Business
American Power Group Corporation Reports First Quarter Fiscal 2017 Results
American Power Group Corporation Reports First Quarter Fiscal 2017 Results.
About this update from American Power Group Corp.
[{"type":"text","content":"\n\n LYNNFIELD, Mass., Feb. 14, 2017 (GLOBE NEWSWIRE) -- American Power Group Corporation (OTCQB:APGI), today announced results for the three months ended December 31, 2016.   \n Lyle Jensen, American Power Group Corporation’s Chief Executive Officer stated, “We believe the December 2016 quarter appears to have marked the end of a challenging two year period due to the oil crisis.  While there are no guarantees when it comes to energy prices, we are seeing encouraging signs in the form of: a) oil prices staying above $50/barrel which is increasing the number of operating oil rigs; b) an increase in quotes, orders and resulting revenue for multiple oil/gas drill rig engine conversions; and c) significant increases in the pricing for NGLs (natural gas liquids) which helps our flare capture business.  With oil and gas conversion revenue leading the way, we are on track for one of our best revenue quarters in almost two years with our March 2017 quarter. Mr. Jensen added, “We also see revenue growth patterns in all of our targeted markets including Latin America and Canadian vehicular dual fuel conversions, the U.S. heavy-duty truck dual fuel vehicular conversions and system deployment demand in our flare capture/natural gas liquids recovery business unit.  For example, in January 2017, the Mexican government eliminated certain fuel subsidies for diesel and gasoline resulting in a 15% - 20% increase in diesel fuel prices which is causing fleets to look at natural gas solutions.   In addition, in 2016 the Mexican Environmental Authority began enforcing new regulations to reduce diesel-related emissions.  If a fleet does not comply with the mandated emission reductions, their daily deliveries within certain populous areas can be cut back by almost 20% due to reduced operating hours for noncompliant engines.  These two factors are creating a lot of interest for APG’s EPA approved and CARB Certified dual fuel solutions which have been accepted by Mexican authorities as a compliant emission reduction technology.” Conference CallPlease join us today at 10:00 AM Eastern when we will discuss the results for the three months ended December 31, 2016. To participate, please call 1-888-661-5127 and ask for the American Power Group call using pass code 6194993.  A re...