Solar Alliance Amends Shares for Debt Agreement

TORONTO and KNOXVILLE, Tenn., April 27, 2020 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX-V: SOLR) announces it has amended the Debt Settlement Agreement previously announced on April 17, 2020 with certain senior management to fully settle an aggregate of up to $54,999 of unpaid fees for shares in the Company. Pursuant to the amended Debt Settlement Agreement (the “Amended Debt Settlement Agreement”), and as allowed by the temporary relief bulletin issued by the Toronto Stock Exchange on April 8, 2020, the Company will enter into a settlement agreement with Clark Public Affairs, Ltd. to fully settle an aggregate of $54,999 of unpaid consulting fees recorded in the books of the Company for the three months ended March 31, 2020 by the issue of an aggregate of 2,199,960 common shares at $0.025 per share.

The Amended Debt Settlement Agreement is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.

About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in California, Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects with a combined capital cost exceeding $1 billion that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally-friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.

Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.

“Neither 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.”