ONEnergy Inc. Announces Proposed Acquisition of OZZ Electric Inc.

ONEnergy Inc. is pleased to announce that today it has entered into a letter of intent ("LOI") with OZZ Electric Inc. ("OZZ"), which contemplates an acquisition of all of the common shares of OZZ in exchange for the issuance of common shares of a successor corporation to ONEnergy, as described below (the "Transaction"). Completion of the Transaction would result in a reverse takeover and change of business of the Company under the policies of the TSX Venture Exchange (the "Exchange").

As required under the policies of the Exchange, the Transaction will be subject to the approval of the Company's shareholders and the Exchange. It is expected that the combined entity, after completion of the Transaction, will qualify as a Tier 1 Industrial Issuer pursuant to the requirements of the Exchange.

The LOI will be followed by the negotiation of a definitive agreement (the "Definitive Agreement") setting forth the detailed terms of the Transaction and containing the terms and conditions set out in the LOI and such other terms and conditions as are customary for transactions of the nature and magnitude contemplated in the LOI.