TORONTO, March 24, 2023 (GLOBE NEWSWIRE) -- Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) (“PWWR” or the “Company”), a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to announce that the Company has granted an aggregate of 15,918,298 restricted share unit (“RSUs”) to certain arm’s length consultants (each, a “Consultant”) of the Company.
The RSUs will vest in accordance with the terms of each Consultant’s RSU agreement and in accordance with the Company’s 2021 RSU Plan. Upon vesting, each RSU will entitle the holder thereof to receive one common share in the capital of the Company.
The Company is also announcing the resignation of Dr. Richard Lu from the board of directors, effective March 24, 2023. The Company would like to thank Dr. Lu for his contributions to PWWR since accepting the role in 2022.
ABOUTALKALINEFUELCELLPOWERCORP.(NEO:PWWR)
PWWR 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.
PWWR 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.
- FuelCellPowerNV 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 Fuel Cell Power NV has launched the Jupiter 1.0 prototype, and working through pilots in 2023.
- 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.
PWWR is well positioned to deliver ‘Power to the People’ in the global energy transition while offering a diversified cleantech growth platform for investors.
Further 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:
LinkedIn, 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 “ALKFF” and on the Frankfurt Exchange under symbol “77R” and “WKN A3CTYF”.
Forfurtherinformation,pleasecontact:
Frank Carnevale
ChiefExecutiveOfficer
+1(647)531-8264
fcarnevale@fuelcellpower.com
Forward-LookingInformation
This news release contains forward-looking statements and forward-looking information within the meaningofapplicablesecuritieslaws.Thesestatementsrelatetofutureeventsorfutureperformance.All statementsotherthanstatementsofhistoricalfactmaybeforward-lookingstatementsorinformation.In certaincases,forward-lookingstatementscanbeidentifiedbytheuseofwordssuchas“plans”,“expects” or “does not expect”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variationsofsuchwordsandphrasesorstatementsthatcertainactions,eventsorresults“may”,“could”, “would”, “might”, “occur” or “achieve”. Forward-looking statements in this news release may include, but are not limited to, the RSUs, the departure of Dr. Richard Lu, statementswithrespecttotheCompany’stechnology,intellectualproperty,businessplan,objectivesand strategy.
Forward-lookingstatementsandinformationareprovidedforthepurposeofprovidinginformationabout 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 coulddiffer materiallyfromthosecurrentlyanticipatedduetoanumber offactorsandrisks.Accordingly, readersshouldnotplace undue relianceontheforward-lookingstatementsandinformationcontainedin this newsrelease. Readersare cautioned that the foregoing list of factors is notexhaustive. The forward- lookingstatementsandinformationcontainedinthisnewsreleasearemadeasofthedatehereofandno undertakingisgiventoupdatepubliclyorreviseanyforward-lookingstatementsorinformation,whether asaresultofnewinformation,futureeventsorotherwise,unlesssorequiredbyapplicablesecuritieslaws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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