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TORONTO, Feb. 09, 2018 (GLOBE NEWSWIRE) -- EEStor Corporation (“EEStor” or the "Company") (TSX VENTURE:ESU) announced today that it intends to pursue a non-brokered private placement of units (“Units”) to raise gross proceeds of up to C$2,000,000 (the “Financing”). The Units will be offered at a price of C$0.30 per Unit and each Unit will consist of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to acquire one additional common share of the Company at a price of C$0.45 for a period of 24 months following the closing of the Financing. All securities issued in the Financing will be subject to a 4-month hold period in Canada and such longer periods as may be required under other applicable securities laws.

Net proceeds from the Financing will be used for working capital and general corporate purposes.

The Financing is expected to be completed in the next two week period and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale or solicitation would be unlawful.

About EEStor Corporation

EEStor Corporation's mission is to be the provider of leading edge electrical energy storage and related technologies. EEStor operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. EEStor’s current business strategy is focused on licensing opportunities across a broad spectrum of industries and applications building on its recent technology achievements related to solid-state, high energy density capacitors.

The Company’s success depends on the commercialization of its technology.  There is no assurance that EEStor will be successful in the completion of the various enhancement phases underway to warrant the anticipated licensing opportunities in the technology. Readers are directed to the "Risk Factors" disclosed in the Company’s public filings.

For additional information please contact:

Ian Clifford
Chief Executive Officer
EEStor Corporation
Tel. 416-535-8395 ext. 3
ian.clifford@eestorcorp.com

Neither 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.