Green Environmental Technologies Inc. Reports Loan to Company

Toronto, Ontario--(Newsfile Corp. - April 1, 2022) - Green Environmental Technologies Inc. (the "Company") reports that Mr. Dominique Monardo advanced $86,893 to the Company on March 31, 2022 for the purpose of reviving the Company. The loan is unsecured, non-interest bearing and non-convertible, with no specific repayment terms except repayment in Canadian Dollars at any future date. To date, Mr. Monardo has loaned a total of $150,000 ("Loan Advance") to the Company. The Loan Advance was used to pay outstanding fees owing to the Ontario and Alberta Securities Commissions as well as to add working capital. It is anticipated that Mr. Monardo will continue to advance funds sufficient to allow the Company to remain in good standing until the Company completes a business combination.

Mr. Monardo is CEO, director and promotor of the Company. The execution of the Loan Advance is a "related party transaction" for purposes of Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Company is exempt from the formal valuation requirement in section 5.4 of MI 61-101 in reliance on Section 5.5(b) of MI 61-101 as the Company is not listed on a specified market. Additionally, the Company is exempt from minority shareholder approval requirement in Section 5.6 of MI 61-101 in reliance on Section 5.7(1)(e) of MI 61-101 as the Company is suffering from financial hardship. The Company is insolvent; the Loan Advance is for the purpose of reviving the Company and to improve its financial position; the Company is not subject to court approval or court orders that the Loan Advance be effected under bankruptcy or insolvency law or section 191 of the Canada Business Corporations Act; the Company has one or more independent directors in respect of the Loan Advance; and the Company's board of directors, acting in good faith, has determined, and at least two-thirds of the Company's independent directors, acting in good faith, has determined that the Company is insolvent and in need of improving its financial position and the terms of the Loan Advance are reasonable in the circumstances of the Company.

The financing was approved by the board of directors pursuant to a directors' resolution dated January 11, 2022. The Company did not have a formal process for the review and approval of the Loan Advance. Due to the size of the Company and the financial hardship, the directors, other than Mr. Dominique Monardo and Mr. Salvatore Monardo, approved the Loan Advance up to an aggregate of $150,000 after a discussion. The Company did not file a material change report more than 21 days before the expected closing of the Loan Advance because the details of the transaction were not settled until shortly prior to the closing and the Company wished to close on an expedited basis for business reasons. The Company does not have any valuation or prior valuations that relate to the subject matter of or is otherwise relevant to the Loan Advance.

The Company will file a material change report on SEDAR in respect of the Loan Advance, a copy of which will be sent by the Company to any shareholder upon request and without charge. Contact sheriquestion@gmail.com for information.

For more information, please contact

Green Environmental Technologies Inc.
Dominique Monardo, CEO
sheriquestion@gmail.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118916