Hillcrest Energy Technologies Announces AGM Results

Rhea-AI Summary

Hillcrest Energy Technologies has announced the results of its Annual General Meeting (AGM) held on June 5, 2024. Shareholders voted in favor of all items, including the re-election of the current seven-member Board and the appointment of DeVisser Gray LLP as the company’s auditor. Additionally, shareholders approved the company's 10% rolling restricted share unit plan and the 10% rolling stock option plan with proposed amendments. David Farrell was re-elected as the Independent Chair.

Positive

• Shareholders overwhelmingly supported all items proposed by the Board and Management.
• The current seven-member Board was re-elected, ensuring continuity in leadership.
• DeVisser Gray LLP was reappointed as the auditor, reflecting trust in their financial oversight.
• The company's 10% rolling restricted share unit plan was approved, potentially incentivizing employees.
• The 10% rolling stock option plan with proposed amendments was approved, which may align employee interests with those of shareholders.

Negative

• The re-election of the same Board members may indicate a lack of new strategic direction or innovation.
• The approval of a 10% rolling stock option plan could lead to potential dilution of shares, affecting current shareholder value.

Vancouver, British Columbia--(Newsfile Corp. - June 5, 2024) - Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FSE: 7HI) ("Hillcrest" or the "Company"), an innovative clean technology company revolutionizing power conversion technologies and advanced control system solutions, is pleased to announce the results of voting at its Annual General Meeting (AGM) held Wednesday, June 5, 2024.

Shareholders overwhelmingly voted in favour of all items put forward by the Board of Directors ("the Board") and Management. Hillcrest's current seven (7) member Board, consisting of David Farrell, Donald J. Currie, Michael Moskowitz, Kylie Dickson, Mike Krzus, Robert Lambert and Thomas G. Milne, have all been re-elected.

Shareholders also voted in favour of: (i) receiving and considering the consolidated audited financial statements of the Company for the financial year ended December 31, 2023; (ii) setting the number of Directors at seven; (iii) electing Directors for the ensuing year as noted above; (iv) appointing DeVisser Gray LLP, Chartered Professional Accountants as auditor of the Company (v) confirmation and approval the Company's 10% rolling restricted share unit plan; and (vi) confirmation and approval of the Company's 10% rolling stock option plan, with proposed amendment.

Upon conclusion of this year's AGM, the Board re-elected David Farrell as the Independent Chair.

About Hillcrest Energy Technologies Ltd.

Hillcrest Energy Technologies is a clean technology company focused on providing advanced power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems. From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified future. Hillcrest is publicly traded on the CSE under the symbol "HEAT," on the OTCQB Venture Market as "HLRTF" and on the Frankfurt Exchange as "7HI". For more information, please visit: https://hillcrestenergy.tech/.

CONTACT INFORMATION

Investor Relations
Don Currie
info@hillcrestenergy.tech
O: +1 604-609-0006
Toll-free: 1 855-609-0006

Or

Walter Frank/Jennifer Belodeau
IMS Investor Relations
hillcrest@imsinvestorrelations.com
O: +1 203-972-9200

Public Relations
Jamie L. Hogue
jhogue@hillcrestenergy.tech
O: +1 602-793-9481

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects," "intends," "is expected," "potential," "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may," "could," "should," "would," "might" or "will" be taken, occur or be achieved. This forward-looking information is provided as of the date of this news release. The forward-looking information reflects our current expectations and assumptions and is subject to a number of known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from any anticipated future results, performance or expectations expressed or implied by the forward-looking information. No assurance can be given that these assumptions will prove correct. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Investors are advised to consider the risk factors under the heading "Risks and Uncertainties" in the Company's MD&A for the year ended Dec. 31, 2023, available at https://www.sedarplus.ca/ for a discussion of the factors that could cause the Company's actual results, performance and achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211826

FAQ

What were the results of Hillcrest Energy Technologies' AGM held on June 5, 2024?

Shareholders voted in favor of all items proposed, including the re-election of the current Board, appointment of DeVisser Gray LLP as auditor, and approval of the 10% rolling restricted share unit and stock option plans.

Who was re-elected to Hillcrest Energy Technologies' Board during the June 5, 2024 AGM?

The current seven members, including David Farrell, Donald J. Currie, Michael Moskowitz, Kylie Dickson, Mike Krzus, Robert Lambert, and Thomas G. Milne, were all re-elected.

What stock plans were approved during Hillcrest Energy Technologies' AGM on June 5, 2024?

Shareholders approved the company's 10% rolling restricted share unit plan and the 10% rolling stock option plan with proposed amendments.

Who was appointed as Hillcrest Energy Technologies' auditor during the June 5, 2024 AGM?

DeVisser Gray LLP was appointed as the company's auditor.

What is the stock symbol for Hillcrest Energy Technologies?

Hillcrest Energy Technologies trades under the stock symbol 'HLRTF.'