MOVE - PowerTap Files Financial Statements for the Year Ended June 30 2023 and First and Second Quarters Ending September 30 2023 and December 31 2023 and provides subsidiary update
(TheNewswire)
VANCOUVER, British Columbia and Aliso Viejo,California, April 4, 2024 – TheNewswire- PowerTap Hydrogen Capital Corp. (NEO: MOVE)(FWB: 2K6) (OTC: MOTNF) ( “ PowerTap” or the “ Company” or “ MOVE”), announces that it has filed the Company’s auditedannual consolidated financial statements for the year ended June 30,2023 and the September 30, 2023 and December 31, 2023 unauditedinterim financial statements together with the related managementdiscussion and analysis on SEDAR+ at www.SEDARPLUS.ca .
The company continues to work towards addressing the cease trade orderissued by the BC Securities Commission in December 2023 and willupdate shareholders accordingly.
In addition, PowerTap is pleased toprovide an update on its subsidiary activities, strategic initiativesand industry collaboration to effect deployment of its Gen3 modularblue hydrogen production and dispensing unit.
PowerTap Hydrogen Fueling Corp.(“PowerTap USA”), a wholly owned subsidiary of PowerTap HydrogenCapital Corp., has made progress in various key areas as it continuesto spearhead the advancement of clean renewable hydrogeninfrastructure. The company is actively engaged in a multifacetedapproach to enhance its operational capabilities and solidify itsposition as a key player in the hydrogen ecosystem.
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Manufacturing and EngineeringValidation: The company isadvancing corporate development efforts to support strategic andmanufacturing partners who share the vision for PowerTap’s Gen3on-site modular, small form factor, hydrogen production, storage, anddispensing unit. These partnerships are crucial for completingengineering re-validation and finalizing plans for manufacturing, witha focus on sites in California and future expansion across NorthAmerica, while diversifying PowerTap into other markets. In thesecorporate development efforts, said Salim Rahemtulla, CEO ofsubsidiary PowerTap USA, “PowerTap’s focus is to communicate toits partners that deployment of the PowerTap Gen3 technology,integrated within a microgrid, could create PowerTap Energy Plazasthat offer hydrogen for FCEVs, power for BEVs, contribute to gridstability, and eliminate the carbon intensity associated withtraditional hydrogen delivery.”
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PowerTap USA projectfinancing : PowerTap USAhas been in discussions to raise debt and equity capital fromstrategic and private equity sources. The uses of the funds, ifraised, would be working capital and technology and stationdevelopment and deployment to support both heavy-duty fueling stationsand other industrial market applications where onsite hydrogen fuelingstations would add value.
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Collaboration withHydrogen Fuel Cell Electric Truck Manufacturers and Other HydrogenUsers: The company signeda definitive contract with a leading hydrogen truck OEM in September2023. It continues discussions with various other hydrogen vehicleOEMs actively identifying and developing sites in the desiredgeographical market areas of these manufacturers. This collaborativeeffort is testament to the value of PowerTap's intellectual property and its positioning as anable provider of affordable and reliable hydrogen into a broad set ofindustrial markets. PowerTap maintains a strong commitment tofacilitating the growth of the hydrogen ecosystem.
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Active Participationin Industry Initiatives: PowerTap remains an active participant in industry forums, includingthe California Hydrogen Business Council (CHBC). The company ispositioning itself for participation in hydrogen hubs across theUnited States where the hydrogen hub’ s focus includes bluehydrogen. The USADepartment of Energy is awarding $7 billion of grants to 7 hydrogenhubs across the USA.
As PowerTap USA continues to driveinnovation and collaboration in the renewable hydrogen sector, thesestrategic initiatives underscore the company's dedication to buildinga sustainable and robust hydrogen infrastructure for thefuture.
ABOUT POWERTAPHYDROGEN CAPITAL CORP.
PowerTap Hydrogen Capital Corp., throughits wholly owned subsidiary, PowerTap Hydrogen Fueling Corp.( “ PowerTap”), is focused on installinghydrogen production and dispensing fueling infrastructure in theUnited States. PowerTap ’ s patentedsolution has been developed over 20 years. PowerTap is nowcommercializing its third-generation blue hydrogen product that willfocus on the refueling needs of the automotive and long-haul truckingmarkets that lack hydrogen fueling infrastructure.
PowerTap Hydrogen common shares arelisted on the NEO Exchange. Please visit the company's profile on theNEO Exchange website athttps://www.neo.inc/en/live/security-activity/MOVE#!/market-depth
PowerTap Contact:
Raghu Kilambiraghu@hydrogenfueling.co
+1 (949) 284-7060
NEITHER THE NEO EXCHANGE NOR ITSREGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITYFOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Notice Regarding Forward LookingInformation: This press release contains "forward-lookingstatements" or "forward-looking information"(collectively referred to herein as "forward-lookingstatements") within the meaning of applicable securitieslegislation. Forward-looking statements in this news release include,but are not limited to, statements, management’s beliefs,expectations or intentions regarding the hydrogen extraction marketand the general economy, the Company’s business plans and strategy,including anticipated capital deployments and the timing thereof, and the Company’sability to raise sufficient capital to funds its business plan.
Forward-looking statements are based onforecasts of future results, estimates of amounts not
yet determinable and assumptions thatwhile believed by management to be reasonable, are inherently subjectto significant business, economic and competitive uncertainties andcontingencies. Forward-looking statements are statements that are nothistorical facts and are generally, but not always, identified by thewords "expects", "plans", "anticipates","believes", "intends", "estimates","projects", "potential" and similar expressions,or that events or conditions "will", "would","may", "could" or "should" occur or beachieved. Forward-looking information is based on currentexpectations, estimates and projections that involve a number ofrisks, which could cause actual results to vary and, in someinstances, to differ materially from those anticipated by the Companyand described in the forward-looking information contained in thispress release.
Although the Company believes that thematerial factors, expectations and assumptions expressed in suchforward-looking statements are reasonable based on informationavailable to it on the date such statements were made, no assurancescan be given as to future results, levels of activity and achievementsand such statements are not guarantees of future performance.
The forward-looking informationcontained in this release is expressly qualified by the foregoingcautionary statements and is made as of the date of this release.Except as may be required by applicable securities laws, the Companydoes not undertake any obligation to publicly update or revise anyforward-looking information to reflect events or circumstances afterthe date of this release or to reflect the occurrence of unanticipatedevents, whether as a result of new information, future events orresults, or otherwise
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