Manitoba On-Farm Installation and Closing of Private Placement First Tranche

WATERLOO, Ontario, May 17, 2024 (GLOBE NEWSWIRE) -- FuelPositive Corporation, a leading Green Ammonia Company (TSX.V: NHHH) (OTCQB: NHHHF) (the “Company” or “FuelPositive”) provides an update on the Company’s Private Placement and First On-Farm system readiness.

Highlights:  

• Closing of Private Placement first tranche
• Manitoba on-farm installation
• New Director of Sales
• Government Relations and Expansion Planning

Closing of Private Placement first tranche

"We are thrilled to announce the participation of several new strategic investors, smart Canadian agriculture leaders, and Manitoba-based precision agriculture farmers," stated Ian Clifford, Co-Founder and CEO.

"Tech-savvy and environmentally conscious, these farmers understand how FuelPositive on-farm precision agriculture solutions can not only help them address environmental imperatives like climate change, but it can also help them meet Canada's GHG emissions targets. Most importantly, it protects them from fertilizer and fuel cost and supply uncertainties. Farmers love how FuelPositive technology offers them stability and predictability allowing for a more sustainable business model," Ian Clifford continues.

"We are thrilled that farmers are excited about our technology and the control it gives them. Specifically, Manitoba farmers took time out of their busy schedules to participate in this private placement. Thanks to these new farmer shareholders, today we conclude the first tranche of our active Private Placement.”

“It's significant that farmers directly support FuelPositive agricultural technologies as it underscores the potential value for Manitoba farmers and farmers globally," concluded Ian Clifford.

Manitoba on-farm installation

"While we were pleased to meet our April 15 target date for the shipping of our system, we deliberately chose to hold back the last containers in Waterloo until we receive the go-ahead from the Hieberts regarding final site readiness. It’s been a challenging spring for farmers in Manitoba due to significant precipitation, and we had to press pause to allow for the necessary heavy equipment access to the site," continued Ian Clifford.

May and early June are also incredibly active periods for seeding and planting for farmers in Manitoba. FuelPositive is respectful of the Hieberts’ busy spring and unforeseen weather-related site prep challenges and decided to keep the balance of the system in Waterloo until the Hieberts go ahead. Once received, the balance of the system will be installed on-site in Manitoba following two days to account for loading and shipping times.