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NHHH - FuelPositive News Story

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Last Trade - 23/07/21

Sector
Industrials
Size
Micro Cap
Market Cap £41.8m
Enterprise Value £38.6m
Revenue £n/a
Position in Universe 986th / 2696

FuelPositive Provides Update on Progress Towards the Completion of its Sustainable NH3 Technology Acquisition

Tue 9th March, 2021 1:00pm
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TORONTO, March 09, 2021 (GLOBE NEWSWIRE) -- FuelPositive Corporation (TSX.V:
NHHH) (OTCQB: ZNNMF) (“FuelPositive” or the “Company”) is pleased to
provide an update on its progress towards the completion of its acquisition of
the sustainable and hydrocarbon-free NH3 technology it has been pursuing. 

Ian Clifford, CEO of FuelPositive commented: “We have now completed the last
material discussion and negotiation with Dr. Ibrahim Dincer and Roger Gordon
related to the acquisition and share distribution to the parties. Throughout
this diligence process over the past six weeks, it is apparent to us that the
operational technology of interest to FuelPositive resides with Dr. Dincer and
his research team at Ontario Tech University.”

The Company adjusted its original offer to provide for Mr. Gordon’s legacy
work, and to reflect Dr. Dincer and his team’s current essential leadership
role on the operational and patent-pending sustainable NH3 technology. This
offer was accepted by Dr. Dincer only. As a result, FuelPositive has
restructured the transaction to focus the acquisition on the current and
future sustainable NH3 intellectual property developed by Dr. Dincer. In
consideration for the acquisition, the Company expects to issue 50,000,000
common shares to Dr. Dincer and his team.

Dr. Dincer commented: “As our negotiations reach a positive conclusion, we
look forward to a dynamic and successful partnership with FuelPositive on
commercializing our ground-breaking technology and marketing it around the
world. My team and I are excited to continue to build upon the intellectual
property, and proprietary systems and techniques we have been developing over
the past several years.” Dr. Dincer continued: “From my position in
academia, I have the privilege of seeing the cutting edge in NH3 development
globally, and the system we have developed is set to lead the way in the
commercialization of emissions-free ammonia production.”

FuelPositive is at arms-length from Dr. Dincer and his team, which should
allow for a quick and smooth process to complete final steps. Completion of
the acquisition remains subject to the execution of definitive documentation,
and the approval of the TSX Venture Exchange. The Company does not anticipate
that the acquisition will result in the creation of a new insider or a change
of control of the Company, within the meaning of applicable securities laws.

The Company will provide further information on the transaction as
documentation is finalized.

About FuelPositive

FuelPositive is committed to providing commercially viable and sustainable
energy solutions across a broad spectrum of industries and applications.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

All statements, other than statements of historical fact, contained in this
press release including, but not limited to (i) generally, or the “About
FuelPositive” paragraph which essentially describes the Corporation’s
outlook and objectives, constitute “forward-looking information” or
“forward-looking statements” within the meaning of certain securities
laws, and are based on expectations, estimates and projections as of the time
of this press release. Forward looking statements are necessarily based upon a
number of estimates and assumptions that, while considered reasonable by the
Corporation as of the time of such statements, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. These estimates and assumptions may prove to be incorrect.

Many of these uncertainties and contingencies can directly or indirectly
affect, and could cause, actual results to differ materially from those
expressed or implied in any forward-looking statements. There can be no
assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in
such statements. Forward-looking statements are provided for the purpose of
providing information about management’s expectations and plans relating to
the future. The Corporation disclaims any intention or obligation to update or
revise any forward-looking statements or to explain any material difference
between subsequent actual events and such forward-looking statements, except
to the extent required by applicable law.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Ian Clifford
Chief Executive Officer
mailbox1@fuelpositive.com

Investor Relations (United States)
RBMG – RB Milestone Group LLC
Trevor Brucato, Managing Director
fuelpositive@rbmilestone.com
www.rbmilestone.com


(https://www.globenewswire.com/NewsRoom/AttachmentNg/8a4697b7-3054-4f52-9004-bd0eff33aef1)



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