FuelPositive Announces Final Approval of Intellectual Property Acquisition
TORONTO, April 21, 2021 (GLOBE NEWSWIRE) — 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.
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.
Date: Wednesday, April 21, 2021
Time: 2:00pm ET (11:00am PT)
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.
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