Clean Power Capital Comments on IIROC-Imposed Trading Halt
VANCOUVER, British Columbia, Nov. 26, 2020 (GLOBE NEWSWIRE) -- Clean Power Capital Corp. (CSE: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the
“Company” or "MOVE"). The Company issues this news release to comment on the stock halt on the Frankfurt Exchange and IIROC-imposed trading halt, both on November
24, 2020. The Company wishes to clarify certain statements made in a paid promotional newsletter (“news letter”) in Germany about the Company’s investment in PowerTap Hydrogen Fueling Corp.
(“PowerTap”). This newsletter was published pursuant to the consulting agreement, initially disclosed on October 28, 2020, between the Company and First Marketing GmbH
(“FMG”), an investor relations and marketing firm based in Heidelberg, Germany, to provide marketing services focused on the European markets. FMG is arm’s-length to the Company,
however the principals of FMG have purchased shares of the Company in the last two private placements representing approximately 7% of the issued and outstanding shares of MOVE. Under the
agreement, the Company agreed to pay to FMG up to 500,000 euros over a 6-month period to develop required content and artwork and to launch its market awareness programs in the European Union. The
Company is in the process of reviewing the terms of the agreement with FMG going forward.
It is the Company’s policy to review and vet all distributed information about the Company and its investments. The Company understands that a recent article about the Company’s investment in PowerTap and PowerTap’s technology may not have contained sufficient explanatory notes for a reader to understand the entire context of the article and could have been interpreted as overly promotional. In this regard, the Company wishes to qualify certain statements made in the article.
The article stated that the PowerTap technology has the ability to produce the greenest and cheapest hydrogen. The PowerTap technology consists of onsite steam methane reforming (SMR) hydrogen production and dispensing modular units, which has the potential to be to be an environmentally cleaner hydrogen fueling technology compared to other technologies that require a significant amount of electricity to produce hydrogen like electrolysis, and also has the potential to be more cost effective compared to offsite produced hydrogen.
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