Maxim Power Corp. Announces Board of Directors Election Results and M2 CCGT Operations Update

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CALGARY, ALBERTA, June 05, 2024 (GLOBE NEWSWIRE) — Maxim Power Corp. (“Wisdom – a saying“or the”institution(TSX:MXG) today announced the final director election results from its 2024 Annual General Meeting of Shareholders held on 5 June 2024 (the “Meeting”). A ballot was taken at the Meeting in relation to the election of Directors to hold office until the next Annual Meeting of Shareholders. In accordance with the proxies received and ballots cast, the following directors were elected at the meeting to hold office until the next annual meeting of stockholders or until their successors are elected or appointed, unless such office is vacated earlier in accordance with the bylaws of the corporation:

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For the full voting results in connection with the meeting, please see MAXIM's report of voting results which will soon be available under the Company's profile on SEDAR+ at www.sedarplus.ca.

M2 CCGT operations

As previously reported, Milner 2 (“M2”) was experiencing a temporary reduction in capacity due to fouling filling within the old cooling tower system. In late May, M2 went offline due to a planned outage to address routine maintenance items. Management took the opportunity to expedite cleanup efforts on the aging cooling tower system during the planned outage. The M2 is expected to come back online during the first half of June, with temporary capacity largely restored.

About Maxim

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MAXIM, headquartered in Calgary, Alberta, is one of Canada's largest truly independent power producers. MAXIM is now fully focused on energy projects in Alberta. Its core asset – the 300 MW, M2, HR Milner plant in Grande Cache, AB – is a modern combined cycle gas-fired power plant that was commissioned in the fourth quarter of 2023. MAXIM continues to explore additional development options in Alberta including a power generation project With currently permitted gas and permitting a wind power generation project. MAXIM is traded on the TSX under the symbol “MXG”. For more information about Maxim, visit our website at www.maximpowercorp.com. For more information, please contact:

Bob Emmott, President and CEO, (403) 263-3021

Kyle Mitton, CFO and Vice President of Corporate Development, (403) 263-3021

Forward-looking statements

This press release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws relating to MAXIM's plans and other aspects of MAXIM's expected future operations, management focus, objectives, strategies, financial and political condition. Operating and production results. Forward-looking information typically uses words such as “expect”, “believe”, “project”, “anticipate”, “goal”, “plan”, “intend”, “may”, “will”. or “could,” “will” or similar words that indicate future results, events or performance. The forward-looking statements contained in this press release speak only as of the date hereof and are expressly qualified by this cautionary statement. Specifically, this statement contains The journalist makes forward-looking statements relating to, among other things, the expected timing of repairs to the M2 cooling tower system, and the related impact on operations, including capacity restoration of M2.

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Forward-looking information is based on certain assumptions and analyzes made by MAXIM in light of our experience and MAXIM's perception of historical trends, current conditions, expected future developments and other factors that MAXIM believes are appropriate under the circumstances.

The actual results, performance or achievement of MAXIM could differ materially from those expressed or implied by such forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated in the forward-looking statements will arise or occur, or if any of them do. So, what are the benefits that Maxim will gain from there? Risk factors include that MAXIM may not generate the full megawatt capacity from the CCGT expansion of M2. Readers are cautioned that the preceding lists of factors are not exhaustive. Additional information about these and other factors that could affect MAXIM's business, operations or financial results is included in reports on file with applicable securities regulatory authorities, including but not limited to MAXIM's Annual Information Form for the year ended December 31, 2023, which may be accessed through MAXIM's SEDAR+ profile at www.sedarplus.ca. These forward-looking statements are made as of the date of this press release and MAXIM disclaims any intention or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required. Under applicable securities laws.

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