GlobeNewswire Inc | Nov 17, 2021 12:33PM EST

November 17, 2021

COSTA MESA, Calif., Nov. 17, 2021 (GLOBE NEWSWIRE) -- Clean Energy Technologies (OTCQB: CETY), ("Clean Energy" or the "Company"), a low carbon energy company focusing on products and solutions in the energy efficiency and environmental sustainability market, today announces financial results for the quarter ended September 30, 2021.

Financial and corporate highlights for the quarter ended September 30, 2021 and subsequently include the following:

-- Acquisition of Leading Wave Limited (LWL), a liquified natural gas (LNG) trading company in China. -- Finalized agreement on $15M renewable energy processing facility to convert 10,000 tons per year of clean woody feedstock into an estimated 16,500 MWh electricity/year. In addition, the facility will produce 1,400 metric tons of BioChar and 26,000 MM BTU of heat per yer. -- Secured a $500K sales order for the installation of a Clean Cycle Waste Heat Generator at the Aries Linden Biosolids Gasification Facility. -- Retained CORE IR to assist the Company with investor relations, public relations and shareholder communications services.

Kam Mahdi, CEO of Clean Energy Technologies stated, While the third quarter gross profit slowed year-over-year, the last quarter and even the beginning of the fourth quarter have been eventful for the Company. We have made significant progress in providing a renewable energy processing facility, and a sales order for our waste heat generator. However, more importantly, we recently expanded our global footprint to help drive additional revenue from an acquisition in China to provide liquified natural gas to its growing natural market. We also have renewed our dedication to improving communications with our stock holders, including the hiring of CORE IR, which is designed to improve our communications output and quality as we begin to prepare for a potential up-list to a major exchange.

Financial Results for Quarter Ended September 30, 2021

Net Sales

The Company has five reportable segments: Clean Energy HRS (HRS), CETY Europe srl, CETY Renewables Ashfield, CETY Waste to Energy division and engineering & manufacturing services division.

Segment breakdown

During the nine months ended September 30, 2021, revenue from Engineering and Manufacturing was $91,263 compared to $361,697 for the same period in 2020. The decrease was due to shift of focus on the heat recovery solution business and manufacturing.

In the nine months ended September 30, 2021, revenue from HRS was $602,607 compared to $823,928 for the same period in 2020. This decrease was mainly caused by delays in execution of orders and contracts as a result of the pandemic and supply chain delays.

In the nine months ended September 30, 2021, revenue from CETY Europe was $173,234 compared to $44,506 for the same period in 2020. This increase was mainly due to the overall increase in the service revenue and equipment sale.

Gross Profit

For the none months ended September 30, 2021, gross profits were $519,683 compared to $681,236 for the same period in 2020. Gross profits could vary from period to period and are affected by several factors, including, production and supply change efficiencies, material costs, and logistics.

Segment breakdown

During nine months ended September 30, 2021, our gross profit from Engineering and Manufacturing was $72,854 compared to $124,790 for the same period in 2020.

For the nine months ended September 30, 2021, gross profit from HRS was $312,118 compared to $518,695, for the same period in 2020. The decrease from the HRS segment was mainly due to no revenue in the first quarter of 2021 and supply chain delays and higher cost of materials.

During the nine months ended September 30, 2021, gross profit from CETY Europe was $134,712 compared to $37,481 for the same period in 2020. This increase was mainly due to the overall increase in the service revenue and equipment sales.

Net Income / Loss

In the third quarter ended September 30, 2021, net loss was $17,012 compared to net loss of $518.889 for the same period in 2020. This increase was primarily due to the gain on derivative liability in 2021.

In the nine months ended September 30, 2021, net profit was $819,716 compared to net loss of $1,055,970 for the same period in 2020. This increase was primarily due to the gain on derivative liability in 2021.

About Clean Energy Technologies

Headquartered inCosta Mesa, California, Clean Energy Technologies (CETY) a low carbon energy company delivers power from heat and biomass with zero emission and low cost. CETY designs, produces, and markets clean energy products & solutions focused on energy efficiency and renewable energy. The Company's principal product is the Clean Cycle magnetic bearing heat recovery generator, offered by CETY's subsidiary Clean Energy HRS, or Heat Recovery Solutions.

