ReGen III Corp. (‘ReGen III’ or the ‘Company’) announced that further to its partnership announcement with Koch Project Solutions, LLC (‘KPS’) on March 29, 2021 and the use of proceeds outlined in the Company's June 17, 2021, short form prospectus, the Company has moved into the second phase of the KPS three-phase project execution plan with the signing of a Master Services Agreement (‘MSA’). During the first phase of the partnership, KPS completed numerous meetings with the ReGen III project team members (PCL Industrial Construction Ltd., Koch Modular Process Systems, LLC and Process Dynamics Inc.) to assess the Company's project design and technology status. In addition to this work, KPS was actively supporting ReGen III with its site search, selection and development activities that led up to the Company's signing of the letter of intent with Oiltanking North America, LLC (‘Oiltanking’) for their terminal and tank farm site in Texas City, TX. Various Koch Industry resources were engaged to support these efforts and their involvement continues with the Oiltanking site. Under the MSA, KPS continues to build on previous scope and process documents, taking advantage of the Company's detailed work completed for the Company's Alberta project. KPS is now moving through the full Front-End Engineering and Design (‘FEED’) phase of the project on an expedited basis. The FEED will include the FEL2 and FEL3 scope of work that will result in a Class 2 (+/- 10%) project cost estimate and an Engineering, procurement, and construction lump sum turnkey (‘EPC LSTK’) wrap. Fully wrapped EPC LSTK contracts include cost, schedule, performance and technology guarantees and this will provide ReGen III with a single point of responsibility namely, KPS, for engineering, construction, commissioning and start-up. During the third phase KPS will continue to lead ReGen III's world class engineering, construction and licensed vendor teams through the completion of detailed design, construction, commissioning, and start-up of the Company's new 5,600 bpd re-refining facility in Texas. In support of the Texas re-refining facility, ReGen III signed a definitive, multi-year offtake agreement with bp for the purchase of all ReGen III's base oil production. This facility will serve as the foundation for ReGen III's future growth.