Jericho Energy Ventures Inc. has announced its plan to separate its hydrogen solutions platform into a new entity named Hydrogen Technologies Corporation (HTC). The Spinout Transaction will allow each JEV shareholder to retain their shares of Jericho and receive shares of HTC on a pro rata basis. The purpose of this separation is to create two independent specialized energy companies with a clear focus on leadership in their respective markets. This move will enable both businesses to operate with distinct strategies, tailored capital structures, and focused investment plans, aiming to deliver superior outcomes for stakeholders. The Spinout Transaction, subject to necessary regulatory and shareholder approvals, is set to be contained in a management information circular that will be delivered to shareholders. The plan aims to position Jericho Energy Ventures for the current energy transitions by owning, operating, and developing traditional hydrocarbon assets and advancing the low-carbon energy transition with active investments in hydrogen. Following the separation, Jericho Energy Ventures will continue to trade on the TSX Venture Exchange under the symbol JEV, representing its oil and gas business. The CEO of Jericho Energy Ventures, Brian Williamson, highlighted the benefits of separating the hydrogen platform to create two agile, focused companies. He emphasized that this move will allow each company to pursue its strategic objectives independently, positioning them for long-term growth and success. The company believes that JEV shareholders will benefit from the distinct growth opportunities in both the hydrogen and oil & gas sectors, with each company committed to maximizing value within its industry. The Spinout Transaction is subject to approval by the TSX Venture Exchange, Jericho shareholders, and the British Columbia courts if effected by way of a plan of arrangement. The shareholder approval may be sought at the company's Annual General Meeting scheduled for January 15, 2025. The news release contains forward-looking statements regarding the implementation of the Spinout Transaction and other related approvals.