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NHHH - FuelPositive News Story

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Last Trade - 23/07/21

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

FuelPositive Signs Definitive Carbon Free NH3 Intellectual Property Acquisition Deal with Dr. Ibrahim Dincer and his Team

Mon 29th March, 2021 3:01pm
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TORONTO, March 29, 2021 (GLOBE NEWSWIRE) -- Following the initial announcement
on March 9, 2021, FuelPositive Corporation (“FuelPositive” or the
“Company”) (TSX.V: NHHH) (OTCQB: ZNNMF) is pleased to announce that it has
entered into an intellectual property purchase agreement, dated March 26,
2021, with Dr. Ibrahim Dincer and his team for a first-of-its-kind technology
to produce ammonia (NH(3)) – a green fuel – in a zero-emission manner, by
utilizing only water, air and electricity. In the near future, FuelPositive
will be announcing the details of the commercial scale prototype build of
its next-generation carbon-free NH(3) systems.

“The addition of this technology into our intellectual property portfolio
will expand our sustainable energy mandate and mission,” said Ian Clifford,
CEO of FuelPositive. “This technology has the potential to significantly
decrease carbon emissions and make Canada and our company a leader in CO(2)
reduction. As work continues on our foundational Composition Modified Barium
Titanate (CMBT) technology with a group associated with NASA, we will be
building on the Dincer team’s carbon-free NH(3) intellectual property for
the development of commercial-scale solutions.”

The use of NH(3) as a fuel can be used across many applications; however,
current methods for producing ammonia cause significant amounts of pollution.
This breakthrough, requiring only water, air and electricity to produce NH(3),
demonstrates its value as a cost-effective fuel source for combustion engines
and even fuel cells, as well as a source of nitrogen, which accounts for 80
percent of the world’s demand for ammonia.

“My team and I are delighted about entering into this agreement with
FuelPositive,” said Dr. Ibrahim Dincer. “The timing is ideal for the
commercial development of our carbon-free NH(3) system and associated
technologies and the FuelPositive team and their consultants are well
positioned to bring our commercial solutions to market. The coming months and
years are going to be exciting for all of us and we look forward to making a
consequential positive change in reducing global CO(2) emissions.”

In consideration for the acquisition of all rights to the technology, the
Company has agreed to issue 50,000,000 common shares to Dr. Dincer and his
team, of which 35,000,000 will be issuable upon completion of the acquisition
and the balance will be issued after twelve months. All common shares issuable
in connection with the acquisition will be subject to a four-month-and-one-day
statutory hold period from the date of issuance.

The Company is at arm's-length from Dr. Dincer and his team. Completion of the
acquisition remains subject to the approval of the TSX Venture Exchange and
cannot be completed until such approval is received. In connection with
completion of the acquisition, the Company does not expect to assume any
material liabilities other than in connection with issuance of common shares
to Dr. Dincer and his team. The acquisition will not result in the creation of
a new insider or a change of control of the Company within the meaning of
applicable securities laws, nor will it constitute a fundamental acquisition
for the Company within the policies of the TSX Venture Exchange.

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 Company’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
Company 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 Company 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 Media or Investor enquiries, please contact:

Mr. Ian Clifford
Chief Executive Officer

Investor Relations (United States)
RBMG – RB Milestone Group LLC
Trevor Brucato, Managing Director


GlobeNewswire, Inc. 2021
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