CORRECTION - Clean Vision’s Clean-Seas Signs Binding Term Sheet to Expand its Waste Plastic-to-Energy PCN Operations into Sri Lanka; Company Anticipates the Plant to be Operational by Year-end 2023 Generating $70 Million in Annual Gross Revenue

Rhea-AI Summary

Clean Vision Corporation (OTCQB:CLNV) issued a correction to a press release, clarifying that its expected annual gross revenue from a new plastic-to-energy pyrolysis plant in Sri Lanka is $70 million, not $195 million. The plant, a partnership with Arinma Holdings, aims to tackle the waste plastic crisis and is expected to be operational by the end of 2023. The venture will establish a new entity, Clean-Seas Sri Lanka, LLC, in compliance with local laws. CEO Dan Bates expressed optimism for the project, citing significant revenue potential based on current commodity prices.

Positive

• New partnership with Arinma Holdings to establish a plastic-to-energy plant in Sri Lanka.
• Expected annual gross revenue of $70 million based on operational capacity of 500 tons per day.
• Anticipated operational date for the plant is by year-end 2023, enhancing potential revenue streams.

Negative

• Correction of anticipated revenue from $195 million to $70 million indicates lower than expected financial projections.
• Dependence on a definitive agreement to fully establish operations may introduce uncertainty.

LOS ANGELES, CA / ACCESSWIRE / April 1, 2022 / In a release issued under the same headline on Wednesday, March 16^th by Clean Vision Corporation (OTCQB:CLNV), a holding company that acquires and operates sustainable clean tech and green energy businesses, please note that the number in the heading and the first sentence of the fifth paragraph referencing the anticipated annual gross revenue should be $70 million, not $195 million. The corrected release follows:

On March 16, 2022, Clean Vision Corporation announced its wholly owned Clean-Seas. Inc (C-S) subsidiary has signed a binding term sheet with Columbo, Sri Lanka-based Arinma Holdings (AH) to develop a commercial scale waste plastic-to-energy pyrolysis plant to serve as a south-Asia host facility for its patent-pending Plastic Conversion Network (PCN).

Incorporated in 2008, Arinma Holdings is an infrastructure conglomerate, championing human-centric infrastructure that meets community aspirations of prosperity, social justice, and sustainability. With more than 1,000 employees, the company has completed over 350 large multifaceted projects throughout Sri Lanka, and its subsidiaries have worked on projects in Oman, UAE, Maldives and Bangladesh. View its 5-minute corporate video at: https://www.youtube.com/watch?v=PW4azWUuRoM.

Sri Lanka, formerly Ceylon, is an island country lying in the Indian Ocean and separated from peninsular India by the Palk Strait. It has a population of 23 million, and its capital is Columbo.

The agreement requires the parties to establish a new US company, Clean-Seas Sri Lanka, LLC (CSSL) which will comply with US governing law and set up the necessary business entities within Sri Lanka, if required by Sri Lanka law, to operate. Pending completion of a definitive agreement, expected in 2Q-22, the binding term sheet outlines the roles and responsibilities for AH and C-S.

Dan Bates, Clean Vision CEO, said, "Based on current off-take commodity prices, at 500 tons per day, this plant will generate approximately $70 million annually in total revenue. With Arinma as our world- class partner, I am optimistic we will break ground by year end and have this host PCN plant operational as soon as year-end 2023. I'm delighted to welcome Arinma to Team Clean-Seas as we work together to mitigate the global waste-plastic and climate-change crises."

Commenting on the Agreement, Arinma Chairman Ashan Malalasekera, said, "Sri Lanka is an extraordinarily beautiful, tropical and tranquil country and, as an island nation, our ecology is much more fragile than most. However, we have our own waste-plastic crisis with little to no landfill capacity, so building a PCN plant that sustainably generates green energy is exactly what Sri Lanka needs to stake out a leadership position in the global sustainability movement and reduce its reliance on carbon-based energy. I'm excited to build a venture with Clean-Seas with the potential to be productive and profitable."

Photo below: Clean Vision CEO Dan Bates (seated right) in Columbo, Sri Lanka signing Arinma Term Sheet with its Chairman Ashan Malalasekera (seated left) with C-S India Managing Director Venkat Kumar Tangirala (center, standing).

About Arinma Holdings

As the world begins to grapple and understand the impacts and effects of climate change, it is evident that as an island nation, Sri Lanka has a very high climate volatility risk. The country needs a strong climate risk mitigation strategy in implementing climate- resilient infrastructure to manage these potential climate disasters.

In line with the UN's Sustainable Development Goals for 2020, Arinma's ethos and brand vision are to be the leaders in water stewardship in Sri Lanka with a key focus on climate risk mitigation and environmental engineering.

The Arinma Holdings Group is the only company in Sri Lanka to offer services throughout the entire infrastructure lifecycle under one arm. Our services include end-to-end project management and advisory; design engineering consultancy; turnkey engineering construction; heavy machinery and haulage solutions and telecommunications technology solutions. For more information, visit: www.arinmaholdings.com/about-us/

About Clean-Seas, Inc.

Clean-Seas, Inc. is a wholly owned subsidiary of Clean Vision. It provides efficient and cost-effective technology solutions that address the global waste plastic crisis as well as creating economic opportunity and social benefit in emerging and developed economies across the world. Clean-Seas offers "best in class" pyrolysis technology deployment for plastic waste-to-energy recycling, including securing feedstock and off-take agreements. For more information, visit: clean-seas.com.

About Clean Vision Corporation

Clean Vision is a public company that acquires and operates a portfolio of synergistic companies in the sustainable clean technology and green energy sectors. For more information, visit: cleanvisioncorp.com.

Safe Harbor Statement

This press release includes forward-looking statements including statements related to the CSSL plant being operational by year-end 2023 and generating $70 million in annual gross revenue, completion of a definitive agreement in 2Q-2022, breaking ground by year-end and having the host PCN plant operational as soon as year-end 2023, and the venture being productive and profitable. Forward-looking statements are no guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements including the ability to have the plant operational by year-end 2023, the ability to generate $70 million in gross revenue and the ability to complete a definitive agreement when anticipated. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company assumes no duty to update its forward-looking statements.

Contact

Clean Vision Corporation Dan Bates, CEO d.bates@cleanvisioncorp.com

Investors

Frank Benedetto 619-915-9422 Twitter: @CleanVisionCorp

SOURCE: Clean Vision Corporation

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FAQ

What is the expected revenue for Clean Vision's new project in Sri Lanka?

The expected annual gross revenue from the new waste plastic-to-energy plant is $70 million.

When is the Clean-Seas plant in Sri Lanka expected to be operational?

The Clean-Seas plant is anticipated to be operational by year-end 2023.

Who is Clean Vision partnering with for its Sri Lanka project?

Clean Vision is partnering with Arinma Holdings for the establishment of the plastic-to-energy plant.

What is Clean Vision's stock symbol?

The stock symbol for Clean Vision Corporation is CLNV.

What does the Clean-Seas project aim to address?

The project aims to tackle the global waste plastic crisis and generate sustainable energy.