Business
American Power Group Announces Corporate Realignment And Senior Management Changes
American Power Group Announces Corporate Realignment And Senior Management Changes.
About this update from American Power Group Corp.
[{"type":"text","content":"\n\n - Migration To A Technology Licensing and Master Distributorship Model Versus Direct Sale Approach To Be Implemented -- CFO Chuck Coppa To Assume Additional Role as CEO  -- Commitment For Additional Capital Secured From Several Existing Investors –- Investors Agree To Defer Automatic Conversion of Contingent Convertible Notes Into Series E Preferred  -\n LYNNFIELD, Mass., June 06, 2017 (GLOBE NEWSWIRE) -- American Power Group Corporation (OTCQB:APGI), today announced a corporate wide realignment of its strategic direction, reallocation of resources and reduction in workforce. Neil Braverman, APG’s Chairman stated, “Delays in customer orders resulting from the continuing impact of low priced domestic oil has forced us to reevaluate how we market our dual fuel technology given the realities of the marketplace and our access to near term capital. Our Board of Directors have made the decision to terminate our Chief Executive Officer, Lyle Jensen and realign our business model and overhead structure to better reflect the current market realities. Mr. Jensen also resigned from our Board of Directors.  Chuck Coppa, our CFO has assumed the additional title of Chief Executive Officer and will be working with a core group of employees and our Board of Directors to realign our business model.” Chuck Coppa, APG’s CEO/CFO stated, “The true value of APG is the fact we can deliver our customers a low cost, reliable and proven emission reduction technology across multiple markets and geographies. We believe that by pursuing a less capital (human and financial) intensive approach of marketing our industry leading dual fuel technology through licensing relationships or master distributorships we can leverage our partners' existing market dominance and resources to allow us to pivot more quickly on opportunities and open new and larger markets without the need to expend significant capital resources.” Mr. Coppa noted, “While we will continue to support, on a cost effective basis our direct sale approach, we will be focusing our corporate resources towards situations where we see the quickest opportunities for near term revenue and for the time being, deferring efforts in areas where we see the path to revenue realization taking longer than we are willing to wait.” Mr. Coppa ...