Brossard, Québec – TheNewswire - July 14, 2023 – CHARBONE HYDROGEN CORPORATION (TSXV:CH), (OTC:CHHYF), (FWB:K47) (“Charbone”) is announcing today a change in its development and deployment strategy to refocusing all technical and financing resources towards green hydrogen rather than hydropower production. Charbone’s priority is the completion of its first flagship green hydrogen facility in Sorel-Tracy (Quebec, Canada).

Furthermore, the Purchase and Sale Agreement, lastly amended on May 30, 2023, for the acquisition of Tower Kleber Limited Partnership, and Black River Limited Partnership, both Michigan Limited Partnerships, is terminated. Charbone will maximise its financial resources to support activities at the Charbone Hydrogen Quebec Inc., its fully owned subsidiary in Sorel-Tracy, that will own and operate the production facility.

“Charbone is refocusing all effort and resources on hydrogen because the future is all about hydrogen!”, stated Dave B. Gagnon, CEO.

About Charbone Hydrogen Corporation

Charbone is a green hydrogen group established in North America. The company's strategy is to develop modular and expandable hydrogen facilities and regional hubs. Charbone will be able to produce green dihydrogen molecules using reliable and sustainable energy in order to distinguish itself as a supplier of an ecological solution for industrial, commercial and mobility users.

Forward-Looking Statements

This news release contains statements that are “forward-looking information” as defined under Canadian securities laws (“forward-looking statements”). These forward-looking statements are often identified by words such as “intends”, “anticipates”, “expects”, “believes”, “plans”, “likely”, or similar words. The forward-looking statements reflect management's expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Corporation’s Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com, along with risks relating to the Offering and the intended use of proceeds of the Offering; they could cause actual events or results to differ materially from those projected in any forward-looking statements.

Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts

For further information, please contact:

Dave B. Gagnon

Chief Executive Officer and Chairperson of the Board

CHARBONE Hydrogen Corporation

Telephone: +1 450 678-7171

Email: dg@charbone.com

 

Daniel Charette

Chief Operating Officer

CHARBONE Hydrogen Corporation

Telephone: +1 514 980 5841

Email: dc@charbone.com

 

Benoit Veilleux

Chief Financial Officer and Corporate Secretary

CHARBONE Hydrogen Corporation

Telephone: +1 450 678-7171

Email: bv@charbone.com