PowerTap Announces Revocation of Cease Trade Order
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VANCOUVER, British Columbia and Aliso Viejo, California, October 7, 2024 – TheNewswire – PowerTap Hydrogen Capital Corp. (“PowerTap” or the “Company””), today announces the full revocation of a Dual Failure to File Cease Trade Order (the "FFCTO") issued by the British Columbia Securities Commission and the Ontario Securities Commission (the “Decision Makers") on December 12, 2023, which prohibited the trading by any person or company of any securities of the Company in Canada, except pursuant to limited exceptions under the FFCTO.
The FFCTO was issued by the Decision Makers due to the Company's failure to file its annual audited financial statements, management’s discussion and analysis and related officer certifications for the fiscal year ended June 30, 2023 as well as the Company’s interim financial statements, management's discussion and analysis, related officer certifications for the three months ended September 30, 2023, and the Company’s Annual Information Form for the fiscal year ended June 30, 2023 (collectively, the "Filings") as required under Parts 4 and 5 of National Instrument 51-102 – Continuous Disclosure Obligations and pursuant to National Instrument 52-109 – Certification of Disclosure in Issuer's Annual and Interim Filings. The Company submitted the Filings on March 21, 2024 and subsequently submitted an amended and restated MD&A for the period ended December 31, 2023 and 2022 and an amended Annual Information Form for the fiscal year ended June 30, 2023 as filed on September 17, 2024 and 18, 2024 respectively, all of which are available for review on SEDAR+ at www.sedarplus.ca.
Since the FFCTO was issued in December 2023, the Company has been actively engaged in discussions with third parties regarding potential partnerships for the manufacturing and deployment of the PowerTap Gen3 hydrogen fueling system. However, due to a lack of capital, certain projects have been temporarily suspended. The Company's only active project at this time (as announced in the press release dated September 22, 2023) is centered on heavy-duty fueling stations, marking a shift away from light-duty fueling stations.
Moving forward, significant capital will be required to complete the manufacturing engineering and deploy any of its hydrogen fueling technologies effectively. This underscores the critical need for securing substantial funding to advance these initiatives successfully.
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With the revocation of the FFCTO, the Company will remain a Reporting Issuer while it considers relisting on another Canadian stock exchange and will need to raise capital to meet initial listing requirements.
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 Contact:
Raghu Kilambi raghu@hydrogenfueling.co
+1 (949) 284-7060
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. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the hydrogen extraction market and the general economy, the Company’s business plans and strategy, including anticipated capital deployments and the timing thereof, and the Company’s ability to raise sufficient capital to funds its business plan. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. 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. 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