PowerTap Provides Corporate Update
VANCOUVER, British Columbia and ALISO VIEJO, Calif., Feb. 08, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (FWB: 2K6) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) provides an update on the activities of PowerTap and its subsidiary, PowerTap Hydrogen Fueling Corp.
PowerTap is pleased to announce the appointment of Mr. Margarito Rodriguez as Chief Financial Officer and the appointments of Mr. Byron Berry and Mr. John Zorbas to the PowerTap Board of Directors effective immediately.
Margarito Rodriguez is a California CPA with over 13 years of professional experience in public accounting and most recently as a corporate finance officer in the consumer goods industry. Margarito was recently CFO of PowerTap subsidiary PowerTap Hydrogen Fueling Corp. Margarito specializes in financial reporting and general advisory and has experience across several sectors, including energy, transportation / logistics, and consumer goods.
Byron Berry has over 25 years of experience advising, operating, and financing technology companies. He was Canada's top-ranked Software Technology Analyst, a leading investment banker with broad experience in the capital markets from seed-stage financings to multi-billion M&A transactions and financings. Mr. Berry has been on the boards of private technology companies, an investment bank, and several not-for-profit organizations. In 1999 he co-founded and financed Thinksmith Corp., a cloud enabled collaborative workspace where he was president for three years. Mr. Berry started his career in government as a desk officer and economist at the Canadian Department of Finance. He holds a BA (UBC), MA (Carleton) and is a Chartered Financial Analyst (CFA).
John Zorbas is the CEO of Captor Capital and an entrepreneur with a proven track record in the metals exploration and development industry and the investment banking. He has held senior advisory positions in various facets of business including operations, marketing, sales, strategic planning and structured finance.
Mr. Zorbas also serves as URU Metals Ltd. (Captor Capital investment) Chief Executive Officer since 2 June 2014. He also served as the Chief Executive Officer and a Director of Monchhichi PLC (former: Mercom Capital PLC) until 2016. He is a founding shareholder of Asian Coast Development Ltd. Mr. Zorbas holds an Honors Bachelors in Economics from the University of Toronto.
The Company also announces that Mr. Theo Van Der Linde and Mr. Brendan Purdy have resigned from the PowerTap Board of Directors and Mr. Joel Dumaresq has resigned as CFO. The Company thanks Mr. Van Der Linde, Mr. Purdy and Mr. Dumaresq for their valued contributions to the Company.
The company is also pleased to announce that Mr. Salim Rahemtulla, President of the USA subsidiary, PowerTap Hydrogen Fueling Corp. (“USA subsidiary”), has been appointed CEO of the USA subsidiary. Mr. Raghu Kilambi continues to be CEO of the parent company, PowerTap Hydrogen Capital Corp, and CFO of the USA subsidiary. Mr. Rahemtulla has also been appointed to the important industry role as Chairman of the On-Road Mobility Initiatives Committee and reappointed to the California Hydrogen Business Council (“CHBC”) Board of Directors as a Director at Large.
“We are delighted to be welcoming the depth of experience Byron and John bring to the PowerTap Board and look forward to working with them as we bring our innovative technology to the market. Margarito’s previous contributions to the USA subsidiary and qualifications prepare him well for the CFO role. Salim’s leadership in the USA subsidiary and in the CHBC make him a logical choice to be CEO of the USA subsidiary,” said PowerTap CEO Raghu Kilambi.
The Company also announces that pursuant to its shareholder approved restricted share unit plan (the “RSU Plan“), it has granted an aggregate of 22,750,000 restricted share units (“RSUs”) to directors, executives and consultants of PowerTap and the USA subsidary (the “Eligible Parties”). The RSUs shall entitle the Eligible Parties the ability to acquire one common share (a “Share”) of the Company underlying each such RSU by delivering a notice of acquisition to the Company in accordance with the RSU Plan for a period of 5 years from issuance. In accordance with the RSU Plan, the RSUs were priced at $0.11 based on the closing of the trading price on February 7, 2023. The 14,250,000 of the RSUs vest quarterly over a period ranging from 12 to 24 months. The remaining 8,500,000 RSUs vest upon achieving certain business objectives agreed to between the Company and each Eligible Party.
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: https://www.neo.inc/en/live/security-activity/MOVE#!/news
Tyler Troup, Circadian Group IR
Raghu Kilambi firstname.lastname@example.org
+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.
Notice Regarding Forward Looking Information:
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. Some assumptions include, without limitation, the development of hydrogen powered vehicles by vehicle makers, the adoption of hydrogen powered vehicles by the market, legislation and regulations favoring the use of hydrogen as an alternative energy source, the qualification for carbon credits (including the availability of credits, benefits, emission reductions, offsets and allowances, howsoever entitled, attributable to the production, combustion or other use of biogas), the availability of sufficient RNG feedstock the Company’s ability to build out its planned hydrogen fueling station network, and the Company’s ability to raise sufficient funds to fund its business plan. 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 February 8, 2023