Aqua Power Systems Inc (APSI)

[reader3]

That's a matter of interpretation for anyone other than the company insiders.

I believe that the original terms required them to file the offering, which they did; that sort of thing is usually on a best-efforts kind of basis; we have no reason to think they didn't use their best efforts to get it done, and I'm not sure there's any reason to think that withdrawing it puts them in default.

One particular thing to bear in mind is that the reason for all delays is the audit of the incoming company, which is largely on the incoming company and the state of their accounting systems. So if there's a default (and I don't have any reason to think that there is, other than your noise), the fault would be that of the incoming company. And the cure would be to complete the audit and refile with any necessary amendments.

Every signal from the company to date has been that they intend to follow this process through.