PowerTap Provides Bi-Weekly Status Report

VANCOUVER, British Columbia and ALISO VIEJO, Calif., Oct. 12, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTND) (“PowerTap” or the “Company” or “MOVE”) is providing this update on the status of a management cease trade order granted on September 29, 2023 (the "MCTO") by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order ("NP 12-203").

On September 29, 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 June 30, 2023 (the "Annual Filings") beyond the period prescribed under applicable Canadian securities laws (the "Default Announcement").

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.

The Company reports that SHIM & Associates LLP (“SHIM”) appointed on June 23, 2023, gave notice to the Company, that they are no longer be in a position to continue the audit of the consolidated financial statements of the Company due to their scheduling conflicts.

There are no disagreements, consultations or unresolved issues (as those terms are defined in NI 51-102) in connection with the resignation of SHIM.

The resignation of SHIM has been approved by the board of directors of the Company (the “Board”).

The audit committee, the Board and management authorizes SHIM to respond fully to any enquiries by a successor auditor. The Company has commenced a search for a successor auditor to be appointed and will provide a further update on or before October 27, 2023. Further updates will be provided by the Company as necessary.

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.

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.