The Clean Cycle system captures waste heat from a variety of sources and turns it into electricity that can be used or sold back to the grid. CETY's proven, reliable technology allows municipal, commercial, and industrial users with heat sources, such as from biomass, industrial processes, or energy production, to boost their overall energy efficiency with no additional fuel, no pollutants, and little ongoing maintenance. CETY's common stock is currently traded on the OTC Market under the symbol CETY. For more information, visitwww.cetyinc.comorwww.heatrecoverysolutions.com.

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FINANCIAL TABLES FOLLOW

Clean Energy Technologies, Inc.Consolidated Balance Sheet

(unaudited) September 30, December 31, 2021 2020Assets Current Assets: Cash $ 1,555,157 $ 414,885 Accounts receivable - net 777,156 265,738 Lease receivable asset 217,584 217,584 Inventory 725,559 557,820 Total Current Assets 3,275,456 1,456,027 Property and Equipment - Net 38,120 53,432 Goodwill 747,976 747,976 Long term financing receivables - (net) 684,770 752,500 License 354,322 354,322 Patents 118,538 127,445 Right of use asset - long term 461,979 606,569 Other Assets 38,088 25,400 Total Non Current assets 2,443,793 2,667,644 Total Assets $ 5,719,249 $ 4,123,671 Liabilities and Stockholders? (Deficit) Current Liabilities: Accounts payable $ 871,316 $ 1,544,545 Accrued Expenses 139,487 503,595 Customer Deposits 194,500 82,730 Warranty Liability 100,000 100,000 Deferred Revenue 33,000 33,000 Derivative Liability 274,178 2,008,802 Facility Lease Liability - current 208,651 249,132 Line of Credit 1,160,274 1,680,350 Notes payable - GE 2,484,096 2,442,154 Notes Payable 369,065 - Convertible Notes Payable (net of discount 291,100 541,426 of $0 and $170,438 respectively)Related Party Notes Payable 597,594 600,075 Total Current Liabilities 6,723,261 9,785,809 Long-Term Debt: Notes Payable PPL - 110,700 Related Party Notes Payable 1,081,085 1,092,622 Facility Lease Liability - long term 272,440 373,112 Net Long-Term Debt 1,353,525 1,576,434 Total Liabilities 8,076,786 11,362,243 Commitments and contingencies $ - $ - Stockholders? (Deficit) Preferred D stock, stated value $100 pershare; 20,000 shares authorized; 7,500shares and 7,500 shares issued and 0 and - 450,000 4,500 outstanding as of September 30, 2021and December 31, 2020, respectivelyCommon stock, $.001 par value;2,000,000,000 shares authorized;923,893,327 and 821,169,656 shares issued 923,893 821,171 and outstanding as of September 30, 2021and December 31, 2020, respectivelyShares to be issued - 61,179 Additional paid-in capital 13,550,333 9,080,560 Accumulated deficit (16,812,704 ) (17,651,482 ) (2,338,478 ) (7,238,572 ) Non-controlling interest (19,059 ) - Total Stockholders? (Deficit) (2,357,537 ) (7,238,572 )Total Liabilities and Stockholders? Deficit $ 5,719,249 $ 4,123,671

The accompanying footnotes are an integral part of these consolidated financial statements

Clean Energy Technologies, Inc.Consolidated Statement of Operationsfor the three and nine months ended September 30,(Unaudited)

