Business
American Power Group Files 2020 Annual Report On OTC Market’s OTCIQ Platform
American Power Group Files 2020 Annual Report On OTC Market’s OTCIQ Platform.
About this update from American Power Group Corp.
[{"type":"text","content":"\n Algona, IA, Sept. 28, 2021 (GLOBE NEWSWIRE) -- American Power Group Corporation (Pink: APGI) today announced the filing of its September 30, 2020 Annual Report on the OTC Market’s OTCIQ platform and the company’s new designation on the OTC Markets as “Pink Limited Information”. Chuck Coppa, APG’s CEO/CFO stated, “With this initial filing and change in designation, we believe we now meet the requirements of amended SEC Rule 15c2-11, which requires that 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 intend to continue to provide updates in compliance with these new reporting requirements pursuant to SEC Rule 15c2-11.” Mr. Coppa noted, “Net sales for the fiscal year ended September 30, 2020 increased $3,451,652, or 171%, to $5,469,711 as compared to $2,018,058 of net sales for the fiscal year ended September 30, 2019. The increase was due primarily to our penetration into the oil/gas fracking market with one stationary customer accounting for approximately $5 million of our fiscal 2020 net sales. Based on the successful performance of our dual fuel solution with this customer, we have seen several follow-on orders as well as new orders from other customers primarily focused on the fracking markets. We anticipate net sales for the fiscal year ending September 30, 2021 to be approximately of $2.6 million. We continue to evaluate new reoccurring dual fuel related revenue opportunities in an effort to offset some of the reporting period fluctuations associated our traditional dual fuel solution equipment sales.” Mr. Coppa added, “Since June 2017, we have reduced our overall corporate term debt by approximately $8.8 million, including the conversion of $2.5 million of convertible debt and accrued interest, in the aggregate, which were converted at $0.25 per share at June 30, 2021. In addition, we’ve invested approximately $850,000 in the development of our next generation V6000 Low-Carbon Dual Fuel solution. On September 27, 2021, we announced the commercial launch of our V6000 and noted that when using low-carbon and negative-carbon renewable natural gas (“RNG”) sources we can enable the Cla...