GH Power Inc. ("GH Power"), a Canadian clean energy and critical materials technology company, today confirmed that the Government of Canada has selectedTKMS, one of the world's leading naval shipbuilders and a global leader in the design and construction of advanced conventional submarines, as the preferred supplier for the Canadian Patrol Submarine Project (CPSP). As TKMS and the Government of Canada enter formal contract negotiations for the CPSP, GH Power may participate in Industrial and Technological Benefits (ITB) initiatives as part of TKMS's Canadian industrial strategy. If implemented, GH Power believes that these initiatives could provide it with non-dilutive funding to accelerate the development, validation, and commercialization of its proprietary advanced materials, and clean energy technologies in Canada. Under their existing non-binding memorandum of understanding (the "MOU"), GH Power and TKMS are evaluating the integration of GH Power's modular clean energy technology into future defense, industrial, and maritime manufacturing applications, with the aim of strengthening Canada's domestic supply chains and advanced manufacturing capabilities.

Recent Milestone: Definitive Business Combination to Go Public on the NYSE

Announcement of GH Power’s collaboration with TKMS follows GH Power’s recently announced definitive Business Combination Agreement (the "BCA") with Matinas BioPharma Holdings, Inc. (NYSE AMER: MTNB).

If the proposed transaction is completed, GH Power will become a wholly owned subsidiary of a newly formed Ontario corporation expected to be named GH Power International ("GHP International"). Following completion of the transaction, it is expected that GHP International's common shares will be listed on the NYSE American, subject to approval of the listing application and satisfaction of the exchange's applicable listing standards. Based on the current transaction terms, existing GH Power shareholders are expected to own approximately 91% of GHP International's outstanding equity at closing, subject to adjustment according to the terms of the transaction documents.

The proposed transaction is expected to provide GH Power with a public-company platform and access to the U.S. capital markets to support commercialization of its proprietary modular reactor technology and to fund a diversified pipeline of clean energy, critical materials and industrial decarbonization opportunities in North America and Europe. Completion of the transaction, however, is subject to shareholder, regulatory, court, financing, and exchange approvals and other closing conditions.