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Vancouver, British Columbia, and Aliso Viejo, California – TheNewswire – December 13, 2023 – PowerTap Hydrogen Capital Corp. (NEO:MOVE) (OTC:MOTND) (“PowerTap” or the “Company” or “MOVE”) announces that further to its press release dated November 24, 2023, the British Columbia Securities Commission (the “BCSC”) has issued a failure to file cease trade order against the Company (“FTFCTO”) which orders that general trading, whether direct or indirect, by any person, of the securities of the Company, cease, which includes trading of the shares of 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 and the Company will issue a news release announcing completion of such filings at such time.
The Company announced via press release dated September 29, 2023 (the “Delayed Filing Announcement”) that it had submitted an application to the BCSC for a management cease trade order (the “MCTO”) pursuant to NP 12-203. The application for the MCTO was made in connection with the delay in filing the Company’s audited annual financial statements for the year ended June 30, 2023, the related management’s discussion and analysis, annual information form and CEO and CFO certifications (such filings, collectively, the “Annual Filings”), which were required to be 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 and Chief Financial Officer from trading in the Company’s securities but did not affect the ability of other shareholders, including the public, to trade in securities of the Company.
The FTFCTO will remain in effect until the receipt by the BCSC of all filings the Company is required to make under British Columbia securities law.
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.
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
NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
PowerTap Contact:
Raghu Kilambi [email protected]
+1 (949) 284-7060
www.PowerTapcapital.com www.PowerTapfuels.com
Certain information contained herein may constitute “forward-looking information” or “forward-looking statements” 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 including negative variations thereof of such words and phrases that refer to certain actions, events or results that may, occur or be taken or achieved. Such forward-looking statements, including but not limited to statements relating to the expected development and operations of the Company, statements concerning the timing, review, completion and filing of the Annual Filings, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information included herein, except as required by applicable securities laws.
All of the forward-looking information contained in this news release is 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 complete the development and manufacture of its on-site hydrogen fueling units; finalizing supply chains; obtaining sufficient funding to complete and manufacture its on-side hydrogen fueling units; obtaining all necessary zoning and construction permits for locations hosting the fueling units; and the OEM’s expectations for its trucks and market acceptance of electric trucks. Forward- looking information is based on current expectations, estimates and projections that involve a number of risks, including without limitation, and risks related to the rollout of the OEM’s business and the timing of expected business milestones; the effects of competition on the Company’s future business; the availability of capital; and the other risks detailed from time to time in the Company’s reports and documents filed with the applicable securities commissions, 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.
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