Alkaline Fuel Cell Power Announces Late Filing of Annual Financial Statements, Management Cease Trade Order and Update on Fuel Cell Power NV

By: Alkaline Fuel Cell Power Corp. via GlobeNewswire

April 04, 2023 at 07:00 AM EDT

TORONTO, April 04, 2023 (GLOBE NEWSWIRE) -- Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB: ALKFF) (FRANKFURT: 77R, WKN: A3CTYF) (“PWWR” or the “Company”) 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 December 31, 2022 (the “Annual Filings”) were not finalized by March 31, 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 staffing limitations and turnover with the Company's foreign subsidiaries which has resulted in delays to certain audit procedures and added complexities of auditing certain transactions during the financial year. The Company requires additional time to complete and submit the required filings. The Company is working with its auditor (Dale Matheson Carr-Hilton Labonte LLP) to complete the audit in a timely manner.

The Company currently expects to file the Annual Filings on or before May 30, 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 Officer and Chief Financial Officer will not be able to trade in the Company's common shares.

Fuel Cell Power NV Corporate Update

The Company has been advised that its wholly owned subsidiary domiciled in Belgium, Fuel Cell Power NV (“FCP”), is subject to bankruptcy proceedings under Belgian law (the “Proceeding”). The Proceeding is dated effective March 28, 2023.

The Company is reviewing options available to FCP in light of the Proceeding and is working diligently with legal counsel and advisors to settle the Proceeding in a manner that maximizes shareholder value and aligns with the Company’s 2023 corporate objectives which were announced March 6, 2023. The Company will provide further public updates relating to FCP and the Proceeding as the situation develops.

“PWWR is focused on getting to earnings positive over the next 4-6 quarters, and the decisions are consistent with our 2023 Priorities to benefit investors,” stated Frank Carnevale, CEO.

For further information, please contact:

Frank Carnevale, CEO
+1 (647) 531-8264
fcarnevale@fuelcellpower.com

ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR)

PWWR is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. We bring ‘Power to the People’ today, combining a stable revenue stream with a future- forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.

PWWR is well positioned to deliver ‘Power to the People’ in the global energy transition while offering a diversified cleantech growth platform for investors.

Further information is available on the Company website at https://www.fuelcellpower.com/, and the Company encourages investors and other interested stakeholders to follow it on:

LinkedIn, Twitter, Facebook, Instagram and YouTube. Common shares are listed for trading on the NEO under the symbol “PWWR”, the OTC Venture Exchange “OTCQB” under the symbol “ALKFF” and on the Frankfurt Exchange under symbol “77R” and “WKN A3CTYF”.

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “achieve”. Forward-looking statements in this news release may include, but are not limited to, the MCTO and timelines associated therewith, the Proceeding and timelines associated therewith, statements with respect to the Company’s technology, intellectual property, business plan, objectives and strategy.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward- looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.