PowerTap Announces Amended and Restated Q3 2023 Management Discussion & Analysis

VANCOUVER, British Columbia and ALISO VIEJO, Calif., July 25, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”), announces that as a result of a review by the British Columbia Securities Commission ("BCSC"), the Company is issuing the following press release to clarify our disclosure.

The management discussion & analysis for the interim period ended March 31, 2023 (the "MD&A") has been amended and re-filed on SEDAR. The amended MD&A includes:

(i) a discussion on how the impairment of intangibles and investment in Progressus Clean Technologies effects the Company's continuing operations;

(ii) a discussion on the Company's plan for its Gen3 hydrogen dispensing unit design and the status of the development;

(iii) a discussion on research and development expenses, a breakdown of material components of expensed research and development, and the current status of the development of the 3^rd generation blue hydrogen dispensing unit;

(iv) a discussion on factors that have caused variations over the prior quarters;

(v) a discussion on how the Company will continue as a going concern;

(vi) identification of specific related parties with whom the Company has entered into contracts with; and

(vii) a discussion on the expenses and the business activities related to consulting costs, marketing and sponsorship costs, professional fees, sales expense, and share-based compensation for the year ended June 30, 2022 and the nine-months ended March 31, 2023.

In addition to the foregoing, the Company notes that for the year ended June 30, 2022, the Company recorded an impairment of $101,497,740 as a result of management’s assessment of the recoverable amount of the intellectual property as at year end, as well as impairment of $23,616,714 for the Progressus Clean Technology investment.

This enhanced disclosure in the amended and restated MD&A is aimed to provide the reader with a broader understanding of the Company’s business and commitments.

ABOUT POWERTAP HYDROGEN CAPITAL CORP.

PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), is focused on installing hydrogen production and dispensing fueling infrastructure in the United States. PowerTap’s patented solution has been developed over 20 years. PowerTap is now commercializing its third-generation blue hydrogen product that will focus on the refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure.