Alkaline Fuel Cell Power Announces Late Filing of Annual Financial Statements, Management Cease Trade Order and Update on Fuel Cell Power NV

Alkaline Fuel Cell Power Announces Late Filing of Annual Financial Statements, Management Cease Trade Order and Update on Fuel Cell Power NV

Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB: ALKFF) (FRANKFURT: 77R, WKN: A3CTYF) ("PWWR" or the "Company") announces today that as a result of delays to its audit, the Company's annual financial statements, accompanying management's discussion and analysis and annual information form for the fiscal year ended December 31, 2022 (the "Annual Filings") were not finalized by March 31, 2023, being the date that such filings are due under applicable Canadian securities law requirements. The Company has applied for, and has been granted, a management cease trade order (the "MCTO") by the British Columbia Securities Commission.

The reason for the anticipated delay is due to staffing limitations and turnover with the Company's foreign subsidiaries which has resulted in delays to certain audit procedures and added complexities of auditing certain transactions during the financial year. The Company requires additional time to complete and submit the required filings. The Company is working with its auditor (Dale Matheson Carr-Hilton Labonte LLP) to complete the audit in a timely manner.

The Company currently expects to file the Annual Filings on or before May 30, 2023 and will issue a news release announcing completion of such filings at such time. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Order for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Annual Filings have not been filed.

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 Officer and Chief Financial Officer will not be able to trade in the Company's common shares.

Fuel Cell Power NV Corporate Update

The Company has been advised that its wholly owned subsidiary domiciled in Belgium, Fuel Cell Power NV ("FCP"), is subject to bankruptcy proceedings under Belgian law (the "Proceeding"). The Proceeding is dated effective March 28, 2023.

The Company is reviewing options available to FCP in light of the Proceeding and is working diligently with legal counsel and advisors to settle the Proceeding in a manner that maximizes shareholder value and aligns with the Company's 2023 corporate objectives which were announced March 6, 2023. The Company will provide further public updates relating to FCP and the Proceeding as the situation develops.

"PWWR is focused on getting to earnings positive over the next 4-6 quarters, and the decisions are consistent with our 2023 Priorities to benefit investors," stated Frank Carnevale, CEO.

For further information, please contact:

Frank Carnevale, CEO
+1 (647) 531-8264
fcarnevale@fuelcellpower.com

ABOUT Alkaline Fuel Cell Power CORP. (NEO: PWWR)

PWWR is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. We bring ‘Power to the People' today, combining a stable revenue stream with a future- forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.

PWWR is well positioned to deliver ‘Power to the People' in the global energy transition while offering a diversified cleantech growth platform for investors.

Further information is available on the Company website at https://www.fuelcellpower.com/ , and the Company encourages investors and other interested stakeholders to follow it on:

LinkedIn, Twitter, Facebook, Instagram and YouTube. Common shares are listed for trading on the NEO under the symbol " PWWR ", the OTC Venture Exchange " OTCQB " under the symbol " ALKFF " and on the Frankfurt Exchange under symbol " 77R " and " WKN A3CTYF ".

Forward-Looking   Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "achieve". Forward-looking statements in this news release may include, but are not limited to, the MCTO and timelines associated therewith, the Proceeding and timelines associated therewith, statements with respect to the Company's technology, intellectual property, business plan, objectives and strategy.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward- looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

PWWR:AQL
The Conversation (0)
Cleantech Power Corp. Enters Into Letter of Intent for Collaborative Energy Project Development

Cleantech Power Corp. Enters Into Letter of Intent for Collaborative Energy Project Development

