TORONTO, Feb. 4, 2025
/CNW/ - FuelPositive Corporation (TSXV: NHHH) (OTCQB: NHHHF)
("FuelPositive" or the "Company") provides an update on its
financial reporting and regulatory status. The Company is actively
working with its auditors to complete the required annual financial
statements and accompanying management's discussion and analysis
for the fiscal year of September 30,
2024.
The filing deadline of January 28,
2025, was not met due to the restructuring of FuelPositive's
financial team and Board of Directors, which required additional
time to transition financial reporting responsibilities and
associated analysis. Additionally, unforeseen delays from a
third-party accounting firm, engaged before the restructuring to
assist the auditors, further extended the timeline. While this
caused a temporary delay, it does not reflect any operational
concerns—FuelPositive remains fully operational and focused on its
core business objectives.
As a result of the missed deadline, the Ontario Securities
Commission (OSC) issued a Cease Trade Order (CTO) on February 3, 2025. However, FuelPositive's
auditors expect to finalize the audit and the Company will submit
the necessary filings on or before February
21, 2025. The Company is committed to working closely with
regulatory authorities, including the OSC and TSX Venture Exchange,
to have the CTO lifted as quickly as possible once the filings are
complete.
Despite this administrative delay, FuelPositive remains
steadfast in advancing toward commercialization. The Company is
making significant progress toward activating its first on-farm
Green Ammonia system in Sperling,
Manitoba. This milestone will demonstrate the commercial
viability and real-world impact of its technology. Regulatory and
system readiness are on track, ensuring a smooth transition to this
next critical phase.
Additionally, FuelPositive is actively engaged in
capital-raising initiatives and discussions with the Government of
Manitoba to secure key support for
expansion in the province. These efforts aim to accelerate the
development and manufacturing of its Green Ammonia technology,
create high-value clean economy jobs, and provide farmers with
greater resilience and energy independence.
FuelPositive remains dedicated to delivering long-term value to
its shareholders and will provide further updates in the coming
weeks as the audit process is finalized and the Company moves
forward with its strategic milestones.
FuelPositive Corporation
FuelPositive is leading the future of agriculture with the
world's first farmer-owned, on-farm Green Ammonia production
systems. The Company's modular and innovative technology offers a
predictable, reliable, and affordable solution for directly
producing green fertilizer and fuel on-farm, reducing reliance on
external supply chains.
Groundbreaking AgTech and Green Energy:
FuelPositive's containerized Green Ammonia production systems
are transforming the Green Ammonia industry by decentralizing
production. This new fertilizer production approach aims to empower
farmers to generate green nitrogen fertilizer and carbon-free fuel
on-site, ensuring stable costs and supply. Each ton of ammonia
produced by FuelPositive systems eliminates up to 2 tons of CO2e
emissions, providing an environmentally sustainable solution that
is also easily accessible and remotely monitored, enabling farmers
to focus on their operations without added complexity.
First System Delivery: A Milestone in Sustainable
Agriculture:
In June 2024, FuelPositive
delivered its first commercial system, the FP300, to Tracy and Curtis
Hiebert's 11,000-acre grain farm near Sperling, Manitoba. This milestone marks a
significant advancement for both FuelPositive and sustainable
agriculture. The system activation this fall will further
demonstrate the transformative impact of the Company's technology
on farming practices, driving a more sustainable future.
Manitoba: A Global Center of
Excellence:
FuelPositive is positioning Manitoba as a leader in
decentralized Green Ammonia production. The Company's
vision includes establishing a world-leading manufacturing hub that
will generate highly skilled engineering, science, and trade jobs
and contribute to the local economy over the coming years.
See sales details here: https://fuelpositive.com/sales/.
FuelPositive Corporation is based in Ontario and Manitoba
(Canada) and trades on the TSX Venture Exchange under the
symbol NHHH and in the USA on the
OTCQB under the symbol NHHHF.
Cautionary Statement
Trading in the securities of the Company should be considered
highly speculative. No stock exchange, securities commission or
other regulatory authority has approved or disapproved the
information contained herein. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accept responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain "forward-looking information"
and "forward-looking statements" (collectively, "forward-looking
statements") that are based on expectations, estimates and
projections as of the date of this news release. The information in
this release about future plans and objectives of the Company are
forward-looking statements.
These forward-looking statements are based on assumptions and
estimates of management of the Company at the time they were made
and involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. 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
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements.
Forward-looking information is provided to provide 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 information or to explain any material
difference between subsequent actual events and such
forward-looking information, except to the extent required by
applicable law.
SOURCE FuelPositive Corp.
