HTC Hydrogen Technologies Corp.
TSX VENTURE : HTC

HTC Hydrogen Technologies Corp.

November 30, 2006 11:24 ET

HTC Hydrogen Technologies Corp. "dba HTC Purenergy" Announces Unaudited Financial Results for the Third Quarter Period Ended September 30, 2006

REGINA, SASKATCHEWAN--(CCNMatthews - Nov. 30, 2006) - HTC Purenergy (the "Corporation" or "HTC")(TSX VENTURE:HTC) today announced its unaudited financial results for the third quarter period ended September 30, 2006.

HTC is commercializing CO2 capture/storage technologies for enhanced oil recovery and geological sequestration and is developing and commercializing hydrogen production and bio-fuel technologies.

Selected financial information is summarized below. For details refer to the Interim Consolidated Financial Statement and Management's Discussion and Analysis available on Sedar at www.sedar.com.




For the 9 month For the 9 month
period ended period ended
September 30, 2006 September 30, 2005

Revenue $ 278,829 Nil
Net Loss for period $(1,465,532) $(1,857,114)
Common Shares outstanding
as of period end 10,108,829 9,957,399
Net loss per Common Share(i) $(0.14) $(0.21)
Total Assets $10,534,674 $11,844,072
Shareholders' equity $10,523,073 $11,827,947


(i)Net loss per common share has been calculated using the weighted average number of common shares outstanding during the period of 10,029,173 (2005 - 8,941,157). Diluted net loss per common share is not presented, as the effect of common share options would be anti-dilutive.

Throughout the third quarter, the Corporation has continued its objective of establishing commercialization market opportunities in Canada, the United States, China, Australia, Saudi Arabia and Europe. Furthermore, HTC continues its commitment to the aggregation and development of new technologies and processes through its strong relationship with the University of Regina and the International Test Centre for CO2 Capture and through its pending acquisitions of BTC BioEnergy Technologies Corp. and CO2 Technologies Pty. Ltd. Upon the completion of these two pending acquisitions, the Corporation will have 11,302,329 shares issued and outstanding.

For the period ended September 30, 2006 the Corporation had operating revenue of $278,829. This revenue reflects the successful commencement of the Corporation's commercialization strategy. The Corporation is currently engaged in a number of commercial projects and proposals, which will be reflected in future quarters.

Commercialization, Product Development and Administrative expenses for the period were $1,232,216 as compared to $1,181,485 for the same period in the previous year. Research and development expenses for the period were $115,236 as compare to $228,800 for the same period in the previous year. These expenditures and related intellectual property protection costs represent HTC's on-going commitment to product development at the University of Regina. The reduction in research and development expenditures is attributable to a reduction of payments due under the funding agreement. A significant portion of expenses, in the amount of $452,636, represents amortization of intangibles associated with the acquisition of HTC Hydrogen Thermochem Corp. The remaining amortization is attributable to operating assets.

Cash flows from operating activities were ($1,128,808) for the nine month period ended September 30, 2006, compared to ($1,182,673) for the same period ended September 30, 2005. The decrease in cash position occurring between the six month period ending June 30, 2006 and the nine month period ending September 30, 2006 of $265,456 is largely attributable to ongoing operational expenditures.

Subsequent to the end of the third quarter, HTC amended its Letter of Engagement with London, UK based corporate finance advisory firm, Turquoise International Limited, to a fee for service basis.

The information and opinions expressed herein involve known and unknown risks and uncertainties that may cause the Corporation's actual results or outcomes to be materially different from those anticipated and discussed herein. In assessing forward-looking statements contained herein, readers are urged to read carefully all cautionary statements contained in this news release, and in those other filings with the Corporations' Canadian regulatory authorities as found in 'www.SEDAR.com'. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, levels or activity, performance or achievements or other future events. We are under no duty to update any of our forward-looking statements after the date of this news release, other than as required and governed by law.

HTC Purenergy corporate developments can be followed on www.htcenergy.com and is traded under the symbol HTC.

The TSX Venture Exchange Inc. does not take any responsibility for the adequacy or accuracy of the information contained in this news release.

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