Algona, IA, Sept. 01, 2021 (GLOBE NEWSWIRE) -- American Power Group Corporation (OTCPink: APGI) today provides the following corporate update.
Chuck Coppa, APG’s CEO/CFO stated, “While it has been a very challenging and difficult road since our June 2017 corporate realignment, I am pleased to say that through the commitment of our Board of Directors, employees and several significant shareholders, we have weathered a very difficult period in our history and today wish to provide an update on several areas.”
Mr. Coppa noted, “Since June 2017, we have reduced our overall long-term debt by approximately $8.6 million and invested approximately $850,000 in the development of our next generation vehicular solution, our V6000, which we expect to officially launch within the next several months. During this period, our stationary business has generated the majority of our revenue primarily due to our penetration into the fracking market.”
On July 22, 2021, Ken Losch resigned as our Chairman and from our Board of Directors. Matt Van Steenwyk, a Director since 2016 and our majority shareholder stated, “Mr. Losch and his investors provided much needed capital during our transition period. With his departure from the board, however, Mr. Losch distributed a majority of his holdings among a group of non-affiliated individuals. We’re excited to have some significant and knowledgeable new investors as part of the APG investing family”. Mr. Van Steenwyk has assumed the role of Chairman.
On August 3, 2021, we amended our Restated Certificate of Incorporation to increase the number of authorized shares of our common stock from 700 million shares to 995 million shares.
Pursuant to the upcoming implementation of amended SEC Rule 15c2-11, all companies quoted on the OTC Markets must disclose current information on a continuous basis at varying levels, effective September 28, 2021, or no longer be allowed to be publicly quoted on the OTC Link ATS. We will be utilizing the OTC Markets OTCIQ program which will provide us a platform to meet the new disclosure rules.
Mr. Coppa added, “We intend to continue to provide updates in compliance with the new reporting requirements pursuant to SEC Rule 15c2-11 as well as our “dark” status as it relates to our SEC reporting obligations.”
About American Power Group Corporation
American Power Group’s subsidiary, American Power Group Inc. provides cost effective dual fuel engine solutions to help accelerate an alternative fuel low-carbon future. Our patented Turbocharged Natural Gas® Dual Fuel Conversion Technology is a unique non-invasive hardware and software solution that can enable existing high-horsepower vehicular and stationary diesel engines to safely displace a significant percentage of diesel with various forms of clean burning natural gas including low-carbon and negative-carbon renewable natural gas (RNG), captured methane flare gas, conditioned well-head gas, bio-methane gas, compressed natural gas (CNG) and liquid natural gas (LNG). APG’s dual fuel solution provides users with a proven technology to meet their Environmental, Social and Corporate Governance (“ESG”) objectives by lowering ozone criteria pollutants and greenhouse gas emissions. See additional information at: www.americanpowergroupinc.com
Caution Regarding Forward-Looking Statements and Opinions
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to new markets, development and introduction of new products, and financial and operating projections. These forward-looking statements and opinions are neither promises nor guarantees, but involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to, the fact that, our dual fuel conversion business has lost money in a majority of the prior fiscal years and the risk that we may require additional financing to grow our business, the fact that we rely on third parties to manufacture, distribute and install our products, we may encounter difficulties or delays in developing or introducing new products and keeping them on the market, we may encounter lack of product demand and market acceptance for current and future products, we may encounter adverse events or economic conditions, we operate in a competitive market and may experience pricing and other competitive pressures, we are dependent on governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications, the risk that we may not be able to protect our intellectual property rights, factors affecting the Company's future income and resulting ability to utilize its NOLs, the fact that our stock is thinly traded and our stock price may be volatile, the fact the exercise of stock options and warrants will cause dilution to our shareholders. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Investor Relations Contact:
Chuck Coppa, CEO/CFO
American Power Group Corporation
781-224-2411
ccoppa@apgdualfuel.com
