08:27:35 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Alkaline Fuel Cell Power Corp
Symbol PWWR
Shares Issued 173,015,319
Close 2022-09-26 C$ 0.07
Market Cap C$ 12,111,072
Recent Sedar Documents

Alkaline Fuel mails circular for special meeting

2022-09-26 17:57 ET - News Release

Mr. Frank Carnevale reports

ALKALINE FUEL CELL POWER CORP. ANNOUNCES FILING AND MAILING OF INFORMATION CIRCULAR FOR SPECIAL MEETING OF SHAREHOLDERS

Alkaline Fuel Cell Power Corp. has filed on SEDAR and physically mailed a management information circular dated Sept. 26, 2022, and related meeting and proxy materials in connection with its upcoming special meeting of shareholders to be held on Oct. 17, 2022.

At the special meeting, the company will seek shareholder approval to amend the exercise price of certain outstanding common share purchase warrants of the company from between 75 cents and 33 cents (which is significantly above current trading prices for the common shares of the company) to 20 cents. In accordance with the polices of the NEO Exchange, those holders of warrants who are advantaged by the proposed warrant amendments will be excluded from voting on the warrant amendments. The particulars of the warrant amendments are further disclosed in the circular.

Additionally, at the Special Meeting, the company will seek shareholder approval to amend the exercise price of certain outstanding stock options of the company from between 33 cents and 25 cents (which is significantly above current trading price for the common shares) to 15 cents. In accordance with the policies of the NEO, those holders of options who are advantaged by the proposed option amendments will be excluded from voting on the option amendments. The particulars of the option amendments are further disclosed in the circular.

"Since joining AFCP in May of this year, we have focused on the continued advancement of our hydrogen powered alkaline fuel cell technology, while also seeking to accelerate revenue generation with the acquisition of complementary business lines, including our combined heat and power ("CHP") PWWR Flow Stream business, which offers lower costs for in multi-residential or commercial applications," said Frank Carnevale, CEO of AFCP. "With the ongoing developments and continued evolution of the Company, we are grateful for the support of our shareholders and are seeking approval to reprice certain outstanding equity instruments to better align with current market conditions and afford AFCP an incremental source of future financing. We encourage all shareholders to vote on the resolution at our upcoming meeting on October 17, 2022."

The proposed Warrant Amendments and Option Amendments will not be effective until receipt of the requisite shareholder approval is acquired, and certain regulatory and NEO filings are completed.

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.

We seek Safe Harbor.

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