Purx Signs Two Definitive Agreements with AVL Powertrain UK and Ballard Power Systems Inc.

ID: 1568067
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(businesspress24) -
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 companys 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 Hydrogens prototype light commercial vehicle.

AVL Powertrain UK Limited is part of the AVL Group which is the worlds 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 arms 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.

Finders fees of 249,590 shares of Purx are payable to an arms length party in accordance with Exchange policies upon approval of the transaction.

On behalf of the Board of Directors


Balraj Mann
Balraj Mann, C.E.O.
Balraj.Mann(at)firsthydrogen.com / Balraj(at)pureextraction.ca

Pure Extraction Corp.
Suite 440
755 Burrard Street
Vancouver, British Columbia V6Z 1X6

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Date: 06/11/2021 - 03:44
Language: English
News-ID 1568067
Character count: 6168
Firma: Pure Extraction Corp.
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Stadt: Wien


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