Zinc8 Energy Solutions Announces AGSM Results

Rhea-AI Summary

Zinc8 Energy Solutions Inc. (TSXV:ZAIR, OTC PINK:ZAIRF) announced the successful outcome of its annual general and special meeting (AGSM) held on December 17, 2021. A total of 16,993,304 votes were cast, representing 11.17% of the company's shares. Key resolutions approved included setting the number of directors to five, electing directors for the coming year, appointing auditors, and approving both the stock option and long-term incentive plans. Zinc8 continues its mission to develop and commercialize low-cost zinc-air batteries to meet the growing need for reliable power.

Positive

• All AGSM resolutions were approved with a majority vote.
• Company aims to commercialize a 40kW Zinc Energy Storage System (ZESS) in early 2023.
• Zinc8's technology offers environmental and efficiency benefits.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / December 20, 2021 / Zinc8 Energy Solutions Inc. ("Zinc8" or the "Company") (TSXV:ZAIR)(OTC PINK:ZAIRF)(FSE:0E9) is pleased to announce that all matters put forward at the Company's annual general and special meeting (the "AGSM") of shareholders ("Shareholders") held on December 17, 2021 were duly approved. Details of the voting results are provided below.

AGM Results

A total of 16,993,304 votes were cast, representing 11.17% of the issued and outstanding shares of the Company, were voted in connection with the AGSM by shareholders and proxy holders. All the resolutions, as described in the Company's proxy statement dated November 22, 2021, were approved by the requisite majority of votes cast at the AGSM. The resolutions are set out below:

• Setting the number of Directors at five (5)
• Election of Directors for the ensuing year comprised of Ronald MacDonald, Dave Hodge, Charn Deol, Sean Charland and Thomas Hodgson
• Appointment of Adam Sung Kim Ltd., Chartered Professional Accountants, as the auditors of the Company and authorization of the directors of the Company to fix the remuneration to be paid to the auditor
• The approval of the Company's stock option plan
• The approval of the Company's long-term incentive plan

About Zinc8 Energy Solutions Inc.

Zinc8 has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery. This mass storage system offers both environmental and efficiency benefits. Zinc8 strives to meet the growing need for secure and reliable power.

To watch a short video outlining Zinc8's technology, please visit https://zinc8energy.com

More about the Zinc8 Energy Storage System (ESS)

The Zinc8 ESS is a modular Energy Storage System designed to deliver power in the range 20kW - 50MW with capacity of 8 hours of storage duration or higher. With the advantage of rechargeable zinc-air flow battery technology, the system can be configured to support a wide range of long-duration applications for microgrids and utilities. Since the energy storage capacity of the system is determined only by the size of the zinc storage tank, a very cost-effective and scalable solution now exists as an alternative to the fixed power/energy ratio of the lithium ion battery.

Technology

The Zinc8 ESS is based upon unique patented zinc-air battery technology. Energy is stored in the form of zinc particles, similar in size to grains of sand. When the system is delivering power, the zinc particles are combined with oxygen drawn from the surrounding air. When the system is recharging, zinc particles are regenerated, and oxygen is returned to the surrounding air.

Applications

The flexibility of the Zinc8 ESS enables it to service a wide range of applications. Typical examples include:

• Smoothing energy derived from renewable sources such as wind and solar
• Commercial/Industrial backup replacing diesel generators
• Industrial and grid scale, on-demand power for peak shaving and standby reserves
• Grid-scale services such as alleviating grid congestion, deferring transmission/distribution upgrades, energy trading and arbitrage, and increasing renewable energy penetration.

Architecture

The Zinc8 ESS is designed according to a modular architecture that enables a wide variety of system configurations to be created from a small number of common subsystems. Each subsystem implements a single element of the technology:

• The Zinc Regeneration Subsystem (ZRS) provides the recharging function
• The Fuel Storage Subsystem (FSS) provides the energy storage function
• The Power Generation Subsystem (PGS) provides the discharging function

Notice Regarding Forward Looking Statements

All statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Zinc8 Storage anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking statements.

Forward looking statements in this press release include the planned commercialization of a 40kW ZESS in early 2023; that we are forecasting over 12 GW of capacity installations in total this year; that the energy storage market will grow dramatically; that we can execute the development and commercialization of a dependable low cost zinc-air battery; that our mass storage system offers both environmental and efficiency benefits; and that we can help meet the needs for secure and reliable power. Zinc8 Energy Solutions believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: that we are not able to raise funds as expected; that our technology fails to work as expected or at all; that our technology proves to be too expensive to implement broadly; that customers do not adapt our products for being too complex, costly, or not fitting with their current products or plans; our competitors may offer better or cheaper solutions for battery storage; general economic, market and business conditions; increased costs and expenses; inability to retain qualified employees; our patents may not provide protection as expected and we may infringe on the patents of other; the impact of COVID-19 and its variants and related public health orders and requirements on the ability of Zinc8 Energy Solutions to complete its research, product development and carry out its stated business plans in a timely manner as planned; and certain other risks detailed from time to time in Zinc8 Energy Solutions public disclosure documents, copies of which are available on the Company's SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.

The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the CSE nor any Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

For more information please contact:

Zinc8 Energy Solutions Inc.
Ron MacDonald
Incite Capital Markets
Kristian Schneck / Eric Negraeff
Ph: 604.493.2004
Email: investors@zinc8energy.com

SOURCE: Zinc8 Energy Solutions

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https://www.accesswire.com/678802/Zinc8-Energy-Solutions-Announces-AGSM-Results

FAQ

What were the results of Zinc8's AGSM on December 17, 2021?

All resolutions proposed at Zinc8's AGSM were approved, with 16,993,304 votes cast.

What resolutions did shareholders approve at Zinc8's AGSM?

Shareholders approved setting the number of directors at five, election of directors, appointment of auditors, and approval of the stock option and long-term incentive plans.

What is the stock symbol for Zinc8 Energy Solutions?

Zinc8 Energy Solutions is traded under the symbol ZAIRF on the OTC PINK.

When does Zinc8 plan to commercialize its 40kW ZESS?

Zinc8 plans to commercialize the 40kW ZESS in early 2023.

What percentage of shares were voted at Zinc8's AGSM?

11.17% of the issued and outstanding shares were voted at Zinc8's AGSM.