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Cassandra Oil: Press release

CASSANDRA OIL AB, Sweden and BF HOLDING OÜ, Estonia, have today
entered in to a MoU, outlining the terms for a potential start of a
JV in the recycling business in Estonia,

The first plant will be based in Fosforiidi, Maardu, Estonia and
consist of one CASO reactor.

BF HOLDING OÜ has applied for EU funding contributions based on
Cassandra Oil's unique fast depolymerization technique. Subject to
the granted EU funding contributions an agreement will follow. A
concluded deal may lead to sale of CASO equipment for €4,2m-€4,5m.
The potential transaction can take place at the earliest by the end
of this year and the estimated economic impact will be marginal for
the company.

BF HOLDING OÜis part of a group of Estonian companies with offices in
Fosforiidi, Maardu, Estonia. The main activity of the group is
currently wholesale of waste and scrap, including plastic and
packaging materials. Secondary activities include supports to the
recycling sector in the form of renting and leasing machinery and
equipment for collecting and sorting of waste materials. The ambition
of the group is to become apart of the global circular economy by
growing from a collecting and facilitating role of recycled materials
to a producer of renewable raw materials.

Cassandra Oil ABis a Swedish company with HQ in Västerås, specialising
in manufacturing of commercially viable CASO recycling technology

Cassandra Oils patented technology enables recovery of oil and gas
from hydrocarbon rich waste such as used tires and plastic
waste.Cassandra Oil's share is listed on Nasdaq First North with the
short name CASO and the number of shareholders is about 8000.

För ytterligare information, vänligen kontakta
Anders Olsson, Verkställande direktör
Tel: 076-16 32 100

Cassandra Oil är ett svenskt miljöföretag som med hjälp av ny teknik
producerar olja ur kolvätehaltigt material, till exempel uttjänta
bildäck, plastavfall, "oljesludge", spillolja och på sikt även
oljesand, oljeskiffer och elektronikskrot. Cassandra Oils aktie är
listad på Nasdaq First North Stockholm med kortnamn CASO. Remium
Nordic Holding AB är bolagets certified adviser. Antalet aktieägare
uppgår till ca 8 000.


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