TORONTO, April 26, 2023 (GLOBE NEWSWIRE) -- Alkaline Fuel Cell Power Corp. (PWWR: NEO) (ALKFF: OTCQB) (Frankfurt: 77R, WKN: A3CTYF) (“ PWWR ” or the “ Company ”), a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to announce that the Company has appointed J. Michael Sullivan as a consultant of the Company (the “ Consultant ”).

“I am very pleased to add Mike Sullivan as a Strategic Consultant to the Company. I expect his experience in structured financial vehicles, including flow through offerings for cleantech and hydrogen-based opportunities will be a tremendous asset to PWWR,” stated Frank Carnevale, CEO of PWWR.

In connection with the appointment of the Consultant to the Company, the Company granted an aggregate of 600,000 restricted share unit (each, a “ RSU ”) to the Consultant, pursuant to the terms of a consulting agreement entered into between the Company and the Consultant (the “ Consulting Agreement ”). The RSUs will vest in accordance with the terms of the Consulting Agreement and in accordance with the Company’s 2021 RSU Plan. Upon vesting, each RSU will entitle the holder thereof to receive one common share in the capital of the Company.

ABOUT MR. SULLIVAN

Mr. Sullivan is an energy sector executive with over 35 years in energy infrastructure project and corporate finance related businesses. He has experience as CEO and/or CFO in resource extraction, energy processing and renewable energy sectors. Mr. Sullivan has been responsible for over $3 billion capital investment in infrastructure projects. Specifically, Mr. Sullivan has extensive experience in structured financing vehicles including flow-through share offerings in clean technologies and hydrogen-based opportunities.

Mr. Sullivan graduated from the University of New Brunswick with a Bachelor of Business Administration degree in Finance and Economics. Mr. Sullivan holds a Chartered Financial Analyst designation and attended the Rotman School of Management at the University of Toronto executive programs in advanced financial management and structuring.

ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR)
PWWR 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.

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 issuance of the RSUs, the appointment of Mr. Sullivan as Consultant and expectations relating thereto, and 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.