Esstra Industries Announces Termination of Proposal to Acquire ExSorbtion Inc.

Vancouver, British Columbia--(Newsfile Corp. - April 16, 2021) - Esstra Industries Inc. (TSXV: ESS) ("Esstra" or the "Company") announces that the proposed acquisition of ExSorbtion Inc.("ExSorbtion"), by way of Reverse Take-Over, as well as the proposed associated concurrent financing previously announced on December 15, 2020, have been terminated as a result of the parties having failed to come to an agreement on final terms, which were to be the subject of a definitive agreement. The Company continues to hold a 5% interest in ExSorbtion which was announced on September 3, 2020.

Resumption of Trading

Trading in the common shares of the Company is halted and will remain halted pending the satisfaction of all applicable requirements of the TSX Venture Exchange. Esstra will issue a further news release as soon as further details are available regarding the resumption of trading.

About Esstra Industries Inc.

Esstra Industries Inc. is listed on the TSX Venture Exchange and is classified as an "Investment Company" under applicable Exchange policies.

Ms. Virginia OlnickChief Executive Officer

For further information, please contact the Company at:

Tel.: (604) 785-1425Email: virginia@volnick.com^[1]

Reader Advisory

This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80727^[2]