FuelPositive Signs Definitive Carbon Free NH3 Intellectual Property Acquisition Deal with Dr. Ibrahim Dincer and his Team
March 29 2021 - 10:01AM
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
(NH3) – 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 NH3 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 CO2 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 NH3 intellectual property for the
development of commercial-scale solutions.”
The use of NH3 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 NH3, 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 NH3 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 CO2 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 FuelPositiveFuelPositive 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 CliffordChief Executive
Officerinvestors@fuelpositive.com
Investor Relations (United States)RBMG – RB Milestone Group
LLCTrevor Brucato, Managing
Directorfuelpositive@rbmilestone.comwww.rbmilestone.com
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