Alkaline Fuel Cell Power Corp. Announces Filing and Mailing of Information Circular for Special Meeting of Shareholders

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 SEDAR filing and physical mailing of a management information circular dated September 26, 2022 (the " Circular ") and related meeting and proxy materials in connection with its upcoming special meeting of shareholders to be held on October 17, 2022 (the " Special Meeting ").

At the Special Meeting, AFCP will seek shareholder approval to amend the exercise price of certain outstanding common share purchase warrants (the " Warrants ") of the Company from between $0.75 and $0.33 (which is significantly above current trading prices for the common shares of the Company (the " Common Shares ") to $0.20 (the " Warrant Amendments "). In accordance with the polices of the NEO Exchange (the " NEO "), those holders of Warrants who are advantaged by the proposed Warrant Amendments will be excluded from voting on the Warrant Amendments. The particulars of the Warrant Amendments are further disclosed in the Circular.

Additionally, at the Special Meeting, AFCP will seek shareholder approval to amend the exercise price of certain outstanding stock options of the Company (the " Options ") from between $0.33 and $0.25 (which is significantly above current trading price for the Common Shares) to $0.15 (the " Option Amendments "). In accordance with the policies of the NEO, those holders of Options who are advantaged by the proposed Option Amendments will be excluded from voting on the Option Amendments. The particulars of the Option Amendments are further disclosed in the Circular.

"Since joining AFCP in May of this year, we have focused on the continued advancement of our hydrogen powered alkaline fuel cell technology, while also seeking to accelerate revenue generation with the acquisition of complementary business lines, including our combined heat and power (" CHP ") PWWR Flow Stream business, which offers lower costs for in multi-residential or commercial applications," said Frank Carnevale, CEO of AFCP. "With the ongoing developments and continued evolution of the Company, we are grateful for the support of our shareholders and are seeking approval to reprice certain outstanding equity instruments to better align with current market conditions and afford AFCP an incremental source of future financing. We encourage all shareholders to vote on the resolution at our upcoming meeting on October 17, 2022."

The proposed Warrant Amendments and Option Amendments will not be effective until receipt of the requisite shareholder approval is acquired, and certain regulatory and NEO filings are completed.

  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 Warrant Amendments and timelines associated therewith, the Option Amendments and timelines associated therewith, the Special Meeting, 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.  

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