Burlington ON, June 18, 2020: Hydro Power Technologies, Inc., (OTC PINK: PYBX) is accelerating development internationally with its patent pending Hammer1 Technology. The enhanced impact turbine power production is accomplished by increasing jet projectile velocities through the Hammer1 Gun Valve. The Hammer1 Gun Valve is the device used to start and stop the fluid movement, which creates the additional jet velocity, resulting in improved kinetic energy, with less effort and more energy per operating dollar.
In August 2019, the Company acquired over 1 Billion common shares from the previous control group. In January 2020, the Company returned Five Hundred Million shares to the treasury. On Wednesday, June 16, 2020 Hydro Power Technologies, Inc. held a board meeting to approve the cancellation of a further 350 Million shares. This will reduce the total issued and outstanding PYBX shares from 574,092,936 to a total of 224,004,936 shares outstanding as of June 16, 2020.
On June 5, 2020, the Company filed a Supplemental Filing with OTC markets, which reflected the March 31, 2020 2nd Quarterly financials, which included the new Hydro Power Technology, Inc. business. The Company has requested OTC Markets to remove the shell designation from the Company’s OTC Markets Portal, since the Company is no longer a shell as defined by the US Securities and Exchange Commission guidelines. The Company anticipates OTC Market approval soon. Lastly, the Company anticipates approval pursuant to the pending FINRA application for the name and symbol change of the Company to Hydro Power Technologies Inc. and HPTI, respectively.
Notice Regarding Forward-Looking Statements
Forward-Looking Statements certain statements in this release that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “future,” “may,” “will,” “would,” “should,” “plan,” “projected,” “intend,” and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company’s future operating results are dependent upon many factors, including but not limited to the Company’s ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company’s control; and (iv) other risk factors. We assume no obligation to update the information contained in this news release.
Hydro Power Technologies, Inc.
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