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StarPower Announces Regulation A+ Offering to Fund Fuel Cell Production in City of Rugao, ChinaLAS VEGAS, March 22, 2018 /PRNewswire/ -- StarPower ON Systems (OTC: SPOS) announces a Regulation A+ offering to raise up to US$20M in equity financing. The offering is expected to occur on an open funding portal through licensed investment brokers dealers/crowd funding media. We also have plans to list on NASDAQ Capital Market. We expect to complete the documents necessary to file the Form 1-A with the SEC in the near future. www.spos-offering.com StarPower is launching new hydrogen fuel cell systems to power buses, cars, industrial vehicles such as fork lifts and tow motors, and remote or backup power systems. StarPower fuel cells will lead the industry in price-performance and delivery industry best solutions with modular designs that can be optimized for specific uses. StarPower fuel cells were developed by Dr. Xianguo Li of the University of Waterloo in Ontario, Canada where he conducts advanced research and development of hydrogen fuel cell systems. Dr. Li is an internationally recognized fuel cell and green energy research scientist. The Company's core manufacturing will be located in Waterloo with additional production, assembly, and distribution facilities in the city of Rugao, China. Rugao was selected in 2017 as a strategic developmet center for hydrogen fuel cell deployment after the national government prioritized fuel cells in its most recent 5-year plan and established substantial subsidies and incentives for fuel cell conversion of buses and taxis. The City of Rugao has entered into an agreement with StarPower to provide land and tax incentives as well as a contract to supply 5,000 fuel cells to convert government vehicles over the next 5 years. Renovations are underway at our temporary facility. StarPower has also executed a Memorandum of Understanding with Guangdong Hydrogen Energy Science and Technology Co. Ltd. to deliver fuel cells of varying specifications beginning in 2019 for use in buses, cars, and remote power systems. A trial order is to be delivered in 2018 after which production will be expanded to meet the expected demand of over 50,000 units per year. The definitive purchase agreement is pending upon demonstration of our full production capacity. We are conducting the Regulation A+ offering to finance, among other things, the above objectives. There can be no assurance that we will be successful in raising additional funding. If we are not able to secure additional funding, the implementation of our business plan will be impaired. There can be no assurance that such additional financing will be available to us on acceptable terms or at all. About StarPower ON Systems, Inc. Forward-Looking Statements For further information: Edward Chan, 416-417-4588, [email protected] SOURCE StarPower ON Systems Inc. |