
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 ").
ÂAt 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.
ÂAdditionally, 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.
Â"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."
ÂThe 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.
ÂÂ ABOUT Â ALKALINE Â FUEL Â CELL Â POWER Â CORP. Â (NEO: Â PWWR) Â
ÂAFCP 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.
ÂAFCP 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.
Â-  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. Â
- Â 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. Â
AFCP is well positioned to deliver ‘Power to the People' in the global energy transition while offering a diversified cleantech growth platform for investors.
ÂFurther 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:
ÂLinkedIn, 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 " Â ALKFF Â " and on the Frankfurt Exchange under symbol " 77R " and " WKN A3CTYF ".
 For  further  information,  please  contact: Â
 Frank  Carnevale Â
Chief  Executive  Officer Â
+1 Â (647) Â 531- Â 8264 Â
  fcarnevale@fuelcellpower.com   Â
  Forward-Looking    Information  Â
 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. Â
 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. Â
ÂNEITHER 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.
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