BioQuest Corp. Announces Execution of a Letter of Intent to Acquire Progressus Clean Technologies, a 49% Subsidiary of PowerTap Hydrogen
VANCOUVER, British Columbia and IRVINE, Calif., June 23, 2022 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp (NEO: MOVE) (FWB: 2K6B) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) is pleased to announce that BioQuest Corp. (“BioQuest”) (OTC:BQST) and Progressus Clean Technologies Inc. (“Progressus”) have executed a letter of intent (“LOI”) whereby BioQuest shall acquire all of the issued and outstanding shares of Progressus, a private company incorporated in Delaware. PowerTap is a 49% owner of Progressus.
Progressus is a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies. Progressus owns the exclusive rights and intellectual property pertaining to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas. www.progressuscleantech.com
The LOI sets forth certain understandings between BioQuest, a Nevada corporation and Progressus, a Delaware corporation, with respect to a proposed acquisition transaction or other reorganization transaction between the parties ("Transaction"). BioQuest and Progressus presently intend that, subject to the negotiation, execution and delivery of a definitive agreement, satisfactory in all respects to both parties, and to the approval of the Transaction by all corporate actions required by the respective parties, BioQuest will acquire all of the issued and outstanding shares of Progressus and in exchange, the Progressus shareholders shall receive shares of BioQuest. The parties will structure the Transaction in a manner such that each of the parties can comply with applicable legal, regulatory, tax and accounting requirements. The parties will provide additional details of the transaction following the execution of definitive agreements.
Highlights of Progressus and its technologies:
- Progressus Clean Technologies’ proprietary technology offers highly selective H2 separation using advanced electrochemical membranes and nano-materials
- Progressus Clean Technologies innovation provides superior performance at a lower cost with significantly reduced emissions
- Scalable, modular design enables Progressus Clean Technologies technology to meet the production needs of a diverse set of clients and industries
About BioQuest Corp.
BioQuest Corp. sells primarily into the retail business-to-business market and internet-based business to consumer, BioQuest is Headquartered in Newport Beach, CA. Additional information on BQST is available at www.bioquestcorp.com
About Progressus Clean Technologies Inc.
Progressus Clean Technologies is a venture stage green company focused on the development of novel hydrogen generation and separation technologies. With science that bridges the gap between emerging new technologies that are decades away from large scale commercialization, Progressus is able to leverage existing infrastructure and technologies to power the world of tomorrow. Uniquely differentiated, Progressus owns the intellectual property for a proprietary technology that enables lower cost hydrogen production without the risks and emissions common amongst conventional electrolyzer technologies.
Green power and green hydrogen is often wasted and/or curtailed because it is produced at off-peak periods, too dilute, or in such small quantities that it can’t be extracted and used in a meaningful way. As such, it is often burnt or deemed a contaminant. Governments, natural gas utilities, large industrials and the public are all calling for technological innovation and Progressus has a solution. Progressus has partnered with industry leading experts that have allowed accelerated technology development that is capable of addressing these problems.
Progressus, which is the Latin word for advancement, is suiting because we have the ability to transform the way the world thinks about green energy. For homes, businesses, and industry alike, Progressus technology can assist with meeting the green energy demands of the future.
ABOUT POWERTAP HYDROGEN CAPITAL CORP.
PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), is focused on installing hydrogen production and dispensing fueling 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 refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure. There are currently under 100 operational publicly available hydrogen stations in the United States with most of the existing stations purchasing industrial hydrogen from industrial manufacturers and shipping hydrogen to individual stations via tanker trucks.
PowerTap Hydrogen common shares are listed on the NEO Exchange. Please visit the company's profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market- depth.
Tyler Troup, Circadian
+1 (604) 687-2038
NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations, and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of PowerTap and Progressus. Some assumptions include, without limitation, the closing of the Transaction, statements regarding Progressus; the Progressus technology; the global addressable market for hydrogen; the effectiveness and timelines to deploy the Progressus home power unit; reduction of risk for industrial applications of the Progressus technology; the renewable energies sector and the Company’s future plans. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur or be achieved. This press release contains forward-looking statements pertaining to, among other things, the timing and ability of the Company to complete any potential investments or acquisitions, if at all, and the timing thereof. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking information contained in this press release.
Although the Company believes that the material factors, expectations, and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
Released June 23, 2022