Mr. Raghu Kilambi reports

POWERTAP ANNOUNCES LATE FILING OF ANNUAL FINANCIAL STATEMENTS AND MANAGEMENT CEASE TRADE ORDER

As a result of delays to an audit, Powertap Hydrogen Capital Corp.'s annual financial statements, accompanying management's discussion and analysis, and annual information form for the fiscal year ended June 30, 2023, were not finalized by Sept. 29, 2023, being the date that such filings are due under applicable Canadian securities law requirements. The company has applied for, and has been granted, a management cease trade order by the B.C. Securities Commission.

The reason for the anticipated delay is due to additional procedures required by the company related to the change of auditor, which was appointed on June 23, 2023, enhanced quality controls by the company's auditor and the complexity of auditing certain transactions. The auditor has requested more time for partner and consultant review as part of those enhanced measures. The company is working with its auditor (Shim & Associates LLP, chartered professional accountants) to complete the audit in a timely manner.

The company currently expects to file the annual filings on or before Nov. 27, 2023, and will issue a news release announcing completion of such filings at such time. Until the company files the annual filings, it will comply with the alternative information guidelines set out in National Policy 12-203 (Management Cease Trade Order) for issuers which have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the company to issue biweekly default status reports by way of a news release so long as the annual filings have not been filed.

During the MCTO, the general investing public will continue to be able to trade in the company's listed common shares. However, the company's chief executive officer and chief financial officer will not be able to trade in the company's common shares.

About Powertap Hydrogen Capital Corp.

Powertap Hydrogen Capital Corp., through its wholly owned subsidiary, Powertap Hydrogen Fueling Corp., is focused on installing hydrogen production and dispensing fuelling infrastructure in the United States. Powertap's patented solution has been developed over 20 years. Powertap is commercializing its third-generation blue hydrogen product that will focus on the refuelling needs of the automotive and long-haul trucking markets that lack hydrogen fuelling infrastructure.

Powertap common shares are listed on the NEO Exchange.

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