May 10, 2022 / Pond Technologies Holdings Inc. (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0) (“Pond”), an ESG company addressing global sustainability challenges of wellness and climate change, is pleased share successful results related to the production of recombinant proteins published in the scientific journal Nature Scientific Reports and is providing an update on the Pond Biotech project announced in the fall of 2021 with a major Fortune 500 oil and gas company. As part of the project, Pond Technologies Holdings Inc. (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0) has been scaling up the production of recombinant proteins. Pond has received approximately $230,000 in payments to date for milestones achieved and the initial research agreement. Pond has now completed the initial scale-up, including bioreactor designs and growth protocols.

Since the beginning of 2022, Pond Technologies Holdings Inc. (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0) has been making weekly deliveries of recombinant proteins to the project consortium for testing. This material has been able to prove that algae-grown recombinant proteins perform as well as conventionally produced proteins in diagnostic tests. Results of these trials were recently published in the scientific journal Nature Scientific Reports and is available here: https://www.nature.com/articles/s41598-022-11053-7. Nature Scientific Reports is the 6th most-cited journal in the world, with more than 540,000 citations in 2020, and receives widespread attention in policy documents and the media1.

Under the current license agreement with the Fortune 500 oil and gas company, Pond Technologies Holdings Inc. (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0) expects to receive a further $850,000 in milestone payments in 2022 and is now positioned to enter a commercial supply contract by the end of this year.

Grant Smith, President & CEO at Pond Technologies Holdings Inc. (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0) said: “This peer reviewed journal article supports our view that algae can be a low-cost micro-factory for the production of recombinant proteins, with applications in medical diagnostics, antibody therapeutics, and vaccine manufacture. We expect to complete this project and continue to grow revenues from our biotech division in 2023.”

1https://www.nature.com/srep/about

About Pond Technologies Holdings Inc.:

Located in Markham, Ontario, Pond Technologies Holdings Inc. (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0) has developed a proprietary system that can profitably transform CO2 into valuable products. Its Pond Carbon business focuses on absorbing greenhouse gas emissions, transforming these into food, feed, and nutraceutical ingredients. Pond recently added a Biotech division focused on the growth of unique strains of micro-algae to be used as a reproductive medium for the expression of human anti-bodies and proteins.

For more information, please visit https://www.pondtech.com/.

Forward-Looking Statements:

This press release contains forward‐looking statements within the meaning of applicable securities laws, including statements regarding anticipated milestone payments, the anticipated entering into of a commercial supply contract by the end of 2022, the timing of completing the project and anticipated growth in revenue from Pond’s biotech division .. Such forward‐looking statements are based on certain key expectations and assumptions made by Pond Technologies Holdings Inc. (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0), including, among others, assumptions regarding successful completion of the trials, the quality of the algae and recombinant proteins produced and the acceptance of same by third parties, ability to produce the recombinant proteins at low cost, the successful negotiation of supply and commercial agreements on terms acceptable to Pond Technologies Holdings Inc. (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0), the continued legislative regime in which Pond operates, availability of cost‐effective labour and supplies, the proper functioning of Pond Technologies Holdings Inc.’s (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0) technology, , the demand for Pond Technologies Holdings Inc.’s (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0) products, the ability of Pond to successfully compete, cash flow and expenses, and obtaining and maintaining intellectual property protection. Although Pond Technologies Holdings Inc. (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0) believes that the expectations and assumptions on which such forward‐looking statements are based are reasonable, undue reliance should not be placed thereon and Pond Technologies Holdings Inc. (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0) can give no assurance that they will prove to be correct. By their nature, such forward‐looking statements are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed, including the risks set forth in Pond Technologies Holdings Inc.’s (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0) annual information form and management’s discussion and analysis of financial condition and results of operations for its year ended December 31, 2021 available on Pond’s profile on the SEDAR website at www.sedar.com.

Readers are cautioned not to place undue reliance on this forward‐looking information, which is given as of the date hereof, and to not use such forward‐looking information for anything other than its intended purpose. Pond Technologies Holdings Inc. (TSXV:POND)(OTCQB:PNDHF)(FSE: 4O0) does not undertake any obligation to update publicly or revise any forward‐looking information, whether as a result of new information, future events or otherwise, except as required by law.

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

For further information contact: Grant Smith, Chief Executive Officer, at [email protected], or 416-287-3835 ext. 201