Alkaline Fuel Cell Power Corp. Announces AGM Results| MENAFN.COM

Saturday, 28 January 2023 07:47 GMT

Alkaline Fuel Cell Power Corp. Announces AGM Results


(MENAFN- GlobeNewsWire - Nasdaq)

TORONTO, Jan. 25, 2023 (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 results of voting at its annual general meeting (“ AGM ”) of shareholders which was held on January 25, 2023 in person in Vancouver, British Columbia and by conference call (the“ Meeting ”). There were 19 shareholders represented in person or by proxy at the Meeting holding 2,423,369 common shares, representing 1.39% of the Company's total issued and outstanding common shares as at the record date for the Meeting. The voting results for each matter presented at the Meeting is set out below:

Number of Directors

The board of directors received a written resignation from Joel Dumaresq on January 12, 2023. Therefor Management proposed to determine the number of seats on the board of directors be set at four (4) instead of five (5) as presented in the Company's information circulated dated December 21, 2022 and the resolution be amended accordingly.

The resolution to set the number of directors of the Company at four (4) was approved by the shareholders who voted in respect of the resolution present or represented by proxy at the Meeting.

Voting results are set out below:

Votes For Votes Against
# % # %
2,422,814 99.977% 555 0.023%

Election of Directors

Each of the nominees for election as director listed in the Company's management information circular dated December 21, 2022 were elected as directors of the Company for the ensuing year until their successors are elected or appointed. Voting results are set out below:

Votes For Votes Withheld
# % # %
Troy Grant 2,344,214 96.734 % 79,155 3.266 %
Maciej Lis 2,422,214 99.952 % 1,155 0.048 %
Matthew Fish 2,419,214 99.829 % 4,155 0.171 %
Richard Lu 2,420,214 99.870 % 3,155 0.130 %

Appointment of Auditors

Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants were reappointed as Auditors of the Company for the ensuing year with their remuneration to be fixed by the Board of Directors. Voting results are set out below:

Votes For Votes Withheld
# % # %
2,419,089 99.823% 4,280 0.177%

Approval of Other Matters

The resolution to transact such other business that may be brought properly before the Meeting and any adjournment or postponement of the Meeting. Voting results are set out below:

Votes For Votes Against
# % # %
2,344,689 96.753% 78,680 3.247%

Following the AGM and the resignation of Joel Dumaresq from the Company's Board of Directors, the Audit Committee will be comprised of Troy Grant (Chair) Maciej Lis and Richard Lu. In addition, the Compensation Committee will be comprised of Matthew Fish (Chair), Maciej Lis and Troy Grant.

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 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 ”.

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