Cleantech Power Corp. ( NEO: PWWR ) ( OTCQB: PWWRF ) ( Frankfurt: E43, WKN: A3EEHV) (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable power and cleantech, is pleased to announce that the Company has entered into has entered into a non-binding Letter of Intent (" LOI ") with PowerTap Hydrogen Fueling Corp., a wholly owned subsidiary of PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTND), a leading provider of on-site hydrogen fueling stations, to explore a collaborative energy project development. Both companies aim to leverage their respective expertise in the cleantech industry to advance the adoption of low carbon intensity clean hydrogen and renewable energy solutions. Under the terms of the LOI, both parties will use their best commercial efforts to negotiate a definitive agreement within one hundred eighty (180) days, setting out the terms and conditions of the collaboration (a " Potential Transaction "). The Company does not anticipate issuing any securities in connection with a Potential Transaction unless the FTFCTO (as defined below) has been lifted by the British Columbia Securities Commission (the " BCSC ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
PowerTap Hydrogen Fueling Corp. and Cleantech Power Corp. Enter Into Letter of Intent for Collaborative Energy Project Development

PowerTap Hydrogen Fueling Corp. and Cleantech Power Corp. Enter Into Letter of Intent for Collaborative Energy Project Development

PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTND) ("PowerTap" or the "Company" or "MOVE") PowerTap Hydrogen Fueling Corp., a wholly owned subsidiary of the Company, a leading provider of on-site hydrogen fueling stations, has entered into a non-binding Letter of Intent (" LOI ") with Cleantech Power Corp. (NEO: PWWR) (" PWWR ") to explore a collaborative energy project development. Both companies aim to leverage their respective expertise in the cleantech industry to advance the adoption of low carbon intensity clean hydrogen and renewable energy solutions. Under the terms of the LOI, both parties will use best commercial efforts to negotiate a definitive agreement within one hundred eighty (180) days, setting out the terms and conditions of the collaboration.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Cleantech Power Corp. Enters Into Non-Binding Letter of Intent to Acquire Combined Heat and Power Assets

Cleantech Power Corp. Enters Into Non-Binding Letter of Intent to Acquire Combined Heat and Power Assets

Cleantech Power Corp. ( NEO: PWWR ) ( OTCQB: PWWRF ) ( Frankfurt: E43, WKN: A3EEHV) (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable power and cleantech, is pleased to announce that the Company has entered into a non-binding letter of intent (the " Letter of Intent ") with an arm's length third party to acquire, directly and indirectly, certain operating combined heat and power and other assets (the " CHP Assets ") located in North America (the " Potential Transaction ").

Pursuant to the Letter of Intent, the Company may acquire the CHP Assets by making two payments. The first payment relates to CHP Assets which are past commercial operation and will consist of a payment of approx. $7.5 million (the " COD Payment "). The COD Payment will be made on close of the Potential Transaction. The second payment relates to CHP Assets which are currently not past their commercial operation date and will consist of a payment of approx. $5 million (the " Non-COD Payment " and, collectively with the COD Payment, the " Aggregate Payment Amount "). The Non-COD Payment will be made in the sole-discretion of the Company. The Company believes that if consummated, the transactions contemplated in the Letter of Intent have the potential to provide the Company with approximately $1.5 million annual cash flow. Certain of the projects associated with the CHP Assets are subject to contract terms between 15 to 20 years.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Cleantech Power Corp. Provides Updates on Frankfurt Stock Exchange Symbol and GENIUS Energy Hub Letter of Intent

Cleantech Power Corp. Provides Updates on Frankfurt Stock Exchange Symbol and GENIUS Energy Hub Letter of Intent

Cleantech Power Corp. (NEO: PWWR) (OTCQB:PWWRF) (Frankfurt: E43, WKN: A3EEHV), previously named Alkaline Fuel Cell Power Corp., (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable power and cleantech, is pleased to announce that the Company now trades on the Frankfurt Stock Exchange in Germany under the symbol " E43 " and the securities identification number (in German: "Wertpapierkennnummer" or WKN) " A3EEHV ". Additionally, PWWR is pleased to announced that it has progressed with its previously announced Letter of Intent by acquiring the Genius AI electric breaker panel (" GENIUS Energy Hub ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Cleantech Power Corp. Announces Warrant Amendments

