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VANCOUVER, British Columbia, Oct. 28, 2021 (GLOBE NEWSWIRE) — Alkaline Fuel Cell Power Corp. (NEO: PWWR) (“ Fuel Cell Power ” or the “ Company “), a company focused on the design, development and commercialization of alkaline fuel cell heat and power systems for residential, industrial and commercial markets worldwide, is pleased to announce the results of voting at its annual general meeting of shareholders which was held on October 27, 2021 in Vancouver, British Columbia (the “ Meeting ”). There were 20 shareholders represented in person or by proxy at the Meeting holding 22,733,322 common shares, representing 13.51% 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:

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Number of Directors
The resolution to set the number of directors of the Company at five (5) 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:

Election of Directors
Each of the nominees for election as director listed in the Company’s management information circular dated September 20, 2021 were elected as directors of the Company for the ensuing year until their successors are elected or appointed. Voting results are set out below:

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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:

Approval of 20% Stock Option Plan
The resolution to authorize and approve the adoption of the 20% rolling stock option plan of the Company was approved by a majority of votes cast by the disinterested shareholders who voted in respect of the resolution present or represented by proxy at the Meeting. Voting results are set out below:

Restricted Share Unit Plan Approval
The resolution to authorize and approve the adoption of the restricted share unit plan of the Company was approved by a majority of votes cast by the disinterested shareholders who voted in respect of the resolution present or represented by proxy at the Meeting. Voting results are set out below:

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About Alkaline Fuel Cell Power Corp.
The Company is focused on the development, production and ultimate commercialization of micro-combined heat and power (“micro-CHP”) systems based on alkaline fuel cell technology. A fuel cell is a clean electrical power conversion/generation system, akin to small power stations that provide electricity and an equivalent amount of heat for various purposes. Based on hydrogen powered alkaline fuel cell technology, our technology offers an energy source that generates zero CO ₂ emissions with pure water as the only by-product, making it ideally suited for residential and small- to medium-sized power markets. We believe Fuel Cell Power is well positioned to become a positive contributor to the global demand for clean energy, particularly in Europe where demand outpaces supply, and current technology remains inadequate to meet market needs. Further information is available on our website at https://www.fuelcellpower.com/ and we encourage investors and other interested stakeholders to follow us on LinkedIn, Twitter, Facebook and Instagram. Our common shares are listed for trading on the NEO Exchange (“NEO”) under the symbol “PWWR”.

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For further information, please contact:

Forward-Looking Information
This news release contains forward ‐ looking statements and forward ‐ looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward ‐ looking statements or information. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “achieve”. Forward-looking statements may include, but are not limited to, statements with respect to the Company’s technology, intellectual property, business plan, objectives and strategy.

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Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward ‐ looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward ‐ looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward ‐ looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward ‐ looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.