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Cleantech Power Corp. Provides Corporate Update

CleanTech Power Corp.


Toronto, Ontario, - TheNewswire - September 27, 2023 - Cleantech Power Corp. (NEO:PWWR) (OTC:PWWRF) (Frankfurt:E43) (WKN:A3EEHV) (“PWWR” or the “Company”), a diversified investment platform developing affordable, renewable, and reliable power and cleantech, announced a corporate update.


Frank Carnevale resigned as Chief Executive officer of the Company. The board of directors of the Company (the “Board”) is actively seeking out a replacement candidate to act as Chief Executive Officer.


Prior to his resignation, Mr. Carnevale was responsible for managing and overseeing the Belgian bankruptcy proceeding against Fuel Cell Power NV (“FCP NV”), which the Company disclosed in a press release dated April 4, 2023 and July 6, 2023 (the “Bankruptcy”). During that time, the Belgian bankruptcy trustee overseeing the bankruptcy proceedings, sold, at auction, certain assets of FCP (the “Assets”).


The Company is working diligently with its advisors and Board to undo the sale of the Assets, re-acquire the Assets and/or oppose the Bankruptcy proceedings (collectively, the “Remediation Efforts”). The Company is in the process of engaging local counsel to assist with the foregoing Remediation Efforts. The Company will provide further update as the Remediation Efforts materialize.


Further, as announced on June 2, 2023 , the Company is currently subject to a Failure to File Cease Trade Order (the “FTFCTO”). 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, including the annual financial statements for the year ended December 31, 2022 and the related management discussion and analysis, as well as the requisite CFO and CEO certifications (the “Required Documents”). The Company is working with its auditors to complete the Required Documentation.



PWWR is a diversified investment platform developing affordable, renewable, and reliable power assets and cleantech.


PWWR is well positioned to deliver ‘Power to the People’ in the global energy transition while offering a diversified cleantech growth platform for investors.


Further information is available on the Company website at and the Company encourages investors and other interested stakeholders to follow it on: Twitter, Facebook, LinkedIn, Instagram, TikTok and YouTube. Common shares are listed for trading on the NEO under the symbol “PWWR”, the OTC Venture Exchange “OTCQB” under the symbol “PWWRF” and on the Frankfurt Exchange under symbol “E43” and “WKN A3EEHV”.


For further information, please contact:


Joel Dumaresq

Chief Financial Officer


Forward-Looking Information

This news 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 certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “achieve”. Forward-looking statements in this news release may include, but are not limited to, the future plans of the Company with respect to a potential Chief Executive Officer appointment, the Assets, the Bankruptcy, the Remediation Efforts, the FTFCTO and expectations relating therewith and statements with respect to the Company’s technology, intellectual property, business plan, objectives and strategy.


Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they 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 news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward- looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.