Alkaline Fuel Cell Power Corp. (NEO: PWWR) (Frankfurt: 77R,
WKN: A3CTYF) ("AFCP" or
the
"Company"), a company engaged in the
development and production of alkaline fuel cell heat and power
systems for residential, industrial and commercial markets
worldwide, is pleased to announce that Mr. Frank Carnevale has been
appointed to position of Chief Executive Officer, to take office on
May 10th, 2022. Building on the hydrogen fuel cell power technology
and recently acquired pipeline of cogeneration assets, Mr.
Carnevale will focus on developing and executing the strategic
roadmap to acquire/develop additional net zero emission energy
assets, strategic growth opportunities and investor awareness.
“AFCP is on the front lines of developing the
net zero carbon economy for customers, globally. I am thrilled to
continue my work to driving this energy transformation with such an
integrated platform in Alkaline Fuel Cell Power Corp, and leverage
my government and industry networks across North America and
Europe.” stated Frank Carnevale, Chief Executive Officer. “We are
linking AFCP hydrogen fuel cell technology with the development of
alternate asset class energy projects, in the transition to
delivering lower cost net zero emission energy. It’s a win for
consumers and a win for investors.”
On behalf of management and the board of
directors I would like to extend our gratitude to Matthew Fish who
took on the position of Interim, CEO. Mr. Fish will remain as a
director of the Company, remarks Joel Dumaresq, Chief Financial
Officer.
Brief Biography
Mr. Carnevale recently served as Chief Growth
Officer and Chief Operating Officer of a TSXV-listed company
delivering PropTech and cleantech to institutional, commercial,
industrial and multi-residential customers through design build
thermal energy systems, HVAC and Building Controls in Canada.
Mr. Carnevale had previously served as Founder
and Chief Executive Officer of a boutique consulting, advisory and
development firm where he originated over $2.5 billion in energy
and infrastructure transactions, including the development of a
large wind farm, distributed energy and retrofit contracts, and
mergers and acquisitions of several electric utilities.
Mr. Carnevale previously served on the Executive
Board of the Energy Council of Canada among several industry
organizations.
Corporate Update
The Company announces that it has granted
2,000,000 stock options to Mr. Carnevale and 600,000 stock options
to a consultant (each a "Stock Option"). Each
Stock Option is exercisable for a period of five (5) years at an
exercise price of $0.12 per common share of the Company. The Stock
Options vest on the 6th, 12th, 18th and 24th month from the grant
date in 25% tranches.
In connection with the departure of Mr. Jef
Spaepen, as previously announced on March 4, 2022, the Company has
exercised its right to repurchase all of the 18,000,000 common
shares in the capital of Company previously issued to Mr. Spaepen
for the repurchase price of $100, pursuant to the founders’
restricted rights agreement on December 31, 2020, which was further
amended and restated on July 2, 2021. Subject to Neo Exchange
filings and approval, the repurchased shares will be cancelled.
ABOUT ALKALINE FUEL CELL POWER CORP.
The Company is focused on the development,
production and commercialization of micro-combined heat and power
(“micro-CHP”) systems based on alkaline fuel cell technology. A
fuel cell is a clean electrical power conversion/generation system,
akin to small power stations that provide electricity and an
equivalent amount of heat for various purposes. Based on hydrogen
powered alkaline fuel cell technology, our technology offers an
energy source that generates zero CO2 emissions with pure water as
the only by-product, making it ideally suited for residential and
small- to medium-sized power markets. We believe Fuel Cell Power is
well positioned to become a positive contributor to the global
demand for clean energy, particularly in Europe where demand
outpaces supply, and current technology remains inadequate to meet
market needs. Further information is available on our website
at https://www.fuelcellpower.com/ and we encourage
investors and other interested stakeholders to follow us
on LinkedIn, Twitter, Facebook, Instagram and YouTube.
Our common shares are listed for trading on the NEO Exchange
(“NEO”) under the symbol “PWWR” and on the Frankfurt Exchange under
symbol 77R and WKN A3CTYF.
For further information, please contact:
Frank CarnevaleChief Executive Officer+1 (647)
531-8264fcarnevale@fuelcellpower.com
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 may include, but are not limited to, 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.
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