Alkaline Fuel Cell Power Corp. Announces Filing and Mailing of Information Circular for Special Meeting of Shareholders

TORONTO, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) ("AFCP" or the "Company"), a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to announce the SEDAR filing and physical mailing of a management information circular dated September 26, 2022 (the "Circular") and related meeting and proxy materials in connection with its upcoming special meeting of shareholders to be held on October 17, 2022 (the "Special Meeting").

At the Special Meeting, AFCP will seek shareholder approval to amend the exercise price of certain outstanding common share purchase warrants (the "Warrants") of the Company from between $0.75 and $0.33 (which is significantly above current trading prices for the common shares of the Company (the "Common Shares") to $0.20 (the "Warrant Amendments"). In accordance with the polices of the NEO Exchange (the "NEO"), those holders of Warrants who are advantaged by the proposed Warrant Amendments will be excluded from voting on the Warrant Amendments. The particulars of the Warrant Amendments are further disclosed in the Circular.

Additionally, at the Special Meeting, AFCP will seek shareholder approval to amend the exercise price of certain outstanding stock options of the Company (the "Options") from between $0.33 and $0.25 (which is significantly above current trading price for the Common Shares) to $0.15 (the "Option Amendments"). In accordance with the policies of the NEO, those holders of Options who are advantaged by the proposed Option Amendments will be excluded from voting on the Option Amendments. The particulars of the Option Amendments are further disclosed in the Circular.

"Since joining AFCP in May of this year, we have focused on the continued advancement of our hydrogen powered alkaline fuel cell technology, while also seeking to accelerate revenue generation with the acquisition of complementary business lines, including our combined heat and power ("CHP") PWWR Flow Stream business, which offers lower costs for in multi-residential or commercial applications," said Frank Carnevale, CEO of AFCP. "With the ongoing developments and continued evolution of the Company, we are grateful for the support of our shareholders and are seeking approval to reprice certain outstanding equity instruments to better align with current market conditions and afford AFCP an incremental source of future financing. We encourage all shareholders to vote on the resolution at our upcoming meeting on October 17, 2022."

The proposed Warrant Amendments and Option Amendments will not be effective until receipt of the requisite shareholder approval is acquired, and certain regulatory and NEO filings are completed.

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

AFCP 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.

AFCP operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams ("PWWR Flow"), an AFCP brand in Canada.

• Fuel Cell Power NV is focused on the development, production and commercialization of micro-combined heat and power ("micro-CHP") systems and off-grid and back-up power generators based on advanced alkaline fuel cell technology that generates zero CO2 emissions. Fuel Cell Power NV is working through milestones to deliver a commercialized alkaline fuel cell in 2024.
• PWWR Flow is focused on the development, ownership and operations of combined heat and power ("CHP") assets. PWWR Flow assets deliver efficiency improvements of over 20% with reduced costs to customers in multi-residential and commercial applications. PWWR Flow has contracted existing CHP assets in Toronto, Canada, and has an additional pipeline of potential contracts valued at over $50 million currently in development.

AFCP 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".

For further information, please contact:

Frank Carnevale
Chief Executive Officer
+1 (647) 531-8264
[email protected]

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 Warrant Amendments and timelines associated therewith, the Option Amendments and timelines associated therewith, the Special Meeting, 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.