Jericho Energy Ventures Separates Hydrogen Assets Into New Company!

On November 4, 2024, Jericho Energy Ventures Inc. announced a plan to separate its hydrogen solutions platform from its traditional energy assets. The Board of Directors approved this move, known as the Spinout Transaction, which will create a new entity named Hydrogen Technologies Corporation, pending necessary approvals. Shareholders of Jericho will retain their shares and also receive shares in the new company on a pro rata basis after the transfer of hydrogen assets. The intention behind this spinout is to establish two independent companies with distinct focuses, enhancing operational strategies and potential for growth. By focusing on specific markets, Jericho aims to maximize value for its stakeholders in both the hydrogen sector and the traditional oil and gas industry. This decision reflects the company’s commitment to adapting to the energy transition while managing its hydrocarbon assets. The completion of the spinout will depend on receiving regulatory approval and the shareholders' green light. Upon completion, Jericho will continue to trade on the TSX Venture Exchange under the symbol JEV, representing its oil and gas business. The planned separation allows both entities to pursue targeted strategies and investments, ultimately benefiting shareholders through distinct growth opportunities. Forward-looking statements indicate management's intent, but actual developments will depend on several factors including regulatory changes, market conditions, and shareholder consensus. Investors are cautioned about placing undue reliance on these statements.