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Alkaline Fuel Announces Appointment of Chief Executive

VANCOUVER, British Columbia, May 05, 2022 (GLOBE NEWSWIRE) — Alkaline Fuel Cell Power Corp. (NEO: PWWR) (Frankfurt: 77R, WKN: A3CTYF) (“AFCP” or the “Company”), an organization engaged within the improvement and manufacturing of alkaline gas cell warmth and energy programs for residential, industrial and business markets worldwide, is happy to announce that Mr. Frank Carnevale has been appointed to place of Chief Executive Officer, to take workplace on May 10th, 2022. Building on the hydrogen gas cell energy expertise and lately acquired pipeline of cogeneration property, Mr. Carnevale will give attention to growing and executing the strategic roadmap to accumulate/develop extra web zero emission vitality property, strategic progress alternatives and investor consciousness.

“AFCP is on the front lines of developing the net zero carbon economy for customers, globally. I am thrilled to continue my work to driving this energy transformation with such an integrated platform in Alkaline Fuel Cell Power Corp, and leverage my government and industry networks across North America and Europe.” acknowledged Frank Carnevale, Chief Executive Officer. “We are linking AFCP hydrogen fuel cell technology with the development of alternate asset class energy projects, in the transition to delivering lower cost net zero emission energy. It’s a win for consumers and a win for investors.”

On behalf of administration and the board of administrators I wish to lengthen our gratitude to Matthew Fish who took on the place of Interim, CEO. Mr. Fish will stay as a director of the Company, remarks Joel Dumaresq, Chief Financial Officer.

Brief Biography

Mr. Carnevale lately served as Chief Growth Officer and Chief Operating Officer of a TSXV-listed firm delivering PropTech and cleantech to institutional, business, industrial and multi-residential prospects by way of design construct thermal vitality programs, HVAC and Building Controls in Canada.

Mr. Carnevale had beforehand served as Founder and Chief Executive Officer of a boutique consulting, advisory and improvement agency the place he originated over $2.5 billion in vitality and infrastructure transactions, together with the event of a giant wind farm, distributed vitality and retrofit contracts, and mergers and acquisitions of a number of electrical utilities.

Mr. Carnevale beforehand served on the Executive Board of the Energy Council of Canada amongst a number of business organizations.

Corporate Update

The Company publicizes that it has granted 2,000,000 inventory choices to Mr. Carnevale and 600,000 inventory choices to a marketing consultant (every a “Stock Option“). Each Stock Option is exercisable for a interval of 5 (5) years at an train worth of $0.12 per widespread share of the Company. The Stock Options vest on the 6th, 12th, 18th and 24th month from the grant date in 25% tranches.

In reference to the departure of Mr. Jef Spaepen, as beforehand introduced on March 4, 2022, the Company has exercised its proper to repurchase all the 18,000,000 widespread shares within the capital of Company beforehand issued to Mr. Spaepen for the repurchase worth of $100, pursuant to the founders’ restricted rights settlement on December 31, 2020, which was additional amended and restated on July 2, 2021. Subject to Neo Exchange filings and approval, the repurchased shares can be cancelled.

ABOUT ALKALINE FUEL CELL POWER CORP.

The Company is concentrated on the event, manufacturing and commercialization of micro-combined warmth and energy (“micro-CHP”) programs based mostly on alkaline gas cell expertise. A gas cell is a clear electrical energy conversion/era system, akin to small energy stations that present electrical energy and an equal quantity of warmth for varied functions. Based on hydrogen powered alkaline gas cell expertise, our expertise presents an vitality supply that generates zero CO2 emissions with pure water as the one by-product, making it ideally fitted to residential and small- to medium-sized energy markets. We consider Fuel Cell Power is nicely positioned to turn into a optimistic contributor to the worldwide demand for clear vitality, notably in Europe the place demand outpaces provide, and present expertise stays insufficient to fulfill market wants. Further data is offered on our web site at https://www.fuelcellpower.com/

 and we encourage traders and different stakeholders to comply with us on LinkedInTwitterFacebookInstagram and YouTube. Our widespread shares are listed for buying and selling on the NEO Exchange (“NEO”) beneath the image “PWWR” and on the Frankfurt Exchange beneath image 77R and WKN A3CTYF.

For additional data, please contact:

Frank Carnevale
Chief Executive Officer
+1 (647) 531-8264
fcarnevale@fuelcellpower.com

Forward-Looking Information

This information launch incorporates ahead‐wanting statements and ahead‐wanting data throughout the which means of relevant securities legal guidelines. These statements relate to future occasions or future efficiency. All statements apart from statements of historic truth could also be ahead‐wanting statements or data. In sure instances, forward-looking statements will be recognized by means of phrases corresponding to “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “may”, “could”, “would”, “might”, “occur” or “achieve”. Forward-looking statements could embrace, however will not be restricted to, statements with respect to the Company’s expertise, mental property, marketing strategy, targets and technique.

Forward-looking statements and data are offered for the aim of offering details about the present expectations and plans of administration of the Company regarding the longer term. Readers are cautioned that reliance on such statements and data might not be acceptable for different functions, corresponding to making funding choices. Since ahead‐wanting statements and data handle future occasions and situations, by their very nature they contain inherent dangers and uncertainties. Actual outcomes may differ materially from these at present anticipated resulting from quite a few components and dangers. Accordingly, readers mustn’t place undue reliance on the ahead‐wanting statements and data contained on this information launch. Readers are cautioned that the foregoing checklist of things just isn’t exhaustive. The ahead‐wanting statements and data contained on this information launch are made as of the date hereof and no enterprise is given to replace publicly or revise any ahead‐wanting statements or data, whether or not because of new data, future occasions or in any other case, except so required by relevant securities legal guidelines. The forward-looking statements or data contained on this information launch are expressly certified by this cautionary assertion.

NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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