Hydro Power Technologies, Inc. (PYBX) PROVIDES A CORPORATE UPDATE REGARDING THE ENGAGEMENT OF A PCAOB AUDIT FIRM
Hydro Power Technologies, Inc. (OTC Pink: PYBX) announced its engagement with AJSH & Co LLP, a PCAOB-registered accounting firm, to conduct an audit of the company's financial statements. This partnership aims to complete the previous two years of audits and file a Form 10 with the SEC, transitioning from an alternative reporting company to a fully reporting one. Additionally, it will assist in removing the Cease and Desist status imposed by the British Columbia Securities Commission since 2012. This move is vital for enhancing investor confidence and regulatory compliance.
- Engagement with AJSH & Co LLP for PCAOB audit enhances credibility.
- Transitioning to fully reporting company may attract more investors.
- Removal of the Cease and Desist status could improve market perception.
- Cease and Desist status has been in place since 2012, indicating prolonged regulatory issues.
- Past financial reporting delays may raise concerns among investors.
Burlington, Ontario, June 24, 2021 (GLOBE NEWSWIRE) -- Hydro Power Technologies, Inc. (OTC Pink: PYBX) (“PYBX” or the “Company”), a diversified holding company with assets in green energy platforms, including ones such as hydropower, solar, and ORC technology, is pleased to announce the Engagement of an International PCAOB Accounting Firm for its PCAOB Audit.
On June 18, 2021, the Company entered into an engagement with AJSH & Co LLP (AJSH), an international accounting firm, to represent the Company as its Auditors for the financial reporting of Hydro Power Technologies, Inc. and its subsidiaries. AJSH is registered with Institute of Chartered Accountants of India (ICAI), a Public Company Accounting Oversight Board (PCAOB) of the United States of America, an ISO 9001:2015 certified organization, and on May 21, 2021, AJSH & Co LLP became registered with Canadian Public Accountability Board (CPAB). AJSH & Co LLP are also affiliated with The International Accounting Group (TIAG) which is a worldwide alliance of independent accounting firms with more than 115 members based in over 65 countries, see https://ajsh.in/.
The Company will be completing its previous two years of audited financial statements in order to file a Form 10 with the Securities and Exchange Commission to transit from a alternative reporting company to a fully reporting company and will facilitate the submission to the British Colombia Securities Commission to remove the Cease and Desist status in Canada that has been in place since 2012; prior to the current management and control group’s involvement with the Company, Playbox(US), Inc.
About Hydro Power Technologies, Inc. f/k/a/ Playbox (US), Inc.:
Hydro Power Technologies’ mission is to provide and to continue to develop new innovative green hydropower technology options that are grid ready, safe, reliable and cost effective to energy providers worldwide. HPT has also developed a system to increase the power output of an impact turbine hydro generation system. The first generation of products from the HPT system known as “Hammer1“, utilizes hydraulic water phenomena to produce rapid fire, high speed, long water projectiles that have a velocity 1.25 to 1.30 times greater velocity than the traditional “Free Flow” turbines in operation today. The additional velocity increases the rotational torque of the impact turbine runner thus increasing the power generation much more efficiently than today’s installed power generation plants.
Contact Information:
Michael Shamber
Hydro Power Technologies, Inc.
888-993-0989
info@hydropowertechnologies.com
https://twitter.com/HydroPowerTech
FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements" within the meaning of U.S. federal securities laws. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results and, consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements and factors that may cause such differences include, without limitation inability to enter into a definitive agreement with respect to the proposed transaction or to complete the transactions contemplated by the non-binding term sheet, matters discovered by the parties as they complete their respective due diligence investigation of the other. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.
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