ALUULA Announces Appointment of Sage Berryman as President

Victoria, British Columbia--(Newsfile Corp. - February 12, 2024) - ALUULA Composites Inc. (TSXV: AUUA) (the "Company" or "ALUULA") announces that it has appointed Sage Berryman as President of the Company.

Ms. Berryman brings to ALUULA decades of executive experience, with 15 years in the C-Suite. She has a track record of building sustainable growth in organizations ranging from startups to those with over 400 employees. With deep capital markets expertise, she has played a key role in leading transactions and partnerships valued at over $4 billion, specifically with innovative technology companies.

Prior to joining ALUULA, Ms. Berryman provided transition and interim C-level services to several organizations during critical shifts. Beforehand, she was the Co-CEO for the Ralmax Group, having previously held the role of Chief Operating Officer.

In addition to her executive leadership, Ms. Berryman boasts decades of board experience. She currently serves on several boards, including Coast Opportunity Funds and Syniad Innovations. Ms. Berryman also actively mentors and advises numerous entrepreneurs and their ventures.

Ms. Berryman completed her MBA at Queen's University and has been recognized with accolades such as BC's Top 40 under 40 and BC's Top Influential Women in Business Award.

"We're excited to welcome Sage as the newest addition to our team as President. With her demonstrated expertise in fostering strong company cultures and teams, she seamlessly aligns with ALUULA's commitment to sustainable growth and innovation," said Richard Myerscough, CEO of ALUULA.

"In her role, Sage will spearhead general business growth and operations, leveraging her leadership skills to guide and support our team. This appointment comes at a pivotal time as the wind sport division maintains its strong momentum, and our focus remains on bringing our products to key markets. We look forward to seeing Sage's impact as we continue to expand our market presence and deliver exceptional products to our customers worldwide."

New Stock Option Plan

ALUULA has adopted a 10% fixed stock option plan (the "New Plan"), which replaces the Company's 10% rolling stock option plan. The New Plan has been approved by the TSX Venture Exchange and provides for the granting of up to 25,056,562 options.

The Company has granted 10,500,000 stock options to Ms. Berryman and 500,000 stock options to Briony Bayer, the CFO of the Company. The stock options are exercisable at a price of $0.135 per share and expire five years from the date of grant.

Investor Relations Update

The Company entered into an investor service relations agreement (the "IR Agreement") with Apollo Shareholder Relations ("Apollo") on February 1, 2024, to provide investor relations services to the Company. Apollo is a leading investor communications agency, specializing in tailored IR services for the modern investor across Canada and the United States.

Apollo will be providing several services to the Company pursuant to the IR Agreement, which includes but is not limited to strategic communications, news flow planning and press release writing, content creation, and attending to investor inquiries through email, phone calls and chatrooms. The IR Agreement has a fee of $66,000 for an initial six-month term, with the option to continue on a monthly basis thereafter. Either party may terminate the agreement by providing 30 days written notice.

To the knowledge of the Company, and at the time of entry into the IR Agreement, no principal of Apollo held any securities in the Company. Both Apollo and its principals are arm's length to the Company.

About ALUULA Composites

ALUULA Composites Inc. (TSXV: 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 Inc. is quickly becoming the top choice for innovators seeking to set a new standard of performance.

ALUULA is a Canadian company founded by a team of highly experienced chemists and engineers who share a passion for the outdoors. They are challenging what was previously thought possible in product fabrication with their innovative and proprietary mono polymer composite materials. Extremely light, durable, recyclable, and easily fabricated into a multitude of products, ALUULA's materials are changing the landscape of product design. ALUULA 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 Inc. at: www.aluula.com.

On behalf of the Board of Directors,
Richard Myerscough
Chief Executive Officer
1-888-724-2470
ceo@aluula.com

For investor inquiries please contact:

Investor Relations
1-888-724-2470, ext 4
IR@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 as described in the Company's management discussion and analysis. 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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