8 January 2021

Plutus PowerGen plc

('Plutus' or 'the Company')

Statement re share price movement

Plutus notes today's share price increase and can confirm that it is not aware of any reason for the increase.

The Company was reclassified as an AIM Rule 15 Cash Shell on 10 December 2020. Following its reclassification as an AIM Rule 15 cash shell, the Company is required to make an acquisition which constitutes a reverse takeover under the AIM Rules by 10 June 2021, failing which the Company's ordinary shares would be suspended from trading on AIM pursuant to AIM Rule 40. The Company's admission to trading on AIM would then be cancelled six months from the date of suspension, should the reason for the suspension not have been rectified.

The Company's Directors are focused on sourcing an appropriate reverse takeover candidate for Plutus. At present, no assurances can be provided that the effort will be successful to source and/or complete a reverse takeover transaction.

At the current time the Company has adequate cash resources and working capital for 12 months. However, the Company is considering short term funding options to assist in covering the additional costs of any potential future reverse takeover transaction.

The Company's Directors will provide shareholders with further updates as appropriate.