BURLINGTON, Ontario., April 24, 2020 – Playbox (US) Inc. (OTC PINK: PYBX) (the ”Company”) is pleased to announce that its Board of Directors has approved an amendment to the Articles of Incorporation changing the name of the Company from Playbox (US) Inc. to Hydro Power Technologies, Inc. The name change will better reflect the Company’s new strategic focus on developing long term technology solutions, that enhance power generation output in hydropower applications. The name change has already been made effective with the State of Wyoming, which approved the amendment for name change on April 8, 2020. The Company is currently filing with FINRA for a subsequent symbol change to better represent the name of the Company.
The Company will be launching a new website that will communicate the mission of Hydro Power Technologies and enhance the dissemination of of its current and future developments to our shareholders.
The Company is pleased to further announce that it has completed a Share Exchange Agreement with Hydropower Technologies, Inc.; an Ontario Corporation. As of March 16, 2020, a Share Exchange Agreement was executed by Hydro Power Technologies, Inc. and Mountain Share Transfer, LLC As Trustee, which provides for the Trustee to exchange 100% of the shares of Hydro Power Technologies, Inc. for shares of Playbox (US), Inc, thereby enabling the Company to obtain One Hundred Percent (100%) control of the assets, contracts, including but not limited to intellectual property, and the ongoing management of the business of Hydro Power Technologies, Inc.
The Company has retired 500,000,000 of its common stock back to treasury, reducing its total issued an outstanding shares to 556,592,936. Further reductions will be made to the issued and outstanding shares of the Company, which will be announced in the coming weeks..
About Hydro Power Technologies, Inc. f/k/a/ Playbox (US), Inc.
Hydro Power Technologies’ mission is to provide and to continue to develop new innovative green hydropower technology options, that are grid ready, safe, reliable and cost effective to Utility providers throughout the world.
Hydro Power Technologies has developed a system to increase the power output of a impact turbine hydro generation system. The first generation of products from the HPT system known as “Hammer1“, utilizes hydraulic water phenomena to produce rapid fire, high speed, long water projectiles that have a velocity 1.25 to 1.30 times greater velocity than the traditional “Free Flow” turbines in operation today. The additional velocity increases the rotational torque of the impact turbine runner thus increasing the power generation much more efficiently than today’s installed power generation plants.
For more information, visit www.hydropowertechnologies.com
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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