ALUULA Appoints Interim Chief Financial Officer

Victoria, British Columbia--(Newsfile Corp. - October 24, 2023) - ALUULA Composites Inc. (TSXV: AUUA) (the "Company" or "ALUULA") today announced the appointment of Briony Bayer as the Company's interim Chief Financial Officer.

Ms. Bayer is a qualified finance professional with 20 years experience in senior executive roles. Ms. Bayer was a founding shareholder, director and CFO of Bastion Square Partners Inc., a Capital Pool Company listed on the TSX Venture Exchange that completed its qualifying transaction by way of three-cornered amalgamation (the "Transaction") with ALUULA on April 17, 2023. Post Transaction, Ms. Bayer stayed on as a member of the Company's board of directors.

Ms. Bayer is the CFO for Victoria-based private equity firm Gustavson Capital Corporation where she is responsible for oversight of assets under management as well as investment opportunity due diligence, analysis, and recommendation. In her role as CFO, Ms. Bayer has collaborated with portfolio company executive teams to develop, plan, and execute on the business' growth strategy and when required oversee functional areas including finance & accounting, HR, IT and risk management. Prior to joining Gustavson Capital, Ms. Bayer held senior finance roles with Custom House Ltd, a privately held multi-national company and ACD Systems International Inc. a TSX listed software development company.

Ms. Bayer is a CPA, CA who articled with KPMG LLP where she managed a portfolio of clients that were both publicly traded and privately held. Over the course of her employment with KPMG, Ms. Bayer worked in the Victoria, BC, Mountain View, CA, and Frankfurt offices.

Ms. Bayer remains as a director of ALUULA.

Richard Myerscough, CEO of ALUULA, commented, "We are very pleased to welcome Briony as our Chief Financial Officer. We have worked together closely in the go public transaction - she knows ALUULA well and I value her counsel. Her strong operating experience in public and private companies in our current high growth phase will be invaluable."

About ALUULA Composites
ALUULA Composites Inc. (TSX-V: AUUA) is a new class of composite materials built from components with eight times the strength-to-weight ratio of steel, and yet lighter than nylon, polyester or aramid. Using a patented and proprietary approach to increase fiber strength at the molecular level, ALUULA core weaves and outer facing films are fused without the use of heavy glues. This remarkable process allows ALUULA to achieve strength to weight ratio materials that have been previously unachievable. The company continues to add patented innovation to its product offerings and specialized core competencies to its growing team.

Partnering with world-class brands, ALUULA Composites is quickly becoming the top choice for innovators seeking to set a new standard of high-performance.

ALUULA is a Canadian company founded by a team of highly experienced chemists and engineers who share a common passion for exploring and enjoying the outdoors. They have created a new realm in dimensionally stabilized multilayer materials that are the result of an innovative bonding of co-polymer layers, creating composites which are extremely light, highly tear and stretch resistant, and are easily fabricated into a multitude of products across a wide range of markets. ALUULA Composites strives to develop products and processes that are not hazardous to our environment and minimize the footprint we leave behind.

Learn more about ALUULA Composites at: www.aluula.com

Contact:

Richard Myerscough, CEO and Director
rm@aluula.com

Investor Relations General Contact
investors@aluula.com

TSX Venture Exchange

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Forward looking statements in this news release include, but are not limited to, the business of Aluula. Because of these risks and uncertainties and as a result of a variety of factors, including the timing and receipt of all applicable regulatory, corporate and third party approvals, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

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