Cleantech Power Corp. Announces Warrant Amendments

Cleantech Power Corp. ( NEO: PWWR ) ( OTCQB: PWWRF ) ( Frankfurt: 77R, WKN: A3CTYF ) (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable power assets and cleantech, is pleased to announce that the Company has applied to the NEO Exchange (the " Exchange "), to amend the terms of 44,163,554 common share purchase warrants (the " Warrants ") issued pursuant to the non-brokered private placements of units which closed on April 1, 2021, April 7, 2021 and May 7, 2021 (" Warrant Amendments ").

The Warrants are currently due to expire on May 7, 2023 and the Company has applied to the Exchange to extend the expiry date of the Warrants to August 7, 2023. The exercise price of the Warrants will remain at $0.20. The Company does not view the Warrant Amendments as material and therefore, disinterested shareholder approval is not required pursuant to the policies of the Exchange, and the Exchange has accepted the extension. The Warrant Amendments were passed unanimously by the board of directors of the Company.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
XReality Group

xReality Group Limited Chairman’s Address 2024 Annual General Meeting – 22 November 2024

xReality Group Limited (ASX:XRG) (xReality) is pleased to present xReality Group Limited’s 2024 Annual General Meeting.

Keep reading...Show less
XReality Group

Operator XR – Sales Update November 24

xReality Group Limited (ASX:XRG) (xReality) is pleased to provide the following sales update for Operator XR, a wholly owned subsidiary of xReality Group Ltd. Operator XR provides Military and Law Enforcement agencies around the world with a unique, integrated Mission Planning & Rehearsal System, which is portable, secure, and highly immersive.

Keep reading...Show less
Syntheia Rings the Opening Bell on the Canadian Securities Exchange

Syntheia Rings the Opening Bell on the Canadian Securities Exchange

Syntheia Corp. ("Syntheia" or the "Company") (Syntheia.ai), CSE SYAI, a Canadian leader in conversational AI, is pleased to announce that the Company's leadership team rang the bell to open the market in collaboration with the Canadian Securities Exchange to celebrate its successful listing under the symbol "SYAI".

" We look forward to great success through our partnership with the CSE as we commercially launch our conversational AI to the market. On behalf of the Company, I would like to thank everyone who has made this milestone happen, " commented Tony Di Benedetto, Chief Executive Officer at Syntheia.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Provaris Energy

Notice of Initial Substantial Holder - Regal Funds Management Pty Ltd

Provaris Energy Ltd (ASX.PV1, Provaris, the Company) is pleased to present the notice of initial substantial holder.


Keep reading...Show less
Syntheia Set to Enhance Customer Communication with Its AI-Powered Virtual Assistant

Syntheia Set to Enhance Customer Communication with Its AI-Powered Virtual Assistant

Syntheia Corp. ("Syntheia" or the "Company") (Syntheia.ai), CSE SYAI, a Canadian leader in conversational AI, announces that its innovative SaaS platform, designed to transform how businesses manage inbound telephone calls is set to launch in January of 2025. Leveraging advanced Natural Language Processing (NLP), Syntheia's virtual assistants enhance communication and efficiency targeting small and medium businesses in this large global marketplace.

" Our mission is to eliminate as many inefficiencies as we can with managing inbound calls that small to medium-sized businesses face utilizing the power of AI" said Tony Di Benedetto, CEO of Syntheia. "With AI-driven virtual assistants, we provide these businesses with tools to improve customer satisfaction while reducing operational costs. We are gearing up now for commercial launch in January of 2025, less than 8 weeks away."

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Canadian Securities Exchange Reports October 2024 Performance Figures

Canadian Securities Exchange Reports October 2024 Performance Figures

The Canadian Securities Exchange ("CSE" or "the Exchange") today announced market statistics for October 2024.

October 2024 Operating Statistics

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×