VANCOUVER, BC / ACCESSWIRE / October 24, 2023 / Loop Energy™ ("Loop" or the "Company") (TSX:LPEN), a leading hydrogen fuel cell stack designer, developer and manufacturer, today provides a corporate update, including an update on the previously announced review and evaluation of strategic alternatives, and announces the earnings release date for its third quarter financial results.
Corporate Update - Following its corporate update on September 19, 2023 wherein the Company announced the continuation of its previously disclosed strategic review process combined with a cost reduction program, including a reduction in its workforce, as well as a greater business development focus on fuel cell stack design, development, production and testing, Loop wishes to provide a further update:
- Divestiture of the module business. The Company has executed its first non-binding letter of intent and is considering other non-binding proposals for the acquisition of components of its module business. It is anticipated that any potential acquirers may become customers of our hydrogen fuel cell stack business.
- Third-party Development Engagements. The Company has responded to a request for proposal to develop a new hydrogen fuel cell stack and is actively in discussions with a number of other parties with respect to fuel cell stack engineering and design services.
- New Investment. The Company is engaged in discussions with potential new investors interested in supporting a smaller and more tightly focused company.
- Update on Strategic Alternatives. The change in ownership of the Company's financial advisor and the strategic direction of its new owner has required a termination of its engagement as financial advisor to Loop for the strategic alternative review process. Going forward, interested parties are encouraged to contact the Company directly.
Earnings Release Date - The Company will be releasing its third quarter results after the close of markets on November 9, 2023.
About Loop Energy Inc.
Loop Energy™ is a leading designer and manufacturer of hydrogen fuel stacks targeted for the electrification of commercial vehicles such as buses and trucks, as well as stationary power applications. Loop Energy's products feature the company's proprietary eFlow™ technology in the fuel cell stack's bipolar plates. eFlow™ technology enables customers to achieve superior performance and higher fuel efficiency when using Loop Energy's fuel cell stacks, which lowers operating cost for end users while enabling OEMs to achieve lower capital cost and faster time to market. Loop Energy works closely with its partners to enable the production of hydrogen electric solutions. For more information about how Loop Energy is driving towards a zero-emissions future, visit www.loopenergy.com.
Forward Looking Warning
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations and projections regarding future events including statements regarding the potential divestitures of its module business, and potential engagements with third-party developers and investors. Forward looking information also includes our assessment of the ability of the Company's eFlow™ technology to maintain uniform operation over time, the impact of such technology on fuel cell durability and the achievement of cost reduction, profitability and revenue targets; our future growth prospects and business outlook including without limitation the expected demand for our products, the allocation of resources and funds, the expected timeline for profitability, the planned growth of our customer base and the expected growth of our operations globally. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect to negotiations with third parties, the current and future performance of the Company's products, growth in demand for the Company's products and the Company's ability to execute on its current strategy), and is subject to a number of risks and uncertainties, many of which are beyond the Company's control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward-looking information. Such risks and uncertainties include, but are not limited to, risks associated with, and uncertainty regarding, the realization of costs savings from implementation of the Company's operating cost reduction program and benefits derived therefrom, the realization of electrification of transportation and hydrogen adoption rates, the elimination of diesel fuel and ongoing government support of such hydrocarbon fuels, the expected growth in demand for fuel cells in the commercial transportation market, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology as well as the other risk factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 28, 2023 and in its other disclosure documents. Loop Energy disclaims any obligation to update these forward-looking statements.
Loop Energy Investor Inquiries
Natalie Arseneau | Tel: +1 604.222.3400 Ext. 418 | [email protected]
Loop Energy Media Inquiries
Ethan Hugh | Tel: +1 604.222.3400 Ext. 304 | [email protected]
Loop Energy Strategic Alternative Inquiries
Ben Nyland | Tel: +1 604.222.3400 | [email protected]
SOURCE: Loop Energy Inc.