TORONTO, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) ("PWWR" or the "Company"), a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, announces that it has successfully negotiated a restructuring of a promissory note (the "Promissory Note") for a principal amount of CAD$1,000,000 bearing an annual interest rate at 6.5% (the "Interest") due January 2, 2034 (the "Loan Restructuring"). The Promissory Note relates to the Company's acquisition of the combined heat a power generation business of AI Renewable 2018-I Limited Partnership, AI Renewable 2020 I-Limited Partnership and 2191 Yonge Ltd., pursuant to a definitive agreement announced by the Company on March 4, 2022.
"With this news, PWWR will continue to utilize available cash towards developing additional PWWR Flow projects, the build out of additional fuel cell units with pilots and working capital," stated Frank Carnevale, CEO. "In a reaction to global markets, PWWR continues towards reducing ongoing burn and growing investments in revenue-generating assets."
In connection with the Loan Restructuring, the Company and AI Renewable GP 2020 Ltd. (the "Creditor") entered an agreement (the "Restructuring Agreement") whereby Company has agreed to pay a lump sum of CAD$350,000 to the Creditor (the "Initial Payment") and the Creditor has agreed to extend the maturity date of the Promissory Note until January 1, 2024. Pursuant to the Restructuring Agreement the Company has agreed to, among other things: (i) pay the Initial Payment; (ii) pay the Creditor CAD$10,000 on the first day of each month during calendar year 2023, retroactive to January 1, 2023. Such amount will be applied toward the remaining outstanding principal debt of the Promissory Note; (iii) issue to the Creditor that number of restricted share units, equal to the Interest payable during 2023 on the amount outstanding under the Promissory Note following the Initial Payment; and (iv) pay to the Creditor 20% of future equity raises of the Company, subject to certain limitations, to be applied against the outstanding principal amount due under the Promissory Note.
ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR)
AFCP 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.
AFCP operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams ("PWWR Flow"), an PWWR brand in Canada.
- Fuel Cell Power NV is focused on the development, production and commercialization of micro- combined heat and power ("micro-CHP") systems and off-grid and back-up power generators based on advanced alkaline fuel cell technology that generates zero CO2 emissions. Fuel Cell Power NV is working through milestones to deliver a commercialized alkaline fuel cell in 2024.
- PWWR Flow is focused on the development, ownership and operations of combined heat and power ("CHP") assets. PWWR Flow assets deliver efficiency improvements of over 20% with reduced costs to customers in multi-residential and commercial applications. PWWR Flow has contracted existing CHP assets in Toronto, Canada, and has an additional pipeline of potential contracts valued at over $50 million currently in development.
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".
For further information, please contact:
Frank Carnevale
Chief Executive Officer
+1 (647) 531-8264
fcarnevale@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 in this news release may include, but are not limited to, the Promissory Note and the repayment of the Promissory Note by the Company, the Restructuring Agreement, potential reductions in debt balances under the Promissory Note pursuant to the terms of the Restructuring Agreement, the Company's future financings, 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.
