Cleantech Power Corp. Provides Update on Failure to File Cease Trade Order

Article content

TORONTO, June 02, 2023 (Globe Newswire) — Cleantech Power Corp. (formerly Alkaline Fuel Cell Power Corp.) (“the Company” or “Cleantech”) (NEO: PWWR) (OTCQB: PWWRF) (Frankfurt: E43, WKN: A3EEHV), Announces that in addition to its press release dated May 15, 2023, the British Columbia Securities Commission (“BCSC”) has issued a failure to file a Trading Stop Order against the Company (“FTFCTO”) ordering such public trading, whether direct or discontinued securities The company indirectly, by any person, including the trading of the company’s shares on the NEO Stock Exchange. The company is working diligently with its auditors to finalize deposits as soon as possible.

Article content

The delay in completing and submitting the Company’s financial statements stems from certain accounting information that was required of Fuel Cell Power NV and the Company’s need to hire additional accounting consultants to complete the required information and provide it to the Company’s auditors. This process took longer than originally anticipated by the company.

Article content

The Company announced through a press release dated April 3, 2023 (the “Deferred Filing Announcement”) that it has filed an application with the BCSC for a Trade Stop Administration Order (“MCTO”) pursuant to NP 12-203. The MCTO’s request was made in connection with the delay in filing the company’s annual audited financial statements for the year ended December 31, 2022, and discussion and analysis of relevant management and CEO and CFO certifications (such as filings, collectively, “annual filings”), which were required to be filed in or Before March 31, 2023.

Article content

Article content

The MCTO was ordered by the BCSC on April 3, 2023 to extend the deadline for submitting annual filings to May 30, 2023. The MCTO barred the company’s CEO 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 the securities. The company’s finances.

The Company also announces that the submission of its preliminary unaudited financial statements, relevant management discussion and analysis, and CEO and CFO certifications for the three months ended March 31, 2023 along with annual filings, will be postponed beyond the extended submission deadline of May 30. , 2023 as a result of the delay in completing the annual filing (“Required Documents”).

Article content

The FTFCTO will remain in effect until BCSC receives all filings that the company is required to make under BC Securities Act, including required documents.

The Company confirms that since the date of the late filing announcement, other than as described above: (i) there has been no material change to the information set forth in the late filing announcement that is not generally disclosed; (ii) there has been no failure by the Company to fulfill its stated intentions with respect to meeting the provisions of the Alternative Information Guidelines set forth in NP 12-203; (iii) there was no other default determined by the company under NP 12-203; and (iv) there is no other material information relating to the affairs of the company that has not been publicly disclosed.

Article content

The Company confirms that its business has not changed, there are no changes to its current business plans and that it does not foresee any interruption of the Company’s operations during the FTFCTO.

The FTFCTO is expected to be canceled within a few days after submission of the required documents.

On behalf of the Company’s Board of Directors,

Cleantech Power Corp.

“Frank Carnival”

Frank Carnevale, CEO
+1 (647) 531-8264
fcarnevale@fuelcellpower.com

About your college
power
corp.
(new:
PWWR)

PWWR is a diversified investment platform that develops clean, affordable, renewable and reliable energy and technology. We bring “power to the people” today, combining a stable revenue stream with a forward-looking vision to commercialize our advanced hydrogen fuel cell technology to meet the needs of a massive global market, and ultimately deliver compelling returns for investors.

Article content

PWWR is well positioned to deliver “energy to the people” in the global energy transition while offering investors a diversified clean technology growth platform.

More information is available on the company’s website at the address www.cleantechpower.ca The Company encourages investors and other stakeholders to follow it in: TwitterAnd FacebookAnd linkedinAnd InstagramAnd Tik Tok And Youtube. Ordinary shares are listed for trading on NEO under the symbol “PWWROTC Venture ExchangeOTCQB“under the code”PWWRFOn the Frankfurt Stock Exchange, under the symbolE43” And “WKN A3EEHV“.

Looking ahead
Information

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. In some cases, forward-looking statements can be identified by the use of words such as “plans,” “expects” or “does not expect,” “expects,” “estimates,” “forecasts,” “intends,” “anticipates” or “believes” or variations Of these words, phrases or statements that “may”, “could”, “may”, “may” or “occur” or “achieve” certain actions, events or results. Forward-looking statements in this press release may include, without limitation, the FTFCTO and statements regarding the Company’s technology, intellectual property, business plan, objectives and strategy.

Article content

Forward-looking statements and information are provided for the purpose of providing information about the Company’s current expectations and plans for the future. Readers are cautioned that reliance on such data and information may not be appropriate for other purposes, such as making investment decisions. Because forward-looking statements and information address future events and conditions, they inherently involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this press release were made as of the date of this release and no obligation is made to update or revise generally any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by securities laws. applicable finances. Forward-looking statements or information in this news release are expressly qualified by this cautionary statement.

Neither NEO EXCHANGE nor the regulation services provider (as defined in the NEO Exchange Policies) is responsible for the adequacy or accuracy of this release.