Powertap Announces Late Filing of Annual Financial Statements and Management Cease Trade Order

VANCOUVER, British Columbia, ALISO VIEJO, Calif. and DANBURY, Conn., Sept. 29, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) announces today that as a result of delays to its audit, the Company’s annual financial statements, accompanying management's discussion and analysis and annual information form for the fiscal year ended June 30, 2023 (the “Annual Filings”) were not finalized by September 29, 2023, being the date that such filings are due under applicable Canadian securities law requirements. The Company has applied for, and has been granted, a management cease trade order (the “MCTO”) by the British Columbia Securities Commission.

The reason for the anticipated delay is due to additional procedures required by the Company related to the change of auditor who was appointed in June 23, 2023, enhanced quality controls by the Company’s auditors, and the complexity of auditing certain transactions. The auditors have requested more time for partner and consultant review as part of those enhanced measures. The Company is working with its auditor (Shim & Associates LLP, Chartered Professional Accountants) to complete the audit in a timely manner.

The Company currently expects to file the Annual Filings on or before November 27, 2023 and will issue a news release announcing completion of such filings at such time. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Order for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Annual Filings have not been filed.

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 office and chief financial officer will not be able to trade in the Company's common shares.

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.