Winter Park, FL, Dec. 13, 2021 (GLOBE NEWSWIRE) -- Aqua Power Systems Inc. (OTC Pink: APSI) today released the following letter to shareholders from the Company’s President/CEO.
Dear Fellow Shareholders,
I am pleased to announce that late last week Aqua Power received a correspondence letter from the SEC that their staff had completed review of the Company’s Form 10 filing. The Company now has an obligation to file all reports with the SEC. In layman’s terms the Company has achieved what most investors would call ‘fully reporting’ status.
For those of you that are newer to the APSI family, prior to my appointment as CEO, the Company had been abandoned by prior management and in December 2020 a court appointed a custodian for the Company. The court appointed custodian shortly thereafter appointed me as the Company’s President and CEO also in the month of December 2020.
During 2021, the Company has achieved several milestones.
*During 2021, the Company prevailed in receiving court approved motions for the cancellation of over 9 million free trading shares of the Company’s common stock
*In April 2021, the Company received $200,000 in connection with a Reg. D offering in which the Company issued 100,000 shares of restricted stock at price of $2.00 per share
*In August 2020, the Eighth Judicial District Court of Clark County, Nevada granted a motion to bar any asserted and unasserted claims against the assets of the Company prior to the date of judgment. In connection with the judgment, the Company wrote-off the payables due to prior management and other parties.
*The Company has reduced its overall share structure from 59,066,942 shares outstanding down to current a O/S of 50,146,804 shares of common stock
Looking to the future, a somewhat significant item on the horizon for the Company is the fact that on November 5, 2021, the Company’s legal counsel filed a complaint with the courts to cancel a total of 32,942,624 shares of its common stock, representing 65.7% of the current issued and outstanding shares, that were held Mr. Tadashi Ishikawa, the former CEO of the Company.
With the “clean up” of the Company very much completed and the Company’s recent upgraded status of having filing requirements to the Securities and Exchange Commission, what is next on the Company’s agenda? The next step is the review of a variety of potential business combinations in order to bring an operating business into the Company.
At present, there are several very viable options being reviewed for business combinations. The most obvious questions most investors will ask are 1) what are the prospective businesses? and 2) when will there be an announcement? On point one, it is best not to discuss the various candidates and better to wait until we have selected one single business in which to pursue a deal. On the second item, realistically given the overall review process and in many cases being under terms of non-disclosure thru much of the negotiating process, I would hope to be able to make an announcement sometime in the early to mid-part of the first quarter of 2022 (calendar first quarter).
Thank you for being a valued shareholder of this Company and I sincerely hope that you will see the value in remaining a shareholder for years to come. I myself am a fellow shareholder and your success is my success. If you have any questions, feel free to give me a call at the number listed at the bottom of this press release.
Thank you, Steve Carnes
Safe Harbor: This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the Company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the Company with the Securities and Exchange Commission and OTC Markets, Inc. OTC Disclosure and News Service. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.