Cleantech Power Corp. Provides Update on Status of MCTO and Correction on Warrant Amendments

TORONTO, May 15, 2023 (GLOBE NEWSWIRE) -- Cleantech Power Corp. (formerly, Alkaline Fuel Cell Power Corp.) (NEO: PWWR) (OTCQB: PWWRF) (Frankfurt: E43, WKN: A3EEHV), is providing this update on the status of a management cease trade order granted on April 3, 2023 (the "MCTO") by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order ("NP 12-203"). On April 3, 2023, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended December 31, 2022 (the "Annual Filings") beyond the period prescribed under applicable Canadian securities laws (the "Default Announcement").

The Company reports that the audit is progressing and will provide a further update on the timing of its Annual Filings on or about May 29, 2023. The Company is also progressing on completion of its interim financial statements and accompanying management’s discussion and analysis for the first quarter ended March 30, 2023, and will provide a further update on or about May 29, 2023. Further updates on timing will be provided by the Company as necessary.

During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's Chief Executive Officer and Chief Financial Officer will not be able to trade in the Company's common shares.

Other than as disclosed in this news release, there are no material changes to the information contained in the Default Announcement. The Company confirms that it intends to satisfy the provisions of NP 12- 203 and will continue to issue bi-weekly default status reports for so long as it remains in default of the Annual Filings requirement.

On May 5, 2023, the Company previously announced that the Company applied to the NEO Exchange (the “Exchange”) to amend the terms of 44,163,554 common share purchase warrants (the “Warrants”) issued pursuant to the non-brokered private placements of units which closed on April 1, 2021, April 7, 2021 and May 7, 2021 (“Warrant Amendments”). The Company would like to revise the number of Warrants to 44,196,506 Warrants. The 44,196,506 Warrants expiry date has been extended to August 7, 2023.