VANCOUVER, British Columbia and ALISO VIEJO, Calif., July 25, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) ("PowerTap" or the "Company" or "MOVE"), announces that as a result of a review by the British Columbia Securities Commission ("BCSC"), the Company is issuing the following press release to clarify our disclosure.
The management discussion & analysis for the interim period ended March 31, 2023 (the "MD&A") has been amended and re-filed on SEDAR. The amended MD&A includes:
(i) a discussion on how the impairment of intangibles and investment in Progressus Clean Technologies effects the Company's continuing operations;
(ii) a discussion on the Company's plan for its Gen3 hydrogen dispensing unit design and the status of the development;
(iii) a discussion on research and development expenses, a breakdown of material components of expensed research and development, and the current status of the development of the 3rd generation blue hydrogen dispensing unit;
(iv) a discussion on factors that have caused variations over the prior quarters;
(v) a discussion on how the Company will continue as a going concern;
(vi) identification of specific related parties with whom the Company has entered into contracts with; and
(vii) a discussion on the expenses and the business activities related to consulting costs, marketing and sponsorship costs, professional fees, sales expense, and share-based compensation for the year ended June 30, 2022 and the nine-months ended March 31, 2023.
In addition to the foregoing, the Company notes that for the year ended June 30, 2022, the Company recorded an impairment of $101,497,740 as a result of management's assessment of the recoverable amount of the intellectual property as at year end, as well as impairment of $23,616,714 for the Progressus Clean Technology investment.
This enhanced disclosure in the amended and restated MD&A is aimed to provide the reader with a broader understanding of the Company's business and commitments.
ABOUT POWERTAP HYDROGEN CAPITAL CORP.
PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. ("PowerTap"), is focused on installing hydrogen production and dispensing fueling infrastructure in the United States. PowerTap's patented solution has been developed over 20 years. PowerTap is now commercializing its third-generation blue hydrogen product that will focus on the refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure.
www.PowerTapcapital.com
www.PowerTapfuels.com
PowerTap Hydrogen common shares are listed on the NEO Exchange. Please visit the company's profile on the NEO Exchange website at https://www.cboe.ca/en/live/security-activity/MOVE#!/market-depth
PowerTap Contact:
Raghu Kilambi raghu@hydrogenfueling.co
+1 (949) 284-7060
NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Notice Regarding Forward Looking Information: This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements in this news release include, but are not limited to, statements, management's beliefs, expectations or intentions regarding the hydrogen extraction market and the general economy, the Company's business plans and strategy, including anticipated capital deployments and the timing thereof, and the Company's ability to raise sufficient capital to funds its business plan. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur or be achieved. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking information contained in this press release.
Although the Company believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
