PowerTap (NEO: MOVE) (OTC: MOTNF) (FWB: 2K6) today announced that BioQuest Corp. (OTC: BQST) and Progressus Clean Technologies Inc. have executed a letter of intent (“LOI”) whereby BioQuest shall acquire all of the issued and outstanding shares of Progressus, a private company incorporated in Delaware. PowerTap is a 49% owner of Progressus, a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies. The LOI sets forth certain understandings between BioQuest, a Nevada corporation, and Progressus, a Delaware corporation, with respect to a proposed acquisition transaction or other reorganization transaction between the parties. Presently, BioQuest and Progressus intend that, subject to the negotiation, execution and delivery of a definitive agreement, satisfactory in all respects to both parties, and to the approval of the transaction by all corporate actions required by the respective parties, BioQuest will acquire all of the issued and outstanding shares of Progressus and, in exchange, the Progressus shareholders shall receive shares of BioQuest.
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About PowerTap Hydrogen Capital Corp.
PowerTap Hydrogen Capital, through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), is focused on installing hydrogen production and dispensing fueling infrastructure in the United States. PowerTap’s patented solution has been developed over 20 years. PowerTap is now commercializing its third-generation blue hydrogen product that will focus on the refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure. There are currently under 100 operational publicly available hydrogen stations in the United States with most of the existing stations purchasing hydrogen from industrial manufacturers and shipping it to individual stations via tanker trucks. PowerTap Hydrogen common shares are listed on the NEO Exchange. Please visit the company’s profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market-depth.
NOTE TO INVESTORS: The latest news and updates relating to MOTNF are available in the company’s newsroom at https://ibn.fm/MOTNF
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