HPQ Late Filing of Annual Financial Disclosure

/EIN News/ -- MONTREAL, April 30, 2025 (GLOBE NEWSWIRE) -- HPQ Silicon Inc. (“HPQ” or the “Company”) (TSX-V: HPQ, OTCQB: HPQFF, FRA: O08), a technology company developing next-generation processes for advanced material manufacturing announces that the filing of its audited annual financial statements, management's discussion and analysis and related CEO and CFO certifications for the financial year ended December 31, 2024 (the "Required Filings"), will be delayed beyond the filing deadline of April 30, 2025, and as a result it will be in default of its obligations under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations.

The delay in completing the Required Filings is due, among other, to a change of auditors that took place last year (see November 7, 2024, release). As the newly appointed auditor, Forvis Mazars S.E.N.C.R.L. requires additional time to review the Company’s historical contractual arrangements and assess their potential impact on the financial statements.

This review has become even more relevant because, during the Audit Period, L’Autorité des Marchés Financiers (AMF) also requested clarifications on similar matters. Given the overlap in the Auditor’s and the AMF’s inquiries, the Auditor intends to assist us in writing a consolidated response — addressing the AMF’s questions and finalizing the audited financial statements at the same time.

The Company expects to submit the Required Filings by May 6, 2025, which aligns with the AMF’s deadline for responding to its queries.

The Corporation confirms that there are no proceedings against it as of the date of this press release. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that has not been generally disclosed as of the date of this press release.

About HPQ Silicon

HPQ Silicon Inc. (TSX-V: HPQ) is a Quebec-based TSX Venture Exchange Tier 1 Industrial Issuer.

HPQ is developing, with the support of world-class technology partners PyroGenesis Canada Inc. and NOVACIUM SAS, new green processes crucial to make the critical materials needed to reach net zero emissions.

HPQ activities are centred around the following five (5) pillars:

1) Becoming a green low-cost (Capex and Opex) manufacturer of Fumed Silica using the FUMED SILICA REACTOR, a proprietary technology owned by HPQ Silica Polvere Inc being developed for HSPI by PyroGenesis.
2) Becoming a producer of silicon-based anode materials for battery applications with the assistance of NOVACIUM SAS.
3) HPQ SILICON affiliate NOVACIUM SAS is developing a low carbon, chemical based on demand and high-pressure autonomous hydrogen production system.
4) HPQ SILICON affiliate NOVACIUM SAS is developing a new process to transform black aluminium dross into a valuable resource.
5) Becoming a zero CO₂ low-cost (Capex and Opex) producer of High Purity Silicon (2N+ to 4N) using our PUREVAP™ “Quartz Reduction Reactors” (QRR), a proprietary technology owned by HPQ being developed for HPQ by PyroGenesis.

For more information, please visit HPQ Silicon web site.

Disclaimers:

This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company's ongoing filings with the security’s regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.

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.

This News Release is available on the company's CEO Verified Discussion Forum, a moderated social media platform that enables civilized discussion and Q&A between Management and Shareholders. 

For further information contact:

Bernard J. Tourillon, Chairman, President, and CEO
Tel +1 (514) 846-3271
Email: Info@hpqsilicon.com