AmmPower Corp. Completes Acquisition of 50.05% of the Common Shares of Progressus Clean Technologies, Inc.

Toronto, ON – AmmPower Corp. (CSE: AMMP) (OTCQB: AMMPF) (FSE: 601A) (the “Company” or “AmmPower”) is pleased to announce, further to its news release dated December 30, 2022, that it has completed the acquisition (the “Acquisition”) of 50.05% of the issued and outstanding common shares of Progressus Clean Technologies, Inc. (“Progressus”), from certain former shareholders of Progressus (the “Vendors”).

In consideration for the Acquisition, the Company issued an aggregate of 50,000,000 common shares in the capital of the Company (the “Company Shares”) to the Vendors at a deemed price of C$0.30 per Company Share.

In connection with the Acquisition, the Vendors agreed to provide to the Company an aggregate loan of $500,000 payable as follows: (a) $250,000 provided on January 6, 2023 (the “Initial Loan”) and (b) $250,000 to be provided on February 5, 2023 (the “Additional Loan”). Both the Initial Loan and Additional Loan will bear an interest rate of 10% per annum, mature twelve months from the date of funding and be convertible into Company Shares at a deemed conversion price equal to the trading price of the Company Shares on the Canadian Securities Exchange on the date of conversion.

As a result of the Acquisition, Aberdeen International Inc. (“Aberdeen”) has become a insider and control person of the Company. Aberdeen acquired ownership and direction or control of over 40,000,000 Company Shares, representing approximately 27.35% of the issued and outstanding Company Shares. Prior to completion of the Acquisition, Aberdeen owned no securities of the Company. Aberdeen has acquired the Company Shares for investment purposes, and may in the future take such actions in respect of their respective holdings in the Company as they may deem appropriate in light of the circumstances then existing and subject to applicable securities law.

This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with the applicable securities commissions or similar regulatory authorities in Canada, which report will contain additional information with respect to the foregoing matters (the “Early Warning Report”). A copy of the Early Warning Report will be filed on SEDAR under the Company’s profile at

On Behalf of the Board of Directors

Gary Benninger, Ph.D.
Chief Executive Officer

About AmmPower

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™ prototype to create green ammonia for the agricultural industry. The company also holds a lithium exploration property in the James Bay/Eeyou Istche region of Quebec and an option on the Titan Property located in Klotz Lake area in Northwestern Ontario.

Investor Relations

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Forward-Looking Statements

This news release includes forward-looking statements that are subject to risks and uncertainties, including with respect to the Company’s development of proprietary technologies. 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 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.

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