August 23, 2023 – Toronto, Ontario – AmmPower Corp. (CSE:AMMP) (OTC:AMMPF) (FSE:601A) (the “Company” or “AmmPower”) an industry leader in innovative green ammonia solutions, is pleased to announce that a new ammonia synthesis converter technology designed for small production units has been granted a utility patent by the United States Patent and Trademark Office (USPTO).
Development of this advanced reactor technology, specifically targeted to provide small-scale and modular green ammonia production with unmatched efficiency, was managed by AmmPower Chief Technologist Dr. Zhenyu Zhang in cooperation with SANsyco Consulting, LLC and a group of experienced ammonia industry experts. The assignment of patent rights for the reactor technology to AmmPower is expected to be completed in September of 2023. In combination with AmmPower’s know-how in product development and manufacturing, the modular Independent Ammonia Making Machine (IAMM™) is set to deliver reliable and cost-effective green ammonia production solutions and revolutionize the ammonia supply model worldwide.
“The successful issue of this patent is a testament to AmmPower’s commitment to staying at the forefront of technological advancements, says Dr. Gary N. Benninger, CEO of AmmPower Corp. “It represents a pivotal step in our journey to reshape ammonia production on a small scale, ensuring greater sustainability and efficiency.”
The ammonia synthesis converter technology is also the subject of an international Patent Cooperation Treaty (PCT) application eligible to secure IP rights in PCT member states. The successful USPTO patent award and the PCT patent filing will further strengthen AmmPower’s leading IP positions at a global scale in response to worldwide customer inquiries of the IAMM units.
Investor Relations Agreement
AmmPower Corp. is also pleased to announce that it has engaged Transcend Capital Inc. to expand its investor relations and communications services throughout Canada.
Transcend Capital is a Vancouver-based full-service investor relations company, is well-known for its successful market awareness campaigns that help micro, small and mid-cap public companies gain valued industry exposure through its extensive network of retail and institutional clients.
AmmPower is delighted to have Mr. Etienne Moshevich, the principal of Transcend, perform shareholder communications services as well as serve as a key point of contact between its Canadian investors and the Company.
“I am honoured to be joining the AmmPower team and excited about the opportunities ahead,” says Etienne Moshevich, President of Transcend Capital. “I think AmmPower has reached an important inflection point where substantial milestones can be met and I want to make sure that the Company is exposed to a much broader audience as it continues to progress.”
In consideration for its services, Transcend will be paid a monthly fee of $18,750 per month for a twelve-month period starting immediately and ending on July 25th, 2024. The Company has also granted 1,500,000 options to Transcend priced at $0.15 per share and exercisable until July 24th, 2028.
More information about Transcend Capital can be found on their website at: https://www.transcendcapitalinc.com/
Ammpower is a clean energy company focused on the production of green ammonia. The company is based in Toronto, Ontario, with a research and manufacturing facility in Southeast Michigan. The company is active in all facets of green ammonia production, including the production of green fertilizers, carbon free shipping fuel, and the ‘cracking’, or moving of green hydrogen as ammonia. The company is working on the development of proprietary technologies to produce green ammonia and green hydrogen at scale, including the investigation of unique catalytic reactions to bring down costs and to take advantage of carbon credits in the renewable energy space. Ammpower currently holds several LOIs with ports in Brazil, the United States, and is currently completing its IAMM(TM) prototype to create green ammonia for the agricultural industry.
On Behalf of the Board of Directors
Chief Executive Officer
This news release includes forward-looking statements that are subject to risks and uncertainties, including with respect to the expected timing of its name and ticker symbol changes. All statements within, other than statements of historical fact, are to be considered forward-looking. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
The Canadian Securities Exchange (CSE) has not reviewed, approved or disapproved the contents of this press release.