PURX SIGNS TWO DEFINITIVE AGREEMENTS WITH AVL POWERTRAIN UK AND BALLARD POWER SYSTEMS INC.
June 11, 2021 – Vancouver, British Columbia – Pure Extraction Corp. (“Purx” or the “Company”) is pleased to announce further to its news release dated April 1,
2021, it has entered into definitive agreements with AVL Powertrain UK Limited (“AVL”) and Ballard Power Systems Inc. (“Ballard”). The definitive agreements, with the company’s wholly-owned subsidiary First Hydrogen Corp. (“First Hydrogen”), will assist in the design and development of a fuel-cell powered vehicle that First Hydrogen will own the commercial rights for the vehicle design.
Ballard is a leading global provider of innovative clean energy and fuel cell solutions. Ballard develops and manufactures proton exchange membrane fuel cell products for markets such as heavy-duty motive, portable power, material handling as well as providing technology solutions services. Ballard will be providing support and integration of its hydrogen fuel cell module for First Hydrogen’s prototype light commercial vehicle.
AVL Powertrain UK Limited is part of the AVL Group which is the world’s largest independent company for development, simulation and testing in the automotive industry, and in other sectors. As a global technology leader, AVL provides concepts, solutions and methodologies in the fields of e-mobility, ADAS and autonomous driving, vehicle integration, digitalization, virtualization, Big Data,
and much more. AVL will plan and execute the integration of all powertrain components including developing vehicle components and control software.
The Company was assigned two non-binding letters of intent from Nova Light Capital Limited (“Nova Light”), an arm’s length company, which now have been ratified into the definitive agreements. Nova Light will be issued 3,000,000 shares of Purx for the assignment of the two non-binding letters of intent. These shares are subject to a voluntary escrow and pooling agreement released over a 36-month period.
Finder’s fees of 249,590 shares of Purx are payable to an arm’s length party in accordance with Exchange policies upon approval of the transaction.