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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.