three months nine months 2021 2020 2021 2020 Sales $ 575,545 $ 215,318 $ 866,703 $ 1,230,131 Cost of Goods 274,401 112,288 374,020 548,895 SoldGross Profit 301,144 103,030 519,683 681,236 General and AdministrativeGeneral andAdministrative 188,817 143,490 529,335 394,791 expenseSalaries 228,565 183,972 661,634 569,734 Travel 26,381 27,045 66,735 67,861 Professional 41,174 52,034 123,383 129,385 FeesFacility lease 85,798 86,667 254,708 280,303 and MaintenanceDepreciationand 8,073 9,443 24,219 28,329 AmortizationTotal Expenses 578,809 502,651 1,660,015 1,470,403 Net Profit /(Loss) From (277,664 ) (399,621 ) (1,140,331 ) (789,167 )Operations Change inderivative (10,745 ) 88,836 1,734,624 208,195 liabilityGain / (Loss)on debt 460,568 191,833 828,666 431,698 settlement? andwrite downInterest and (189,171 ) (393,937 ) (603,240 ) (906,696 )Financing feesNet Profit /(Loss) Before (17,012 ) (512,889 ) 819,719 (1,055,970 )Income TaxesIncome Tax - - - - ExpenseNet Profit / (17,012 ) (512,889 ) 819,719 (1,055,970 )(Loss) Net (income)lossattributable to 19,059 - 19,059 - thenon-controllinginterests - - Net income(loss)attributable to $ 2,047 $ (512,889 ) $ 838,778 $ (1,055,970 )Clean EnergyTechnologies,Inc. Per Share Information:Basic weightedaverage numberof common 922,225,702 768,031,046 891,312,514 762,841,333 sharesoutstanding Net Profit /(Loss) per $ (0.00 ) $ (0.00 ) $ 0.00 $ (0.00 )common sharebasic Per Share Information:Dilutedweightedaverage number 922,225,702 768,031,046 1,357,635,219 762,841,333 of commonsharesoutstanding Net Profit /(Loss) per $ (0.00 ) $ (0.00 ) $ 0.00 $ (0.00 )common sharediluted

The accompanying footnotes are an integral part of these Consolidated financial statements

Clean Energy Technologies, Inc.Consolidated Statements of Cash Flowsfor the nine months ended September 30, 2021(Unaudited)

2021 2020 Cash Flows from Operating Activities: Net Income / ( Loss ) $ 819,719 $ (1,055,970 )Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization 24,219 28,329 Gain on debt settlement (828,666 ) (431,698 )Shares issued for inducement 54,266 48,421 Change in debt discount and Financing 730,826 442,560 feesChange in derivative liability (1,734,624 ) (208,195 )Changes in assets and liabilities: (Increase) decrease in right of use 144,588 155,244 asset(Increase) decrease in lease liability (141,153 ) (149,142 )(Increase) decrease in accounts (511,418 ) 47,058 receivable(Increase) decrease in longterm 67,730 - financing receivables(Increase) decrease in inventory (167,739 ) 79,344 (Decrease) increase in accounts payable (673,236 ) 60,234 Other (Decrease) increase in accrued 141,969 214,815 expensesOther (Decrease) increase in accrued (2,482 ) 23,889 expenses related partyOther (Decrease) increase in deferred - (14,750 )revenueOther (Decrease) increase in customer 111,770 (226,500 )depositsNet Cash Provided by (Used In) (1,964,231 ) (986,361 )Operating Activities Cash Flows from Investing Activities Purchase property plant and equipment - - Cash Flows Used In Investing Activities - - Cash Flows from Financing Activities Bank Overdraft / (Repayment) - (1,480 )Payment on notes payable and lines of (894,208 ) (156,000 )creditProceeds from notes payable 414,200 818,541 Proceeds from notes payable related - - partyStock issued for cash 3,584,511 345,524 Cash Flows Provided By Financing 3,104,503 1,006,585 Activities Net (Decrease) Increase in Cash and 1,140,272 20,224 Cash EquivalentsCash and Cash Equivalents at Beginning 414,885 7,406 of PeriodCash and Cash Equivalents at End of $ 1,555,157 $ 27,630 Period Supplemental Cashflow Information: Interest Paid $ 145,230 $ 142,184 Taxes Paid $ - $ - Supplemental Non-Cash Disclosure Shares issued for warrant conversion $ - $ - Discount on derivatives $ - $ 134,961 Shares issued for preferred conversions $ 450,000 $ 80,000 Shares issued for debt conversion $ 75,473 $ - conversionsShares issued for debt conversion $ 347,538 $ 34,000 conversions

The accompanying footnotes are an integral part of these consolidated financial statements

DISCLAIMER

This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.

Investor Relations Contact:CORE IR516-222-2560investors@brooklynitx.comir@cetyinc.com

Media Contact:Jules AbrahamCORE IR917-885-7378julesa@coreir.com