Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FRA: 7HIA.F), a clean technology company developing transformative power conversion technologies and control system solutions for electrical systems, is pleased to announce the engagement of Craig-Hallum Capital Group ("Craig-Hallum") as its capital markets advisory and investment banking firm in the U.S.

Don Currie, Hillcrest Chief Executive Officer, stated, "Over the past two years, we've demonstrated our ability to build the right team and move quickly in executing a robust technology development and commercialization strategy.  Engaging Craig-Hallum, a highly respected and recognized investment bank with significant domain experience in our industry, is another next step forward for Hillcrest."

Hillcrest Strategic Advisor, Dan Coker, former President and CEO of Gentherm, added "I know and trust the team at Craig-Hallum and they are the right investment banking firm to advise Hillcrest on the critical next steps of their growth trajectory."

The engagement is effective April 15, 2023, and is subject to the completion of necessary due diligence.

Founded in 1997, Craig-Hallum Capital Group is an independent, full-service investment banking and corporate advisory firm specialized in advising private and public companies across various growth stages, industries, and transaction events from strategic advisory, capital markets, and M&A advisory services.  Craig-Hallum's core focus is to deliver insightful, differentiated advice and services unique to each situation, resulting in meaningful outcomes for each of our clients. Our investment banking professionals work in close partnership with clients to evaluate strategic alternatives and have substantial experience advising and providing market-leading advice and transaction execution for public and private businesses across a wide range of capital markets and M&A transactions.  Craig-Hallum is a member of FINRA and SIPC.

Hillcrest Energy Technologies is a clean technology company developing high-value, high-performance power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems. From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified future. Hillcrest is publicly traded on the CSE under the symbol "HEAT," on the OTCQB Venture Market as "HLRTF" and on the Frankfurt Exchange as "7HIA.F". For more information, please visit: https://hillcrestenergy.tech/.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects," "intends," "is expected," "potential," "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may," "could," "should," "would," "might" or "will" be taken, occur or be achieved. This forward-looking information is provided as of the date of this news release. The forward-looking information reflects our current expectations and assumptions and is subject to a number of known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from any anticipated future results, performance or expectations expressed or implied by the forward-looking information. No assurance can be given that these assumptions will prove correct. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Investors are advised to consider the risk factors under the heading "Risks and Uncertainties" in the Company's MD&A for the year ended Dec. 31, 2021, available at www.sedar.com for a discussion of the factors that could cause the Company's actual results, performance and achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.