VANCOUVER, British Columbia and ALISO VIEJO, Calif., Oct. 27, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) is providing this update on the status of a management cease trade order granted on September 29, 2023 (the "MCTO") by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order ("NP 12-203").
On September 29, 2023, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended June 30, 2023 (the "Annual Filings") beyond the period prescribed under applicable Canadian securities laws (the "Default Announcement").
During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's Chief Executive Office and Chief Financial Officer will not be able to trade in the Company's common shares.
Further to the last bi-weekly status update made on October 12, 2023, the Company advises that it continues to search for a successor auditor to be appointed following the resignation of SHIM & Associates LLP and it will provide a further update in due course.
The Company also advises that Mr. John Martin and John Zorbas have resigned from the board of directors on October 13, 2023 and October 27, 2023 respectively, and Mr. Lance McIntosh has been appointed to the board, effective October 23, 2023. Mr. McIntosh has more than 40 years of experience in senior management, corporate finance and accounting. He has overseen financial operations, the corporate development function and the ‘going public’ process for two major Canadian corporations. Mr. McIntosh has specific expertise in financial operations management, financial administration and control, M&A, and both project and acquisition financing. Prior to joining the Company, he held senior financial positions with a number of significant private and public companies.
Mr. McIntosh currently serves as Principal at LEM Consulting and Chief Financial Officer of Previcare Group. He received his designation as a Chartered Accountant in 1977 and is currently a member in good standing of the Institute of Chartered Professional Accountants of Ontario and of Canada. Mr. McIntosh graduated cum laude, and holds an H.B.A. from Trinity College, University of Toronto.
The Company wishes to thank Mr. Martin and Mr. Zorbas for their contributions to the Company and wishes them well with their future endeavors.
Other than as disclosed in this news release, there are no material changes to the information contained in the Default Announcement. The Company confirms that it intends to satisfy the provisions of NP 12- 203 and will continue to issue bi-weekly default status reports for so long as it remains in default of the Annual Filings requirement.
ABOUT POWERTAP HYDROGEN CAPITAL CORP.
PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), is focused on installing hydrogen production and dispensing fueling infrastructure in the United States. PowerTap’s patented solution has been developed over 20 years. PowerTap is now commercializing its third-generation blue hydrogen product that will focus on the refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure.
www.PowerTapcapital.com www.PowerTapfuels.com
PowerTap Hydrogen common shares are listed on the NEO Exchange. Please visit the company's profile on the NEO Exchange website at https://www.cboe.ca/en/live/security-activity/MOVE#!/market-depth
NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
PowerTap Contact:
Raghu Kilambi raghu@hydrogenfueling.co
+1 (949) 284-7060
Certain information contained herein may constitute "forward-looking information" or "forward-looking statements" under Canadian securities legislation. Generally, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "could", "will", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations including negative variations thereof of such words and phrases that refer to certain actions, events or results that may, occur or be taken or achieved. Such forward-looking statements, including but not limited to statements relating to the expected development and operations of the Company, statements concerning the timing, review, completion and filing of the Annual Filings as well as the duration of the MCTO, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information included herein, except as required by applicable securities laws.
All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
This press release contains forward-looking statements pertaining to, among other things, the timing and ability of the Company to complete the development and manufacture of its on-site hydrogen fueling units; finalizing supply chains; obtaining sufficient funding to complete and manufacture its on-side hydrogen fueling units; obtaining all necessary zoning and construction permits for locations hosting the fueling units; and the OEM's expectations for its trucks and market acceptance of electric trucks. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, including without limitation, and risks related to the rollout of the OEM’s business and the timing of expected business milestones; the effects of competition on the Company's future business; the availability of capital; and the other risks detailed from time to time in the Company's reports and documents filed with the applicable securities commissions, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking information contained in this press release.
