Hydro Power Technologies, Inc. (PYBX) Provides Corporate Update On Its Release of Private Placement Memorandum and Plans for Uplifting Company

Rhea-AI Summary

Hydro Power Technologies, Inc. (PYBX) announced a $5 million private placement memorandum using its Preferred Series B Shares for funding development projects, including its Hydro Power turbine system and Bioenzyme. The funding is expected to close by October 1, 2021. Additionally, to uplift its status to a fully reporting SEC company, it will engage with an international accounting firm for a PCAOB audit. This step is critical for lifting a Cease Trade Order imposed by the British Columbia Securities Commission, which restricts Canadian shareholders' ability to trade securities.

Positive

• Engagement for PCAOB audit to uplift to fully reporting SEC status.
• Funding from private placement will support development projects.

Negative

• Ongoing Cease Trade Order limiting Canadian shareholders' ability to trade.
• Reliance on private placement funding indicates potential liquidity concerns.

Burlington, Ontario, June 17, 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 provide an Corporate Update:

Hydro Power Technology Inc. is releasing a Five Million USD Private Placement Memorandum utilizing its Preferred Series B Shares in order to provide funding for additional development of its Hydro Power turbine hydro generation system; Bioenzyme; Zuc Energy and Italcar investments. The Company anticipates it will complete the funding by October 1^st 2021.

Hydro Power Technology Inc. will be completing the engagement with an International Accounting Firm to provide a PCAOB Audit in order to file a Form 10 or S1 with the Securities and Exchange Commission and uplift as a fully reporting SEC company versus its current Alternative Reporting Status with OTC Markets. The current management has been in discussion with the British Columbia Securities Commission regarding the 2012 Cease Trade Order and has been advised the Company needs to complete the “fully reporting status” to have the CTO terminated and our Canada shareholders have the ability to acquire or sell their securities. The Company will be providing further updates on the completion of the engagement with the agreed upon PCAOB firm.

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.

FAQ

What is the purpose of Hydro Power Technologies' $5 million private placement?

The private placement aims to fund the development of Hydro Power's turbine hydro generation system, Bioenzyme, Zuc Energy, and Italcar investments.

When does Hydro Power Technologies expect to complete the funding?

The company anticipates completing the funding by October 1, 2021.

How will Hydro Power Technologies achieve fully reporting SEC status?

Hydro Power Technologies plans to engage an international accounting firm for a PCAOB audit, which is necessary to file a Form 10 or S1.

What is the significance of the Cease Trade Order for Hydro Power Technologies?

The Cease Trade Order restricts Canadian shareholders' ability to acquire or sell their securities until the company completes its transition to fully reporting status.

What are the anticipated benefits of Hydro Power Technologies' new turbine technology?

The new turbine technology, known as 'Hammer1', is designed to enhance power output and efficiency compared to traditional turbines.