Mr. Raghu Kilambi reports

POWERTAP PROVIDES BI-WEEKLY STATUS REPORT

Powertap Hydrogen Capital Corp. is providing this update on the status of a management cease trade order granted on Sept. 29, 2023 (MCTO), by the British Columbia Securities Commission under National Policy 12-203, Management Cease Trade Order.

On Sept. 29, 2023, the company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management's discussion and analysis (MD&A) for the fiscal year ended June 30, 2023, beyond the period prescribed under applicable Canadian securities laws.

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 office and chief financial officer will not be able to trade in the company's common shares.

Further to the last biweekly status update made on Oct. 12, 2023, the company advises that it continues to search for a successor auditor to be appointed following the resignation of SHIM & Associates LLP and it will provide a further update in due course.

The company also advises that John Martin and John Zorbas have resigned from the board of directors on Oct. 13, 2023, and Oct. 27, 2023, respectively, and Lance McIntosh has been appointed to the board, effective Oct. 23, 2023. Mr. McIntosh has more than 40 years of experience in senior management, corporate finance and accounting. He has overseen financial operations, the corporate development function and the going-public process for two major Canadian corporations. Mr. McIntosh has specific expertise in financial operations management, financial administration and control, M&A (mergers and acquisitions), and both project and acquisition financing. Prior to joining the company, he held senior financial positions with a number of significant private and public companies.

Mr. McIntosh currently serves as principal at LEM Consulting and chief financial officer of Previcare Group. He received his designation as a chartered accountant in 1977 and is currently a member in good standing of the Institute of Chartered Professional Accountants of Ontario and of Canada. Mr. McIntosh graduated cum laude and holds an HBA from Trinity College, University of Toronto.

The company wishes to thank Mr. Martin and Mr. Zorbas for their contributions to the company and wishes them well with their future endeavours.

Other than as disclosed in this news release, there are no material changes to the information contained in the default announcement. The company confirms that it intends to satisfy the provisions of NP 12-203 and will continue to issue biweekly default status reports for so long as it remains in default of the annual filings requirement.

About Powertap Hydrogen Capital Corp.

Powertap, 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 now 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 Neo.

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