Mr. Frank Carnevale reports
CLEANTECH POWER CORP. PROVIDES UPDATE ON FAILURE TO FILE CEASE TRADE ORDER
Further to the press release dated May 15, 2023, the B.C. Securities Commission has issued a failure-to-file cease trade order against Cleantech Power Corp. (formerly, Alkaline Fuel Cell Power Corp.), which orders that general trading, whether direct or indirect, by any person, of the securities of the company cease, which includes trading of the shares of the company on the NEO Exchange. The company is diligently working with its auditor to conclude the filings at the earliest possible time.
The delay in completing and filing the company's financial statements stems from certain accounting information that was required from Fuel Cell Power NV and the company's need to engage additional accounting advisers to complete the requisite information and provide same to the company's auditor. This process has taken longer than originally anticipated by the company.
The company announced by press release dated April 4, 2023, that it had submitted an application to the BCSC for a management cease trade order pursuant to NP 12-203. The application for the MCTO was made in connection with the delay in filing the company's audited annual financial statements for the year ended Dec. 31, 2022, the related management's discussion and analysis, and chief executive officer and chief financial officer certifications, which were required to be filed on or before March 31, 2023.
The MCTO was issued by the BCSC on April 3, 2023, extending the deadline for filing the annual filings to May 30, 2023. The MCTO prevented the company's chief executive officer and chief financial officer from trading in the company's securities but did not affect the ability of other shareholders, including the public, to trade in securities of the company.
The company also announces that the filing of its unaudited interim financial statements, related management's discussion and analysis, and CEO and CFO certifications for the three months ended March 31, 2023, together with the annual filings, will be delayed beyond the extended filing deadline of May 30, 2023, as a result of the delay in completing the annual filings.
The FTFCTO will remain in effect until the receipt by the BCSC of all filings the company is required to make under B.C. securities law, including the required documents.
The company confirms that since the date of the delayed filing announcement, other than as described above: (i) there has been no material change to the information set out in the delayed filing announcement that has not been generally disclosed; (ii) there has been no failure by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the company under NP 12-203; and (iv) there is no other material information concerning the affairs of the company that has not been generally disclosed.
The company confirms that its business has not changed, there are no changes to its current business plans and it does not expect any interruption of the operations of the company during the FTFCTO.
The revocation of the FTFCTO is expected to occur within a few days after the required documents are filed.
About Cleantech Power Corp.
Cleantech is a diversified investment platform, developing affordable, renewable and reliable power and cleantech. It brings power to the people today, combining a stable revenue stream with a future-forward vision to commercialize its advanced hydrogen fuel cell technology to meet the massive global market need and ultimately generate compelling returns for investors.
Cleantech is well positioned to deliver power to the people in the global energy transition while offering a diversified cleantech growth platform for investors.
Common shares are listed for trading on the NEO Exchange under the symbol PWWR, on the OTC Venture Exchange, OTCQB, under the symbol PWWRF, and on the Frankfurt Stock Exchange under symbols E43 and WKN A3EEHV.
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