TORONTO, ONTARIO / ACCESSWIRE / December 30, 2022 / AmmPower Corp. (CSE:AMMP)(OTCQB:AMMPF)(FSE:601A) (this”company“either”elastic“) is pleased to announce that it has entered into a binding letter of agreement (“Agreement“) Acquired Progressus Clean Technologies, Inc. (“progress bar“), a start-up green technology company focusing on the development of new hydrogen production and separation technology (“trade“).
Progressus’ intellectual property has the potential to directly improve the efficiency of ammonia production by extracting hydrogen from dilute syngas. AmmPower expects to be able to use Progressus hydrogen extraction technology in a variety of ammonia use cases, including transportation, cracking, and for its IAMM™ fertilizer plant. The transaction marks a critical step in unlocking shareholder value by bringing together the right partners and technology.
“The Progressus intellectual property allows us to expand our technology-based clean energy agenda. We have applications for multiple uses and the Progressus technology will allow us to be more vertically integrated while reducing system costs,” said Dr. Gary Benninger, CEO and Executive Chairman of AmmPower.
Under the terms of the Letter of Agreement, the Company will acquire 50.05% of the issued and outstanding common stock of Progressus (“Progress shares“) from certain shareholders of Progressus (“supplier”) In consideration for the shares of Progressus, the Company will issue an aggregate of 50,000,000 common shares of the Company (“company shares“) to the seller at an assumed price of $0.30 per share of the company.
In connection with the Transaction, the Seller has also agreed to lend to the Company an aggregate amount of US$500,000, payable as follows: (a) US$250,000 at Closing (“initial loan“) and (b) pay $250,000 on the date 30 days after closing of the transaction (“additional loanBoth the initial loan and the additional loan carry an interest rate of 10% per annum, mature 12 months from the date of financing, and are convertible into company stock at a conversion price equivalent to the company’s stock trading price in Canadian securities on the date of conversion.
The two parties signed a letter of agreement that will take effect on December 29, 2022. The parties intend to close the transaction as soon as practicable and will use commercially reasonable efforts to pass through early January 2023, subject to the satisfactory completion of customary closing conditions.
represent the board of directors
AmmPower is a clean energy company focused on producing green ammonia. The company is headquartered in Toronto, Ontario, with research and manufacturing facilities in Southeast Michigan. The company is active in all aspects of green ammonia production, including producing green fertilizers, carbon-free shipping fuel, and “cracking” or converting green hydrogen into ammonia. The company is working on developing proprietary technologies for large-scale production of green ammonia and green hydrogen, including research on unique catalytic reactions to reduce costs and leverage carbon credits in the renewable energy sector. AmmPower currently holds multiple Letters of Intent at ports in Brazil, US and is currently finalizing its IAMM™ prototype to produce green ammonia for agriculture. The company also owns a lithium exploration property in the James Bay/Eeyou Istche region of Quebec and an option on the Titan property in the Klotz Lake region of northwestern Ontario.
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This press 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 some cases, forward-looking statements can be identified by words such as “plans,” “expects” or “does not expect,” “anticipates,” “estimates,” “forecasts,” “intends,” “expects,” “believes” or Variations of such words and phrases or statements mean that certain actions, events or results “may”, “might”, “would”, “likely”, “happen” or “achieve”. Forward-looking statements in this press release may include, but are not limited to, the entering into of a definitive share purchase agreement with respect to the transaction, issuance of company shares, obtaining initial and additional loans and closing of the transaction.
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resource: AmmPower Company
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