TORONTO, Dec. 16, 2022 (GLOBE NEWSWIRE) -- Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) (“ AFCP ” or the “ Company ”), a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to announce a private placement offering of units of the Company (“ Units ”) at a price of $0.06 per Unit (the “ Offering ”). The aggregate minimum gross proceeds of the Offering is $150,000 and the aggregate maximum gross proceeds of the Offering is $1,200,000.

Each Unit will be comprised of one common share in the capital of the Company (a “ Share ”) and one common share purchase warrant (each, a “ Warrant ”). Each Warrant will entitle the holder thereof to acquire one additional Share (a “ Warrant Share ”) at a price of $0.15 per Warrant Share for a period of 24 months from the Closing Date (as defined herein).

The Company intends to use the aggregate gross proceeds from the Offering for acquisition capital, development capital for PWWR Flow Stream CHP projects and manufacturing capital for its wholly owned subsidiary Fuel Cell Power NV, as well as for general administrative and working capital expenses. The Company expects to close the Offering on or before January 13, 2023 (the “ Closing Date ”).

The Company may pay a finder’s fee in connection with the Offering to eligible arm’s length finders in accordance with the policies of the NEO Exchange.

The Offering is being completed pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions and therefore the securities issued in the Offering will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedar.com and at https://www.fuelcellpower.com/. Prospective investors should read this offering document before making an investment decision.

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 AFCP 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.

AFCP 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 Offering and securities issuable thereunder, the Offering and timelines associated therewith, the Warrants, the expected use of proceeds under the Offering, 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.