Mr. Gary Benninger reports

AMMPOWER ANNOUNCES PROMISSORY NOTE

Ammpower Corp. has borrowed $20,000 (U.S.) from Rene Bharti and issued a promissory note to Mr. Bharti. The loan bears interest at an annual rate 8 per cent, accruing daily and compounded monthly, is repayable on Sept. 21, 2023, and is convertible into common shares of the company, at the election of Mr. Bharti, on or prior to the maturity date

The loan is a related party transaction pursuant to Multilateral Instrument -- 61-101 Protection of Minority Security Holders in Special Transactions. Mr. Bharti is president, a director and a control person of the company, and, as such, Mr. Bharti has abstained from voting with respect to the loan.

With respect to the loan, the company has relied on the exemption from the valuation requirement pursuant to Section 5.5(b) (Issuer Not Listed on Specified Markets) of MI 61-101 and from the minority shareholder approval requirement prescribed by Section 5.7(1)(a) (Fair Market Value Not More Than 25 Per Cent of Market Capitalization) of MI 61-101.

There is no undisclosed material information by the company. The company has at least one independent director, and all independent directors have approved the loan.

About Ammpower Corp.

Ammpower is a clean energy company focused on the production of green ammonia. The company is based in Toronto, Ont., with a research and manufacturing facility in southeast Michigan. The company is active in all facets of green ammonia production, including the production of green fertilizers, carbon-free shipping fuel, and the cracking, or moving, of green hydrogen as ammonia. The company is working on the development of proprietary technologies to produce green ammonia and green hydrogen at scale, including the investigation of unique catalytic reactions to bring down costs and to take advantage of carbon credits in the renewable energy space. Ammpower currently holds several letters of intent with ports in Brazil and the United States, and is currently completing its IAMM prototype to create green ammonia for the agricultural industry. The company also holds a lithium exploration property in the James Bay/Eeyou Istche region of Quebec and an option on the Titan property located in Klotz Lake area in Northwestern Ontario.

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