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