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TerraVest Announces First Renewable Natural Gas Project

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TORONTO, Oct. 20, 2021 /CNW/ - TerraVest Industries Inc. (TSX: TVK) ("TerraVest") has been awarded its first manufacturing contract to supply a biogas upgrading system for a project located in Western Canada. The biogas upgrading system will have the capacity to process up to 1,200 Nm3/h of raw biogas and will remove impurities such as hydrogen sulfide and carbon dioxide to produce renewable natural gas (RNG) compliant with Canadian RNG specifications for pipeline injection.

Dustin Haw, Chief Executive Officer of TerraVest, commented, "We are extremely pleased that our Renewables group, which was launched only earlier this year, has already received its first contract. While this contract does not represent a material amount of revenue to TerraVest as a whole, it is a significant milestone in our effort to become a leading provider of renewable natural gas processing equipment. As a company with diversified capabilities, we saw the importance of utilizing our strengths in the design and manufacturing of gas processing equipment along with our in-house engineering expertise in RNG and alternative fuels to expand into clean energy in support of Canada's Clean Fuel Standard to achieve net zero greenhouse gas emissions by 2050. We look forward to executing on more renewables projects as our sales pipeline continues to grow."

Under the terms of the agreement, TerraVest Renewables will provide engineering, equipment design, manufacturing, and system integration for the RNG facility.

Caution Regarding Forward-Looking Statements

This news release contains forward-looking statements within the meaning of applicable securities legislation. All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding our strategic direction and evaluation of the business segments and TerraVest as a whole, the financial and business prospects of TerraVest's Renewables group, and other plans and objectives of or involving TerraVest. Readers can identify many of these statements by looking for words such as "expects" and "will" or similar terms or variations of these words. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

By their nature, forward-looking statements require us to make assumptions and, accordingly, forward looking statements are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.

Assumptions and analysis about the performance of TerraVest as a whole and its business segments, the markets in which the business segments compete and the prospects and values of the business segments are considered in setting the business plan for TerraVest, plans and/or ability to pay dividends, outlook for operations, financial position, results and cash flows, other plans and objectives and in making related forward-looking statements. Such assumptions include, without limitation, demand for products and services of the business segments in respect of the Canadian and other markets in which the businesses are active will be stable, and that input costs to business segments do not vary significantly from levels experienced historically. Should any of these factors or assumptions vary, actual results may differ materially from the forward-looking statements.

SOURCE TerraVest Industries Inc.

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View original content: http://www.newswire.ca/en/releases/archive/October2021/20/c9862.html