading as soon as disclosure and other regulatory requirements can be completed to the satisfaction of the TSX Venture Exchange.

ONEnergy remains committed to delivering new value to shareholders of the Company and is currently evaluating opportunities both inside and outside of the energy management space and will update shareholders when the Company has completed this evaluation.

About ONEnergy Inc.

ONEnergy is an energy management firm serving commercial, industrial, multi-residential and residential clients via its ONEnergyTM and SunwaveTM-branded energy and energy-efficiency businesses. Sunwave specializes in helping customers use energy more wisely by minimizing their energy consumption and then cost-effectively managing the balance. We provide a variety of products and services including energy-efficient heating, cooling and air-conditioning equipment, standalone and solar PV-integrated energy storage systems, complete turnkey LED lighting retrofits, supply of conventional and "green" electricity for homes and businesses, commercial solar PV installations, building envelope upgrades, energy audits and more to help our customers conserve, simplify and effectively manage their energy costs.

ONEnergy serves customers in both Canada and the United States, with offices in Toronto and Stamford, CT. ONEnergy common shares are listed on the TSX Venture Exchange under the symbol "OEG".

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ONEnergy's corporate website may be found at www.onenergyinc.com and you can learn more about Sunwave's offerings at www.gosunwave.com. Follow us on Twitter at @gosunwave and @onenergyinc or Facebook at www.facebook.com/gosunwave.

Stephen J.J. Letwin
Chairman

ONEnergy Inc.

+1 (416) 444-4848

[email protected]

Ray de Ocampo

Chief Financial Officer

ONEnergy Inc.

+1 (647) 253-2534

[email protected]

Beverly Brooks

Brooks Communications Inc.

+1 (416) 546-2336

[email protected]

The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of ONEnergy and its subsidiaries that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by ONEnergy at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by ONEnergy that actual results achieved will be the same, in whole or in part, as those forecast.

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.

Copyright (c) 2017 TheNewswire - All rights reserved.


Source: TheNewsWire (November 13, 2017 - 12:21 PM EST)

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