/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED
STATES/
EDMONTON, AB, March 5, 2021 /CNW/ - Wolverine Energy and
Infrastructure Inc. ("Wolverine") (TSXV: WEII), and its
wholly owned subsidiary Green Impact Partners
Inc. ("GIP"), are pleased to announce the completion of
the initial Hydrogen Front End Engineering Design "FEED" study (the
"Study") conducted on Wolverine's current operating asset
location in Alberta (the
"Alberta Project"). The Alberta Project forms part of the
clean energy and renewable natural gas ("RNG") assets
proposed for sale in connection with Wolverine's previously
announced reverse takeover transaction involving Blackheath
Resources Inc. (the "Transaction"). Upon completion of
the Transaction, GIP can proceed to the next stage of hydrogen
development on the Alberta Project. Phase one of the hydrogen
development of the Alberta Project is intended to result in twenty
four tons of production of green, electrolysis-based hydrogen with
the facility using only clean, renewable energy for
operations. The dual purpose of the facility is expected to
lower operating costs of the Alberta Project significantly,
creating a profitable full cycle of production. Future
development phases of the Alberta Project are expected to allow for
substantial growth as demand and usage increases. It is
anticipated that the process of hydrogen production utilized by the
Alberta Project will also result in saleable industrial oxygen.
The Study was completed earlier then expected, with stronger
financial and environmental results than originally anticipated,
adding another important development opportunity to those
previously available to GIP following the Transaction. GIP
intends to continue development of its RNG assets following
completion of the Transaction. Management believes that RNG
and hydrogen will be the leading complimentary fuels to a low
carbon future, and a key to the achievement of Net Zero Earth
Impact.
Nikolaus Kiefer, Chief Financial
Officer commented that, "From previous studies, we did not
anticipate the profitable rationalization potential to occur this
quickly. Our experienced development team continues to show their
diligence and creativity in meeting the Net Zero Earth Impact goals
while achieving our minimum financial targets."
About Green Impact Partners
As noted in the joint February 16,
2021 press release (the "Prior Release") of Wolverine
and Blackheath Resources Inc. ("Blackheath"), GIP will be
the resulting issuer from the Transaction and will operate as
an ESG and renewables company incorporated under the laws of
British Columbia, the shares of
which will be listed on the TSX Venture Exchange. Following
completion of the Transaction, GIP will operate with a focus on
renewable energy through by-products, waste water and carbon
reduction.
Reference is made to the Prior Release for details regarding GIP
and the Transaction.
About Wolverine
Wolverine is an industry-leading, diversified energy and
infrastructure service provider in western Canada and the
United States, providing a wide range of services including:
water management, production testing, oilfield/energy rentals, and
environmental services. Wolverine's original business roots and
operations began in 1952. Over the course of its history,
Wolverine has a strategy combining organic growth and strategic
acquisitions. Today, Wolverine is strongly positioned to
consolidate a highly-fragmented energy services and midstream
market in western Canada, and is
diligently focused on return on capital deployed, market
diversification, and maintaining best-in-class services throughout
the full life cycle of its diverse clients' projects.
Cautionary Statements
This news release contains forward-looking statements and/or
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable securities
laws. When used in this release, such words as "would",
"will", "anticipates", believes", "explores" and similar
expressions, as they relate to Blackheath, Wolverine, GIP or their
management, are intended to identify such forward-looking
statements. Such forward-looking statements reflect the
current views of Wolverine with respect to future events, and are
subject to certain risks, uncertainties and assumptions. Many
factors could cause Wolverine's or GIP's actual results,
performance or achievements to be materially different from any
expected future results, performance or achievement that may be
expressed or implied by such forward-looking statements. In
particular, this news release contains or implies forward-looking
statements pertaining to: the completion of the Transaction; the
future business and prospects of GIP and Wolverine; the future
development plans, focus and opportunities available to GIP; and
the ability of the Alberta Project to produce hydrogen and
industrial oxygen in a commercially viable manner, or at all. These
forward-looking statements are subject to numerous risks and
uncertainties, including but not limited to: the impact of general
economic conditions in Canada and
the United States, including the
ongoing COVID-19 pandemic; industry conditions including changes in
laws and regulations including adoption of new environmental laws
and regulations, and changes in how they are interpreted and
enforced, in Canada and
the United States; competition;
lack of availability of qualified personnel and infrastructure;
obtaining required approvals of regulatory authorities, in
Canada and the United States; ability to complete the
concurrent financing described in the Prior Release and access
sufficient capital from internal and external sources; satisfaction
of the conditions to the Transaction; and other factors, many of
which are beyond the control of Blackheath, Wolverine and GIP.
These forward-looking statements reflect material factors,
expectations and assumptions. Forward-looking statements
included in this news release should not be read as guarantees of
future performance or results. Such statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially
different from those implied by such forward-looking statements.
Although the forward-looking statements contained in this document
are based upon assumptions which management of Wolverine and GIP
believe to be reasonable, Wolverine and GIP cannot assure investors
that actual results will be consistent with these forward-looking
statements.
Readers are encouraged to review and carefully consider the
risk factors pertaining to Wolverine's business described in
Wolverine's latest annual Management's Discussion and Analysis,
which is accessible on Wolverine's SEDAR issuer profile at
www.sedar.com. The forward-looking statements contained in this
release are made as of the date of this release, and except as may
be expressly be required by law, Wolverine and GIP disclaim any
intent, obligation or undertaking to publicly release any updates
or revisions to any forward-looking statements contained herein
whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities
laws.
Management of Blackheath and GIP have included the above
summary of assumptions and risks related to forward-looking
statements provided in this release in order to provide
shareholders with a more complete perspective on Wolverine's and
GIP's current and future operations and such information may not be
appropriate for other purposes. Wolverine and GIP's actual results,
performance or achievement could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what benefits Wolverine and GIP will
derive therefrom.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy the securities in any
jurisdiction. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold in the United States except in certain
transactions exempt from the registration requirements of the U.S.
Securities Act and applicable state securities laws.
Completion of the Transaction is subject to a number of
conditions, including but not limited to, TSX Venture Exchange
acceptance, Wolverine shareholder approval and written approval of
the holders of a majority of Blackheath's shares. Where applicable,
the Transaction cannot close until the required shareholder
approval is obtained. There can be no assurance that the
Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the Transaction, any information released or
received with respect to the Transaction may not be accurate or
complete and should not be relied upon. Trading in the securities
of Blackheath and Wolverine should be considered highly
speculative.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed Transaction and has neither approved nor
disapproved the contents of this news release.
SOURCE Wolverine Energy and Infrastructure Inc.