FuelPositive Signs Definitive Carbon Free NH3 Intellectual Property Acquisition Deal with Dr. Ibrahim Dincer and his Team
TORONTO, March 29, 2021 (GLOBE NEWSWIRE) -- Following the initial announcement on March 9, 2021, FuelPositive Corporation (“FuelPositive” or the “Company”) (TSX.V: NHHH) (OTCQB: ZNNMF) is pleased to announce that it has entered into an intellectual property purchase agreement, dated March 26, 2021, with Dr. Ibrahim Dincer and his team for a first-of-its-kind technology to produce ammonia (NH3) – a green fuel – in a zero-emission manner, by utilizing only water, air and electricity. In the near future, FuelPositive will be announcing the details of the commercial scale prototype build of its next-generation carbon-free NH3systems.
“The addition of this technology into our intellectual property portfolio will expand our sustainable energy mandate and mission,” said Ian Clifford, CEO of FuelPositive. “This technology has the potential to significantly decrease carbon emissions and make Canada and our company a leader in CO2 reduction. As work continues on our foundational Composition Modified Barium Titanate (CMBT) technology with a group associated with NASA, we will be building on the Dincer team’s carbon-free NH3 intellectual property for the development of commercial-scale solutions.”
The use of NH3 as a fuel can be used across many applications; however, current methods for producing ammonia cause significant amounts of pollution. This breakthrough, requiring only water, air and electricity to produce NH3, demonstrates its value as a cost-effective fuel source for combustion engines and even fuel cells, as well as a source of nitrogen, which accounts for 80 percent of the world’s demand for ammonia.
“My team and I are delighted about entering into this agreement with FuelPositive,” said Dr. Ibrahim Dincer. “The timing is ideal for the commercial development of our carbon-free NH3 system and associated technologies and the FuelPositive team and their consultants are well positioned to bring our commercial solutions to market. The coming months and years are going to be exciting for all of us and we look forward to making a consequential positive change in reducing global CO2 emissions.”
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 will be issuable upon completion of the acquisition and the balance will be issued after twelve months. All common shares issuable in connection with the acquisition will be subject to a four-month-and-one-day statutory hold period from the date of issuance.
The Company is at arm's-length from Dr. Dincer and his team. Completion of the acquisition remains subject to the approval of the TSX Venture Exchange and cannot be completed until such approval is received. In connection with completion of the acquisition, the Company does not expect to assume any material liabilities other than in connection with issuance of common shares to Dr. Dincer and his team. The acquisition will not result in the creation of a new insider or a change of control of the Company within the meaning of applicable securities laws, nor will it constitute a fundamental acquisition for the Company within the policies of the TSX Venture Exchange.
About FuelPositive 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.
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