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Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) ("AFCP" or the "Company") a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to announce the results of voting at its annual general meeting (" AGM ") of shareholders which was held on January 25, 2023 in person in Vancouver, British Columbia and by conference call (the " Meeting "). There were 19 shareholders represented in person or by proxy at the Meeting holding 2,423,369 common shares, representing 1.39% of the Company's total issued and outstanding common shares as at the record date for the Meeting. The voting results for each matter presented at the Meeting is set out below:
Number of Directors
The board of directors received a written resignation from Joel Dumaresq on January 12, 2023. Therefor Management proposed to determine the number of seats on the board of directors be set at four (4) instead of five (5) as presented in the Company's information circulated dated December 21, 2022 and the resolution be amended accordingly.
The resolution to set the number of directors of the Company at four (4) was approved by the shareholders who voted in respect of the resolution present or represented by proxy at the Meeting.
Voting results are set out below:
| Votes For | Votes Against | ||
| # | % | # | % |
| 2,422,814 | 99.977% | 555 | 0.023% |
Election of Directors
Each of the nominees for election as director listed in the Company's management information circular dated December 21, 2022 were elected as directors of the Company for the ensuing year until their successors are elected or appointed. Voting results are set out below:
| Votes For | Votes Withheld | |||||
| # | % | # | % | |||
| Troy Grant | 2,344,214 | 96.734 | % | 79,155 | 3.266 | % |
| Maciej Lis | 2,422,214 | 99.952 | % | 1,155 | 0.048 | % |
| Matthew Fish | 2,419,214 | 99.829 | % | 4,155 | 0.171 | % |
| Richard Lu | 2,420,214 | 99.870 | % | 3,155 | 0.130 | % |
Appointment of Auditors
Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants were reappointed as Auditors of the Company for the ensuing year with their remuneration to be fixed by the Board of Directors. Voting results are set out below:
| Votes For | Votes Withheld | ||
| # | % | # | % |
| 2,419,089 | 99.823% | 4,280 | 0.177% |
Approval of Other Matters
The resolution to transact such other business that may be brought properly before the Meeting and any adjournment or postponement of the Meeting. Voting results are set out below:
| Votes For | Votes Against | ||
| # | % | # | % |
| 2,344,689 | 96.753% | 78,680 | 3.247% |
Following the AGM and the resignation of Joel Dumaresq from the Company's Board of Directors, the Audit Committee will be comprised of Troy Grant (Chair) Maciej Lis and Richard Lu. In addition, the Compensation Committee will be comprised of Matthew Fish (Chair), Maciej Lis and Troy Grant.
ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR)
AFCP 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.
AFCP operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams ("PWWR Flow"), an AFCP brand in Canada.
- Fuel Cell Power NV is focused on the development, production and commercialization of micro- combined heat and power ("micro-CHP") systems and off-grid and back-up power generators based on advanced alkaline fuel cell technology that generates zero CO2 emissions. Fuel Cell Power NV is working through milestones to deliver a commercialized alkaline fuel cell in 2024.
- PWWR Flow is focused on the development, ownership and operations of combined heat and power ("CHP") assets. PWWR Flow assets deliver efficiency improvements of over 20% with reduced costs to customers in multi-residential and commercial applications. PWWR Flow has contracted existing CHP assets in Toronto, Canada, and has an additional pipeline of potential contracts valued at over $50 million currently in development.
AFCP 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 ".
For further information, please contact:
Frank Carnevale
Chief Executive Officer
+1 (647) 531- 8264
fcarnevale@fuelcellpower.com
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 issuance of RSUs, the vesting of the RSUs, 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.
