Dr. Gary Benninger reports

AMMPOWER CORP. ANNOUNCES THAT IT HAS ENTERED INTO AN INDEPENDENT SALES AND MANUFACTURER'S REPRESENTATIVE AGREEMENT WITH LEDOLAS

Ammpower Corp. has entered into an independent sales and manufacturer's representative agreement with LEDOLAS, an industry leader in the design and implementation of integrated energy and resource management solutions and a distributor of energy efficiency products and technologies.

LEDOLAS will sell and market Ammpower's IAMM green ammonia units that are projected to produce four metric tonnes of green ammonia per day, exclusively through named and protected accounts in North and Central America, Australia, Chile, and Peru. To avoid any potential conflict of interest, such named and protected accounts will be submitted to and approved by Ammpower in advance.

"We are very happy to be working with LEDOLAS to expand our market presence and are looking forward to participating with them in green energy projects currently under development," stated Dr. Gary Benninger, chief executive officer of Ammpower.

Termination of investor relations agreement

Ammpower has terminated its previously announced investor relations and communications services agreement with Transcend Capital Inc. due to Transcend's perceived conflict of interest with another company operating in the green ammonia space.

Promissory note

The company also announces that it has borrowed $10,500 from Rene Bharti and issued a promissory note to Mr. Bharti. The loan bears interest at an annual rate of 8 per cent, accruing daily and payable monthly, and is repayable on Feb. 15, 2024.

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

The loan is exempt 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)(f) (loan to issuer, no equity or voting component) of MI 61-101.

Neither the company, nor, to the knowledge of the company after reasonable inquiry, a related party, has knowledge of any material information concerning the company or its securities that has not been generally disclosed. The company has at least one independent director, and all independent directors have approved the loan.

The company did not file a material change report more than 21 days before the expected closing of the loan because the details of the participation therein by a related party of the company were not settled until shortly prior to closing of the loan and the company wished to close on an expedited basis for business reasons.

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 southeastern 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.

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