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BOB RENNIE APPOINTED TO GEN III BOARD OF DIRECTORS

VANCOUVER, British Columbia (Newsfile Corp. – March 23, 2021) — Gen III Oil Corporation (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN41) (“Gen III” or the “Company”), a cleantech company creating more sustainable solutions that include better environmental outcomes and compelling economics, is pleased to announce the appointment of Bob Rennie to the Company’s Board of Directors (“the Board”).

This appointment will strengthen our international marketing expertise, governance and social leadership at the Board level as the Company nears commercialization of its proprietary and patented ReGen™ technologies. As stated in our January 7, 2021 press release, Gen III has received the first draft of a definitive agreement from a super major for the off take of its entire base oil production, refined from used motor oils at the Company’s first planned facility in the U.S. Gulf Coast. Terms of this Agreement are currently being finalized.

As founder and executive director of rennie group, Bob has redefined the business of real estate, offering specialized national and international marketing, data gathering intelligence information and technology services for over 40 years. Bob is often recognized for his leadership in developing new and innovative strategies in risk management and marketing. Bob’s experience will contribute significant expertise to the Company’s global growth plan, as Gen III continues to market its clean tech process internationally, while offering strong social and philanthropic guidance to the Board.

“On behalf of the Board, I am thrilled to welcome Bob, a respected advisor with a reputation for one of the best strategic minds in Canada’s business community. Bob embraces our vision for the global potential of our technologies to address the growing demand for environmentally friendlier fuels and lubricants.” commented Greg Clarkes, CEO of Gen III. “I look forward to working together in leveraging Bob’s insight and leadership to help build a truly sustainable growth company.”

Bob has experience cultivating and maintaining strong relationships across a diverse range of stakeholders, while building and maintaining positive social impact. Bob’s various philanthropic initiatives focus on Mental Health and Education, while being an active voice and member of the Arts Communities locally, nationally and internationally. Bob sits on numerous boards and executive committees positions around the world include President of the Board of Trustees at the Tate American Foundation and sits on the Board of Trustees and the School at the Art Institute of Chicago, a trustee of the Advisory Board to the Faculty of Arts (UBC), the University Art Committee (UBC), the Urban development Institute, the British Columbia Centre on Substance Use, the Peter P. Dhillon Centre for Business Ethics Advisory Board, Bob is also the former Chair of the North American Acquisitions Committee (at Tate Museum in London) and a former 7 year Member of the Board of Governors at Emily Carr University of Art and Design.

Bob is the recipient of the Queen’s Diamond and Golden Jubilee awards, the Order of British Columbia and has a Doctorate from Emily Carr University.

The appointment of Bob to the Board is effective immediately.

Options Granted to New Appointee

In connection with the Board appointment, the Company has issued 750,000 stock options at an exercise price of $0.85 per option, valid for a period of two years from the date of grant. The options vest 90 days from the date of grant.

About Gen III

Gen III is a cleantech company that is building sustainable green projects with compelling economics, without relying on government subsidies. Gen III owns a portfolio of patented technologies that enable used motor oil re-refineries to produce a higher value product mix of base oils than traditional methods, including 55% Group III. For more information about the Company, please visit www.geniiiesg.com.

On Behalf of the Board of Gen III Oil Corporation

“Greg Clarkes”
Greg Clarkes
Chief Executive Officer

For further information, contact Mark Redcliffe at (778) 668-5988

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information contained in this news release constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”). Without limiting the foregoing, such forward-looking information includes statements regarding the anticipated terms of any proposed transaction and engagement and any statements regarding the Company’s business plans, expectations and objectives. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management’s good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Management’s Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedar.com under the Company’s profile and on the Company’s website, https://www.geniiiesg.com/. The forward-looking information set forth herein reflects the Company’s expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.