Aqua Power Systems Inc (APSI)

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This is the best news we could have asked for IMO. Exactly what I had hoped they would do!

11:00 AM ET 1/26/23 | Dow Jones

Aqua Power Systems Takes Aggressive Action to Combat Suspected Illegal â oeNakedâ Short Selling

January 26, 2023 -- (Aqua Power Systems, Inc.) --

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McapMediaWire -- Aqua Power Systems Inc. (OTC: APSI) (the Company or Aqua Power) a leader in reliable logistics and transportation solutions, held a Special Meeting of the Board on Wednesday, January 25, 2023. At the meeting a plan of action was approved by the Board to address suspected illegal naked short selling of the Companys common stock.

Over the course of the last two weeks, Company management and representatives have had multiple meetings with Securities Regulators as well as the Attorney General s office regarding what the Company believes has been targeted and illegal naked short selling of the Company s common stock. The most recent meeting being a round table conference call with officials and Company management on Wednesday of this week. The Company has provided and continues to gather additional information it believes will assist regulators.

The Company strongly believes that there has been a very large volume of illegal naked short selling in the Company s common stock since announcing the completion of the Company s recent acquisition at the end of December 2022.

Robert Morris, Chief Executive Officer of Aqua Power, stated, My first and foremost concern is for the well-being of our investors and to protect shareholders against any form of improper trading by market participants at any level. We believe that trading patterns and activity since the beginning of the year strongly suggest the work of aggressive and sustained shorting. The Company began taking decisive steps working directly with regulators. We have full intentions of taking any and all necessary steps to come to the bottom of everything and hold any wrong-doing parties accountable.

Mr. Morris continued, I am aware of other companies hiring law firms and other specialized reporting agencies in an effort to identify and combat illegal short selling in their own company s stock, however we believe the stronger and more effective approach is to bring any such activity immediately and directly to those with proper power and authority to protect investors. At this point, this isn t about the Company per se, this is about protecting individual investors and the integrity of the markets. The best disinfectant is sunlight and exposure, and we are bringing everything into clear view. We truly value our shareholders.