American Power Group files its 2020 annual report on the OTCIQ platform of the OTC market
Algona, IA, September 28, 2021 (GLOBE NEWSWIRE) – American Power Group company (Pink: APGI) today announced the filing of its annual report of September 30, 2020 on the OTCIQ platform of the over-the-counter market and the new designation of the company on the over-the-counter markets as “Pink Limited Information”.
Chuck Coppa, CEO / CFO of APG, said, “With this initial filing and rebranding, we believe we are now in compliance with the requirements of the SEC’s amended 15c2-11 rule, which requires all listed companies OTC markets must disclose up-to-date information on an on-going basis at various levels, as of September 28, 2021, or no longer be allowed to be publicly listed on the OTC Link ATS. We intend to continue to provide updates in accordance with these new reporting requirements in accordance with SEC Rule 15c2-11. “
Mr. Coppa said: “Net sales for the year ended September 30, 2020 increased by $ 3,451,652, or 171%, to $ 5,469,711, compared to $ 2,018,058 in net sales for the year. ended September 30, 2019. The increase is primarily due to our penetration into the oil / gas fracking market with a fixed customer representing approximately $ 5 million of our net sales for fiscal 2020. Based on successful performance of our dual fuel solution with this client, we recorded several follow-up orders as well as new orders from other clients primarily focused on the hydraulic fracturing markets. We expect net sales for the year ending September 30, 2021 to be approximately $ 2.6 million. We continue to assess new recurring dual fuel revenue opportunities in an effort to offset some of the reporting period fluctuations associated with our traditional dual fuel solutions equipment sales.
Mr. Coppa added: “Since June 2017, we have reduced our overall term debt by approximately $ 8.8 million, including the conversion of $ 2.5 million of convertible debt and accrued interest, at the total, which were converted to $ 0.25 per share as of June 30. , 2021. In addition, we have invested approximately $ 850,000 in the development of our next-generation low-carbon V6000 bi-fuel solution. On September 27, 2021, we announced the commercial launch of our V6000 and noted that by using low carbon, negative carbon renewable natural gas (“RNG”) sources, we can enable the trucking industry Class 8 to convert existing Class 8 diesel trucks. low-carbon or negative-carbon “green” fleets. We believe that our new V6000 bi-fuel solution using RNG has the potential to be a game-changer in reducing carbon and diesel emissions, helping companies meet their environmental, social and corporate governance goals. (“ESG”) today. “
Afight American Power Group company
American Power Group subsidiary, American Power Group Inc., provides cost effective dual fuel engine solutions to help accelerate a low carbon alternative fuel future. Our patent Supercharged natural gas® Dual fuel conversion technology is a unique non-invasive hardware and software solution that can enable existing high-horsepower vehicle and stationary diesel engines to safely replace a significant percentage of diesel with various forms of clean-burning natural gas, including renewable natural gas at low carbon and negative carbon (RNG), captured flare methane gas, wellhead conditioned gas, gaseous biomethane, compressed natural gas (CNG) and liquid natural gas (LNG). APG’s dual fuel solution provides users with technology proven to meet their environmental, social and corporate governance (“ESG”) goals by reducing key pollutants and greenhouse gas emissions. See additional information on: www.americanpowergroupinc.com
VSbid Regarding Looking to the future Statements and Opinions
The matters described herein contain forward-looking statements and opinions, including, but not limited to statements relating to expected net sales for the year ending September 30, 2021. These forward-looking statements and opinions are not promises or guarantees, but involve risks and uncertainties which may have an individual or mutual impact on the matters contained in this document, and cause a material difference between the actual results, events and performance and these 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 over the majority of previous years and the risk that we may need additional funding 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 the development or introduction of new products and their maintenance in the market, we may encounter a 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 government emissions regulations, including whether EPA approval will be obtained for future rs additional products and applications, the risk that we may not be able to protect our intellectual property rights, factors affecting the Company’s future revenues and the resulting ability to use its NOLs, the fact that our actions are lightly traded and our stock prices may be volatile, and the exercise of stock options and warrants will result in dilution for 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. Except as required by law, the Company does not undertake to publicly disclose the result of any revision of such forward-looking statements and opinions which may be made to reflect events or circumstances subsequent to the date hereof or to reflect the occurrence of unforeseen events.
Investor Reports Contact:
Chuck Coppa, CEO / CFO
American Power Group Corporation