PowerTap Announces Results of Annual General Meeting and Resignation of Former Auditor

VANCOUVER, British Columbia and ALISO VIEJO, Calif., June 09, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) (the “Company”) announces the results of the Annual General Meeting held on June 8, 2023 (the “Meeting”).

The Company is pleased to announce that all matters submitted to shareholders for approval as set forth in the Company’s Notice of Meeting and Information Circular, both dated April 25, 2023, were approved at the Meeting. There were 15 shareholders represented in person or by proxy at the Meeting, holding 2,855,601 common shares, representing 0.61% of the Company’s total issued and outstanding common shares as of the record date for the Meeting. The voting results for each matter presented at the Meeting are set out below:

Number of Directors

The resolution to set the number of directors of the Company at four (4) was approved by votes cast by the shareholders who voted in respect of the resolution present or represented by proxy at the Meeting. Voting results are set out below:

Election of Directors

Each of the nominees for election as a director listed in the Company’s Information Circular dated April 25, 2023, were elected as directors of the Company for the ensuing year until their successors were elected or appointed. Voting results are set out below:

Appointment of Auditors

The resolution to re-appointed Smythe LLP (“Smythe”) as Auditors of the Company for the ensuing year, with their remuneration to be fixed by the board of directors was varied, as the Company received a notice of resignation from Smythe after the publication of the Information Circular on SEDAR. At the Meeting, the board varied the resolution so that Shim & Associates LLP (“Shim”) would be appointed as Auditors of the Company for the ensuing year, with their remuneration to be fixed by the board of directors. Voting results are set out below:

Approval of Other Matters

The resolution to transact such other business that may be brought properly before the Meeting and any adjournment or postponement of the Meeting. Voting results are set out below:

Change of Auditor
There were no reservations in Smythe’s audit reports for any financial period during which the Smythe was the Company’s auditor. There are no “reportable events” (as the term is defined in National Instrument 51-102 – Continuous Disclosure Obligations) between the Company and Smythe. The Company is concurrently attending to the filing of the Notice of Change of Auditor package on SEDAR as required by National Instrument 51-102 with regards to the appointment of Shim as the successor auditor.

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.neo.inc/en/live/security-activity/MOVE#!/market-depth

PowerTap Contact:
Raghu Kilambi raghu@hydrogenfueling.co
+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.