Vancouver, British Columbia--(Newsfile Corp. - May 28, 2021) - Hunter Technology Corp. (TSXV: HOC) (OTCQB: HOILF) (WKN: A2QEYH) (FSE: RWPM) (ISIN: CA4457371090) ("Hunter" or the "Company") is pleased to announce the election of its new directors and its Annual General Meeting ("AGM") and Q1 results.
Newly Elected Director
Hunter was pleased to have newly nominated director, Ben McQuhae, elected to the board of directors. Ben McQuhae is an industry leading transactional lawyer and an active expert in energy and sustainable finance. He is the founder of Ben McQuhae & Co, a law firm dedicated to contributing to a sustainable future. He is a co-founder and executive committee member of the Hong Kong Green Finance Association and a steering committee member of the United Nations Network of International Financial Centres for Sustainability.
Having been previously a partner at Jones Day and leading member of the firm's energy practice in APAC, he brings a deep network and expertise in energy to Hunter, specifically connecting long-standing experience in natural resources with his engagement in energy transition and sustainability.
AGM Voting Results
Election of Directors
Shareholders holding 26,051,503 shares or 57.46% of the outstanding shares of the Company participated directly or were represented by proxy at the AGM. The meeting voting results are as follows.
The number of directors was fixed at four (4) and the following directors were elected to the board:
| Nominee | Votes for | % for | Votes withheld | % withheld |
| Florian M. Spiegl | 25,519,210 | 99.99% | 3,678 | 0.01% |
| Alex Wong | 25,515,450 | 99.97% | 7,438 | 0.03% |
| Konstantino Ghertos | 25,515,348 | 99.97% | 7,351 | 0.03% |
| Benjamin McQuhae | 25,515,554 | 99.97% | 7,334 | 0.03% |
Appointment of Auditors
Dale Matheson Carr-Hilton LaBonte LLP, were re-appointed as auditors of the Company for the ensuing year with their remuneration to be set by the Board.
Approval of Stock Option Plan
The Company's Stock Option Plan was approved and renewed for the ensuing year.
FISCAL Q1 RESULTS
In Q1, the Company ramped up development of its OilEx and OilExchange platforms and completed the integration of its recently acquired (Q4 2020) FinFabrik subsidiary. Significant operational highlights included:
Q1 2021 Highlights:
- Integration of FinFabrik and establishment of Hong Kong office with focus on operations and product R&D
- Reorientation and build-out of in-house software development and product management teams
- Consolidation of FinFabrik technology stack for application in energy trading and data analytics
- Development of Hunter technology platform with focus on OilEx marketplace and launch of pilot
- Start of business development, market engagement and partnership activities
Hunter CEO Florian M. Spiegl commented: "In the first quarter of 2021 Hunter was focused on completing the transition of the business from oil exploration and production into building and operating digital marketplaces and data analytics solutions for the energy sector. We followed our roadmap with establishing an expert team, delivering an initial version of OilEx and connecting to the market, including forming key partnerships. This formed a solid foundation to further engage with potential clients and develop market relationships."
Select Financial Highlights*:
| For the three months ended March 31, | 2021 | 2020 | |||||
| (USD) | ($) | ($) | |||||
| Total Assets | 10,688,128 | 1,073,961 | |||||
| Total Equity | 9,489,880 | 940,177 | |||||
| Cash on hand | 818,639 | 899,087 | |||||
| Comprehensive Loss for the period | (1,053,988 | ) | (216,069 | ) | |||
| Adjusted loss for the period ** | (616,619 | ) | (216,069 | ) | |||
| Per Share Basic & Diluted | (0.02 | ) | (0.01 | ) | |||
| Per Share Basic & Diluted - Adjusted ** | (0.01 | ) | (0.01 | ) | |||
* Complete unaudited interim condensed financial statements as available on the Company's website and www.sedar.com
** Adjusted loss for the period represents loss before taxes $1,103,195 adjusted for non-cash expense charges of $ 476,576
Operational Update
With the acquisition of FinFabrik completed, the Company has shifted its focus on the development of OilEx, a digital marketplace for connecting independent producers with international buyers of physical oil, with a private test version of the platform brought live in Q1. It will continue its path towards deployment of its platform in Q3 and public go-live in Q4.
About Hunter Technology Corp.
Hunter Technology Corp. develops interactive software platforms powered by blockchain technology that digitalize and streamline physical oil trading throughout the transaction lifecycle. With its solutions, Hunter delivers more favorable economics and fair market access for all and promotes the transition towards a more environmentally and ethically responsible ecosystem. Its flagship product OilEx will connect independent oil producers, buyers, and traders in a trusted digital marketplace to optimize prices, simplify processes, improve transparency, and support a reduced carbon footprint. Through its data analytics capabilities, Hunter will offer real time supply chain management tools for tracking the production and trade of hydrocarbons and the environmental, social and governance (ESG) compliance during their life cycle.
ON BEHALF OF THE BOARD OF DIRECTORS
Florian M Spiegl
Chief Executive Officer
(888) 977-0970
For further information, visit our website at www.huntertechnology.com
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Cautionary Statement Regarding Forward-Looking Information.
This news release contains certain statements which may constitute forward-looking statements or information (collectively, "forward-looking statements") regarding Hunter's business development plans. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, including factors beyond Hunter's control, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", "will" or be "on track to" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements (including execution risk, market risk, industry risk, market reaction, the impact of general economic conditions and competition from other industry participants, as well as stock market volatility). In this news release, forward-looking statements relate to, among other things, Hunter's business development plans as well as Hunter's future performance as it develops its business. Although Hunter believes that the expectations in its forward-looking statements are reasonable, they are based on factors, estimates and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statement. Such factors include, but are not limited to: risks relating to delays, development and marketing risks, unforeseen requirements resulting from the COVID-19 pandemic, commodity prices, inability to access, on favorable terms, sufficient capital from internal and external sources, the ability to access, hire and retain employees; regulatory changes and impacts, timing and completion of the Company's online platforms as well as general business, economic, competitive, political and social uncertainties. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Hunter does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Hunter should be considered highly speculative. There can be no assurance that Hunter will be able to achieve all or any of its proposed objectives. Please review Hunter's SEDAR filings including its management discussion and analysis available under the Company's profile at www.sedar.com for a more fulsome discussion of risk factors affecting Hunter.
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