FuelPositive Corporation (“
FuelPositive” or the
“
Company”) (TSX.V: NHHH) (OTCMKTS: ZNNMF) is
pleased to announce that the TSX Venture Exchange has approved the
intellectual property purchase agreement between the Company and
Dr. Ibrahim Dincer and his team, initially announced on both March
9 and March 29, 2021.
This milestone acquisition of a first-of-its-kind technology to
produce ammonia (NH3) – a carbon-free fuel – in a zero-emission
manner, by utilizing only water, air and electricity, positions
FuelPositive to take a leadership position in the continued design
and creation of the Hydrogen Economy.
“Until now, the production of ammonia has been one of the most
carbon intense manufacturing processes on the planet, and given the
amount of ammonia that is used on an annual basis in a variety of
applications, ammonia is a serious negative contributor to
greenhouse gases and global warming,” said Ian Clifford, CEO of
FuelPositive. “This development in sustainable ammonia, and the
creation of carbon-free NH3 that is far more efficient than current
manufacturing systems, could pave the way for the broad acceptance
of ammonia as a fossil fuel replacement.”
In addition to the core FuelPositive team, with decades of
experience in the marketing and engineering of technology-based
solutions, the Company welcomes Dr. Dincer, a preeminent scientist
in the NH3 and Hydrogen space, and a core group of top scientists,
as Strategic Advisors to FuelPositive. This exclusive relationship
will ensure that the Company is continually focused on the most
relevant, timely and current thinking in state-of-the-art ammonia
and hydrogen-related technologies.
“The completion of the agreement for our intellectual property
marks a very exciting day for the future of carbon-free fuels and
the Hydrogen Economy,” said Dr. Ibrahim Dincer. “My team and I look
forward to continuing to collaborate and provide scientific
guidance to the FuelPositive team as they commercialize the
carbon-free NH3 system and associated technologies. The future is
bright for the consequential positive change in reducing global CO2
emissions.”
Highlights of the expertise of the team include hydrogen and
ammonia specialists; engineers and technical experts in the fields
of clean energy, carbon capture, chemical fertilizers and
integrated energy systems; renewable resource specialists with
expertise across multiple clean energy technologies including
solar, wind, geothermal, biomass, ocean thermal and hydropower.
The Company anticipates a vast number of applications that this
clean NH3 technology can replace directly, with minimal to no
adaptation, including in agriculture, transportation and
grid-storage. In the immediate term, FuelPositive is targeting the
technology to be used within the well established and NH3- familiar
agriculture industry, entering the market with a clean and
sustainable solution that will reduce CO2 emissions profoundly, and
virtually overnight.
The FuelPositive system, in its current state of development,
utilizes approximately 30 percent less energy than any existing
ammonia production technology currently on the market (plus
significant Carbon Credit value), resulting in what will be a
significant savings on the energy required to produce a litre of
liquid ammonia. In addition, the system can be utilized as grid
storage wherever renewables are situated.
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 were issued
upon completion of the acquisition and the balance will be issued
after 12 months. All common shares issuable in connection with the
acquisition are subject to a four-month-and-one-day statutory hold
period from the date of issuance.
WEBINAR INFORMATION
FuelPositive CEO, Ian Clifford, will be hosting a live
Corporate Overview Webinar today, April 21, 2021, at 2:00pm ET.
During the live presentation, Ian will present the Company’s
April investor presentation, provide an update on the Company’s
current operations, its upcoming milestones, and share insight on
the completed acquisition deal with Dr.
Ibrahim Dincer and his team.
Webinar Registration:
Date: Wednesday, April 21, 2021Time: 2:00pm ET
(11:00am
PT)Register: https://7514767.hs-sites.com/www.rbmilestone.com/fuelpositive_april21webinar
Management will be available to answer questions following the
presentation on the webinar platform. To ask a question, you will
need to be logged into the GoToWebinar platform or by
emailing your question(s) beforehand
to FuelPositive@rbmilestone.com.
The Webinar will be recorded and posted to the Company’s website
following the presentation.
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 CliffordChief Executive
Officermailbox1@fuelpositive.com
Investor Relations (United States)RBMG – RB Milestone Group
LLCTrevor Brucato, Managing
Directorfuelpositive@rbmilestone.comwww.rbmilestone.com
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