Corporate Update: FuelPositive Initiatives Progressing as Planned
TORONTO, June 24, 2021 – FuelPositive Corporation
(“FuelPositive” or the “Company”) is issuing the following update to share the status of the company and its various initiatives.
“With extensive incoming shareholder inquiries over the last several weeks, we felt it would be helpful to provide a detailed update,” said FuelPositive CEO Ian Clifford. “We are in a strong position overall and are pleased with the opportunities unfolding for us to continue to build shareholder value in the company.”
All announced initiatives are progressing as planned. Further details are as follows:
- Having announced the completion of a CAD 5 million, U.S. institutional financing on June 18, 2021, the Company’s balance sheet is strong and provides for full funding of its Phase 2 Hydrogen-Ammonia Synthesizer commercial prototype systems being built with National Compressed Air Canada Ltd. (NCA). This will confirm the broad application potential for FuelPositive’s technology and is the backbone of the Company’s Carbon-Free Ammonia-NH3 offering.
- During the last quarter, FuelPositive has also had extensive warrants exercised. The Company’s current cash balance is over CAD 6 million.
Intellectual Property Protection
- With the filing on June 6, 2021 of a comprehensive provisional patent related to FuelPositive’s core NH3 technology, the Company now has in place the foundational intellectual property protection for its ammonia and hydrogen systems.
- The provisional patent also includes a number of other technology initiatives related to the core technology that will be built upon further and appropriately protected in the coming months.
- FuelPositive continues to grow its core team and will announce additions as contracts are completed and team members join the Company.
- Key strategic consulting partners are also being added as aspects of the business plan advance.
- Dr. Ibrahim Dincer and his team are fully engaged in all facets of the Company’s Phase 2 Carbon-Free Ammonia-NH3 development and build.
- The Company is actively recruiting key members to join the FuelPositive technology advisory committee.
- FuelPositive is exploring further complementary acquisitions to broaden its sustainability portfolio directly related to carbon free ammonia, power generation and enabling technologies.
FuelPositive is a Canadian-based growth stage company committed to providing commercially viable and sustainable energy solutions, including clean ammonia (NH3), for use across a broad spectrum of industries, systems and applications.
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company are forward-looking statements.
These forward-looking statements are based on assumptions and estimates of management of the Company at the time they were made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Forward-looking information is provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking information or to explain any material difference between subsequent actual events and such forward-looking information, except to the extent required by applicable law.
For Media or Investor enquiries, please contact:
Mr. Ian Clifford
Chief Executive Officer
Investor Relations (United States)
RBMG – RB Milestone Group LLC
Trevor Brucato, Managing Director