PowerTap Provides Bi-Weekly Status Report

VANCOUVER, British Columbia and ALISO VIEJO, Calif., Oct. 27, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) (“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.

Further to the last bi-weekly status update made on October 12, 2023, the Company advises that it continues to search for a successor auditor to be appointed following the resignation of SHIM & Associates LLP and it will provide a further update in due course.

The Company also advises that Mr. John Martin and John Zorbas have resigned from the board of directors on October 13, 2023 and October 27, 2023 respectively, and Mr. Lance McIntosh has been appointed to the board, effective October 23, 2023. Mr. McIntosh has more than 40 years of experience in senior management, corporate finance and accounting. He has overseen financial operations, the corporate development function and the ‘going public’ process for two major Canadian corporations. Mr. McIntosh has specific expertise in financial operations management, financial administration and control, M&A, and both project and acquisition financing. Prior to joining the Company, he held senior financial positions with a number of significant private and public companies.

Mr. McIntosh currently serves as Principal at LEM Consulting and Chief Financial Officer of Previcare Group. He received his designation as a Chartered Accountant in 1977 and is currently a member in good standing of the Institute of Chartered Professional Accountants of Ontario and of Canada. Mr. McIntosh graduated cum laude, and holds an H.B.A. from Trinity College, University of Toronto.