Alkaline Fuel Cell Power Provides Update on Status of MCTO

TORONTO, May 01, 2023 (GLOBE NEWSWIRE) -- Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) ("PWWR" or the "Company"), is providing this update on the status of a management cease trade order granted on April 3, 2023 (the "MCTO") by the British Columbia Securities Commission under National Policy 12-203 ? Management Cease Trade Order ("NP 12-203"). On April 3, 2023, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management's discussion and analysis for the fiscal year ended December 31, 2022 (the "Annual Filings") beyond the period prescribed under applicable Canadian securities laws (the "Default Announcement").

The Company reports that the audit is progressing and will provide a further update on the timing of its Annual Filings on or about May 15, 2023. The Company is also progressing on completion of its interim financial statements and accompanying management's discussion and analysis for the first quarter ended March 30, 2023, and will provide a further update on or about May 15, 2023. Further updates on timing will be provided by the Company as necessary.

During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's Chief Executive Office and Chief Financial Officer will not be able to trade in the Company's common shares.

Other than as disclosed in this news release, there are no material changes to the information contained in the Default Announcement. The Company confirms that it intends to satisfy the provisions of NP 12-203 and will continue to issue bi-weekly default status reports for so long as it remains in default of the Annual Filings requirement.

On behalf of the Board of Directors of the Company,

Alkaline Fuel Cell Power Corp.

"Frank Carnevale"

Frank Carnevale, CEO
+1 (647) 531-8264
[email protected]

ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR)

PWWR is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. We bring ?Power to the People' today, combining a stable revenue stream with a future-forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.

PWWR is well positioned to deliver ?Power to the People' in the global energy transition while offering a diversified cleantech growth platform for investors.

Further information is available on the Company website at https://www.fuelcellpower.com, and the Company encourages investors and other interested stakeholders to follow it on:

LinkedIn, Twitter, Facebook, Instagram and YouTube. Common shares are listed for trading on the NEO under the symbol "PWWR", the OTC Venture Exchange "OTCQB" under the symbol "ALKFF" and on the Frankfurt Exchange under symbol "77R" and "WKN A3CTYF".

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "achieve". Forward-looking statements in this news release may include, but are not limited to, the MCTO and statements with respect to the Company's technology, intellectual property, business plan, objectives and strategy.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward- looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.