Algona, IA (GLOBE NEWSWIRE) — American Power Group Corporation (OTCPink: APGI) 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.”