Cleantech Power Corp. Provides Update on Failure to File Cease Trade Order

TORONTO, June 02, 2023 (GLOBE NEWSWIRE) -- Cleantech Power Corp. (formerly, Alkaline Fuel Cell Power Corp.) (the “Company” or “Cleantech”) (NEO: PWWR) (OTCQB: PWWRF) (Frankfurt: E43, WKN: A3EEHV), announces that further to its press release dated May 15, 2023, the British Columbia Securities Commission (the “BCSC”) has issued a failure to file cease trade order against the Company (“FTFCTO”) which orders that general trading, whether direct or indirect, by any person, of the securities of the Company cease, which includes trading of the shares of the Company on the NEO Exchange. The Company is diligently working with its auditors to conclude the filings at the earliest possible time.

The delay in completing and filing the Company’s financial statements stems from certain accounting information that was required from Fuel Cell Power NV and the Company’s need to engage additional accounting advisors to complete the requisite information and provide same to the Company’s auditors. This process has taken longer than originally anticipated by the Company.

The Company announced via press release dated April 3, 2023 (the “Delayed Filing Announcement”) that it had submitted an application to the BCSC for a management cease trade order (the “MCTO”) pursuant to NP 12-203. The application for the MCTO was made in connection with the delay in filing the Company’s audited annual financial statements for the year ended December 31, 2022, the related management's discussion and analysis and CEO and CFO certifications (such filings, collectively, the “Annual Filings”), which were required to be filed on or before March 31, 2023.

The MCTO was issued by the BCSC on April 3, 2023 extending the deadline for filing the Annual Filings to May 30, 2023. The MCTO prevented the Company’s Chief Executive Officer and Chief Financial Officer from trading in the Company’s securities but did not affect the ability of other shareholders, including the public, to trade in securities of the Company.

The Company also announces that the filing of its unaudited interim financial statements, related management's discussion and analysis and CEO and CFO certifications for the three months ended March 31, 2023 together with the Annual Filings, will be delayed beyond the extended filing deadline of May 30, 2023 as a result of the delay in completing the Annual Filings (the “Required Documents”).