PowerTap Hydrogen Capital Corp. provides an update on the activities of PowerTap and its subsidiary, PowerTap Hydrogen Fueling Corp.
PowerTap is pleased to announce the appointment of Mr. Margarito Rodriguez as Chief Financial Officer and the appointments of Mr. Byron Berry and Mr. John Zorbas to the PowerTap Board of Directors effective immediately.
Margarito Rodriguez is a California CPA with over 13 years of professional experience in public accounting and most recently as a corporate finance officer in the consumer goods industry. Margarito was recently CFO of PowerTap subsidiary PowerTap Hydrogen Fueling Corp. Margarito specializes in financial reporting and general advisory and has experience across several sectors, including energy, transportation / logistics, and consumer goods.
Byron Berry has over 25 years of experience advising, operating, and financing technology companies. He was Canada's top-ranked Software Technology Analyst, a leading investment banker with broad experience in the capital markets from seed-stage financings to multi-billion M&A transactions and financings. Mr. Berry has been on the boards of private technology companies, an investment bank, and several not-for-profit organizations. In 1999 he co-founded and financed Thinksmith Corp., a cloud enabled collaborative workspace where he was president for three years. Mr. Berry started his career in government as a desk officer and economist at the Canadian Department of Finance. He holds a BA (UBC), MA (Carleton) and is a Chartered Financial Analyst (CFA).
John Zorbas is the CEO of Captor Capital and an entrepreneur with a proven track record in the metals exploration and development industry and the investment banking. He has held senior advisory positions in various facets of business including operations, marketing, sales, strategic planning and structured finance.
Mr. Zorbas also serves as URU Metals Ltd. (Captor Capital investment) Chief Executive Officer since 2 June 2014. He also served as the Chief Executive Officer and a Director of Monchhichi PLC (former: Mercom Capital PLC) until 2016. He is a founding shareholder of Asian Coast Development Ltd. Mr. Zorbas holds an Honors Bachelors in Economics from the University of Toronto.
The Company also announces that Mr. Theo Van Der Linde and Mr. Brendan Purdy have resigned from the PowerTap Board of Directors and Mr. Joel Dumaresq has resigned as CFO. The Company thanks Mr. Van Der Linde, Mr. Purdy and Mr. Dumaresq for their valued contributions to the Company.
The company is also pleased to announce that Mr. Salim Rahemtulla, President of the USA subsidiary, PowerTap Hydrogen Fueling Corp. (“USA subsidiary”), has been appointed CEO of the USA subsidiary. Mr. Raghu Kilambi continues to be CEO of the parent company, PowerTap Hydrogen Capital Corp, and CFO of the USA subsidiary. Mr. Rahemtulla has also been appointed to the important industry role as Chairman of the On-Road Mobility Initiatives Committee and reappointed to the California Hydrogen Business Council (“CHBC”) Board of Directors as a Director at Large.
“We are delighted to be welcoming the depth of experience Byron and John bring to the PowerTap Board and look forward to working with them as we bring our innovative technology to the market. Margarito’s previous contributions to the USA subsidiary and qualifications prepare him well for the CFO role. Salim’s leadership in the USA subsidiary and in the CHBC make him a logical choice to be CEO of the USA subsidiary,” said PowerTap CEO Raghu Kilambi.
The Company also announces that pursuant to its shareholder approved restricted share unit plan (the “RSU Plan“), it has granted an aggregate of 22,750,000 restricted share units (“RSUs”) to directors, executives and consultants of PowerTap and the USA subsidary (the “Eligible Parties”). The RSUs shall entitle the Eligible Parties the ability to acquire one common share (a “Share”) of the Company underlying each such RSU by delivering a notice of acquisition to the Company in accordance with the RSU Plan for a period of 5 years from issuance. In accordance with the RSU Plan, the RSUs were priced at $0.11 based on the closing of the trading price on February 7, 2023. The 14,250,000 of the RSUs vest quarterly over a period ranging from 12 to 24 months. The remaining 8,500,000 RSUs vest upon achieving certain business objectives agreed to between the Company and each Eligible Party.
