Ms. Alia Comai reports

AMMPOWER ANNOUNCES PROMISSORY NOTE

Ammpower Corp. has borrowed $65,000 (U.S.) from Dr. Gary Benninger and issued a promissory note to Dr. Benninger. The loan bears interest at an annual rate of 8 per cent, accruing daily and compounded monthly, and is repayable on July 23, 2024. Subject to the approval of the Canadian Securities Exchange, the loan and all related interest is convertible into common shares of the company, at the election of Dr. Benninger, 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. Dr. Benninger is the company's chief executive officer, a director and a control person of the company, and, as such, Dr. Benninger abstained from the vote by the board of directors of the company 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 hydrogen feedstock for green fuel and green derivatives. 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 hydrogen feedstock and green fuel production, including the production of green fertilizers, carbon-free shipping fuel and the cracking, or moving, of green hydrogen derivatives. The company is working on the development of proprietary technologies to produce 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 hydrogen feedstock for fertilizer 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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