VANCOUVER, British Columbia and IRVINE, Calif., Oct. 05, 2021 (GLOBE NEWSWIRE) — PowerTap Hydrogen Capital Corp (NEO: MOVE) (FWB: 2K6) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) today announced that it will be conducting a process to explore strategic avenues to maximize shareholder value. The Company and external advisors will be considering a broad range of options including receiving strategic investments, international joint ventures, strategic mergers and taking its wholly owned PowerTap Hydrogen Fueling Corp. public via a merger with a USA Special Purpose Acquisition Corp.
Raghu Kilambi, CEO of PowerTap, noted, “In light of various inquiries we have received from potential strategic partners globally and several USA listed SPACs over the past few months, we decided it was prudent to retain financial advisors and conduct a formal process to maximize shareholder value. Our financial advisors are very knowledgeable in clean energy and hydrogen and are enthusiastic about the potential for hydrogen fueling infrastructure globally. The Hydrogen industry has gained global interest in the past 18 months and our unique, patented PowerTap onsite hydrogen production technology is well positioned to play a major role in building out the globally needed hydrogen fueling infrastructure which is needed to build the hydrogen highway.”
There can be no assurance that these mandates will result in a transaction or other strategic change or outcome. The Company has not set a timetable for the conclusion of its review, and it does not intend to comment further unless and until PowerTap’s Board of Directors have approved a specific course of action or the Company has otherwise determined that further disclosure is appropriate or required by law.
PowerTap continues to work towards an uplisting to NASDAQ and will provide updates via press releases.
PowerTap has retained Jefferies LLC as lead financial advisor and capital markets advisor and Canaccord Genuity Corp. as financial advisor for its process of exploring accretive and synergistic opportunities.
The Company is also announcing that it has amended the mechanics of its sponsorship fee payment in relation to its sponsorship agreement on the No. 17 Indy Lights entry piloted by Devlin DeFrancesco, that was initially announced on May 17, 2021. As part of the sponsorship fee for 2021, the Company will issue an additional 2,100,000 common shares at deemed value of $0.73 per common share. The common shares are subject to a four month and one day hold period from the date of issuance and are subject to the Neo Exchange’s acceptance of final filing documents.
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 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. There are currently under 100 operational publicly available hydrogen stations in the United States with most of the existing stations purchasing industrial hydrogen from industrial manufacturers and shipping hydrogen to individual stations via tanker trucks.
PowerTap Hydrogen common shares are listed on the NEO Exchange. Please visit the company’s profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market- depth.
Account Director | AMW PR
c: 732.546.4287 o: 212.542.3146
Tyler Troup, Circadian Group IR [email protected]
Raghu Kilambi [email protected]
+1 (604) 687-2038
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. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of PowerTap. Some assumptions include, without limitation, the development of hydrogen powered vehicles by vehicle makers, the adoption of hydrogen powered vehicles by the market, legislation and regulations favoring the use of hydrogen as an alternative energy source, the qualification for carbon credits (including the availability of credits, benefits, emission reductions, offsets and allowances, howsoever entitled, attributable to the production, combustion or other use of biogas), the availability of sufficient RNG feedstock the Company’s ability to build out its planned hydrogen fueling station network, and the Company’s ability to raise sufficient funds to fund its business plan. 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. This press release contains forward-looking statements pertaining to, among other things, the timing and ability of the Company to complete any potential investments or acquisitions, if at all, and the timing thereof. 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.