Hypercharge Networks (HC-E) Responds To OTC Markets Request On Recent Promotional Activity
Apr 6, '23 - NR
Hypercharge Networks Corp. has been requested by OTC Markets Group Inc. to issue this statement about promotional activity concerning its common shares traded on the OTCQB market (operated by OTC Markets).
On Monday, April 3, 2023, OTC Markets informed the company that it became aware of certain promotional activities concerning the company and its common shares traded on the OTCQB Marketplace, including the distribution of four newsletter e-mails published by Wealth Research Group, Crush the Street, Portfolio Wealth Global and Future Trends Digest discussing the company, its business and the electric vehicle charging market generally.
On March 14, 2023, the company entered into an advertising agreement with Gold Standard Media LLC whereby Gold Standard, along with its affiliates, Future Money Trends LLC, Wealth Research Group LLC and Portfolio Wealth Global LLC, would provide investor relations and advertising services to the company. The company was therefore aware of the service providers' activities respecting the company since March 14, 2023. The service providers are third party marketing and advertising firms. The agreement is valid until April 3, 2024. The appointment of the service providers, and the nature of the relationship between the company and the service providers, as well as the compensation to be paid to the service providers were publicly disclosed in a news release on March 22, 2023, which can be found under the company's profile on SEDAR and on the company's website.
The company provided the service providers with publicly available sources of information for its marketing materials, and management reviewed and commented on the materials prepared by the service providers prior to their dissemination, including to ensure factual accuracy. The company does not believe the statements in the marketing materials and newsletter e-mails were materially false or misleading. After inquiry of management, other than as disclosed herein, no directors, control persons, officers or controlling shareholders have been involved with the creation, distribution or payment of promotional materials related to the company and its securities.
The company understands this promotional activity coincided with increased trading activity in the common shares beginning on April 3, 2023. The company does not believe the promotional activities were the primary factor in any increase in trading volume in the common shares. Rather, the company believes the promotional materials drew attention to the company's recent commercial developments, which have been disclosed in recent news releases and regulatory filings, causing an increase in trading volume. In particular, on March 29, 2023, the company announced its anticipated installation of 748 chargers at the coming King George hub development in Surrey, B.C., and on March 31, 2023, the company announced its anticipated installation of 128 chargers at the coming City Centre 4 development in Surrey, B.C.
To management's knowledge, no officers, directors or controlling shareholders have sold securities of the company within the past 90 days. In addition, other than the company's engaged market-maker, Independent Trading Group (ITG), and Sundar Group, a corporate adviser engaged by the company, management is not aware of any third party service providers which have sold or purchased the company's securities within the past 90 days.
Over the past 12 months, the company has engaged the service providers OGIB Corporate Bulletin, Roger Choudhury, Departures Capital, Rich TV, Savvy Social, LaunchPad Media and Marco Messina to provide digital marketing services, including content creation, distribution and market awareness campaigns. However, only the engagements with the service providers and OGIB Corporate Bulletin remain in force. The company has also engaged Exvera Communications Inc. to provide public relations services and Independent Trading Group for market-making services.
The company has not issued shares, or convertible instruments allowing conversion to equity securities, at prices constituting, at the time of issuance of such shares or convertible instruments, a discount to the then current market price. For clarity, earlier today, the company launched a non-brokered private placement financing at a discount to the current market price, which financing has not yet closed. Please see the company's news release dated April 6, 2023, for more information.
About Hypercharge Networks Corp.
Hypercharge (NEO: HC) (OTCQB: HCNWF) (Frankfurt Stock Exchange: PB7) is a leading provider of smart electric vehicle charging solutions that offers turnkey technology to multiunit residential and commercial buildings, fleet operations, and other rapidly growing sectors. Driven by its mission to accelerate EV adoption and enable the shift toward a carbon-neutral economy, Hypercharge is committed to providing seamless, simple charging solutions by offering industry-leading equipment and a robust network of public and private charging stations.
On behalf of the company,
Hypercharge Networks Corp.
David Bibby, President & CEO
Investor Relations:
Kelsey Letham | Head of Investor Relations
invest@hypercharge.com
604-881-1730
Media Contact:
Kyle Green | Senior Marketing Manager
kyle.green@hypercharge.com |
