MOVE - Powertap Provides Update on Cease Trade Order
(TheNewswire)
Vancouver, British Columbia, andAliso Viejo, California - TheNewswire - December 13,2023 - PowerTap Hydrogen Capital Corp. (NEO:MOVE) (OTC:MOTND) (“ PowerTap ” or the “ Company ” or“ MOVE ”) announces that further to itspress release dated November 24, 2023, the British Columbia SecuritiesCommission (the "BCSC") has issued a failure to file ceasetrade order against the Company ("FTFCTO") which orders thatgeneral trading, whether direct or indirect, by any person, of thesecurities of the Company, cease, which includes trading of the sharesof the Company on the NEO Exchange operated by CBOE Canada Inc.
The Company is diligently working with its auditor,Ziefmans LLP to conclude the filings at the earliest possible time andthe Company will issue a news release announcing completion of suchfilings at such time.
The Company announced via press release dated September29, 2023 (the "Delayed Filing Announcement") that it hadsubmitted an application to the BCSC for a management cease tradeorder (the "MCTO") pursuant to NP 12-203. The applicationfor the MCTO was made in connection with the delay in filing theCompany's audited annual financial statements for the year ended June30, 2023, the related management's discussion and analysis, annualinformation form and CEO and CFO certifications (such filings,collectively, the "Annual Filings"), which were required tobe filed on or before December 11, 2023.
The MCTO was issued by the BCSC on September 29, 2023,extending the deadline for filing the Annual Filings to December 11,2023. The MCTO prevented the Company's Chief Executive Officer andChief Financial Officer from trading in the Company's securities butdid not affect the ability of other shareholders, including thepublic, to trade in securities of the Company.
The FTFCTO will remain in effect until the receipt bythe BCSC of all filings the Company is required to make under BritishColumbia securities law.
ABOUT POWERTAP HYDROGEN CAPITALCORP.
PowerTap Hydrogen Capital Corp., through its whollyowned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), isfocused on installing hydrogen production and dispensing fuelinginfrastructure in the United States. PowerTap’s patented solutionhas been developed over 20 years. PowerTap is now commercializing itsthird-generation blue hydrogen product that will focus on therefueling needs of the automotive and long-haul trucking markets thatlack hydrogen fueling infrastructure.
PowerTap Hydrogen common shares are listed on the NEOExchange. Please visit the company's profile on the NEO Exchangewebsite at https://www.cboe.ca/en/live/security-activity/MOVE#!/market-depth
NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICESPROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY ORACCURACY OF THIS RELEASE.
PowerTap Contact:
Raghu Kilambi raghu@hydrogenfueling.co
+1 (949) 284-7060
www.PowerTapcapital.com www.PowerTapfuels.com
Certain information contained herein may constitute"forward-looking information" or "forward-lookingstatements" under Canadian securities legislation. Generally,forward-looking information can be identified by words such as"pro forma", "plans", "expects","may", "should", "could","will", "budget", "scheduled","estimates", "forecasts", "intends","anticipates", "believes", or variations includingnegative variations thereof of such words and phrases that refer tocertain actions, events or results that may, occur or be taken orachieved. Such forward-looking statements, including but not limitedto statements relating to the expected development and operations ofthe Company, statements concerning the timing, review, completion andfiling of the Annual Filings, involve risks, uncertainties and otherfactors which may cause the actual results to be materially differentfrom those expressed or implied by such forward-looking statements orforward-looking information. There can be no assurance that suchstatements will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in suchstatements. Accordingly, readers should not place undue reliance onforward-looking statements and forward-looking information. TheCompany will not update any forward-looking statements orforward-looking information included herein, except as required byapplicable securities laws.
All of the forward-looking information contained in this news releaseis expressly qualified by the foregoing cautionary statements.
This press release contains forward-looking statements pertaining to,among other things, the timing and ability of the Company to completethe development and manufacture of its on-site hydrogen fueling units;finalizing supply chains; obtaining sufficient funding to complete andmanufacture its on-side hydrogen fueling units; obtaining allnecessary zoning and construction permits for locations hosting thefueling units; and the OEM's expectations for itstrucks and market acceptance of electric trucks. Forward-looking information is based on current expectations, estimates andprojections that involve a number of risks, including withoutlimitation, and risks related to the rollout of theOEM’s business and the timing of expected business milestones; theeffects of competition on the Company's future business; theavailability of capital; and the other risks detailed from time totime in the Company's reports and documents filed with the applicablesecurities commissions, which could cause actual results tovary and, in some instances, to differ materially from thoseanticipated by the Company and described in the forward-lookinginformation contained in this press release.
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