MIAMI, FL — April 27, 2026 — Alaska Pacific Energy Corp. (OTC: ASKE) (the "Company") today announced the full cancellation of six million dollars ($6,000,000+ USD) in outstanding convertible debt obligations previously held against the Company. This debt cancellation represents a major milestone in the Company's ongoing financial restructuring and strategic transformation.
Debt Cancellation Details
The $6,000,000+ in convertible debt — consisting of convertible promissory notes, convertible debentures, and/or related debt instruments convertible into shares of the Company's common stock — has been fully extinguished and is no longer an obligation of Alaska Pacific Energy Corp. The cancellation eliminates the associated conversion features that had represented potential dilutive overhang on the Company's issued and outstanding shares of common stock. The Company will record the full cancellation of this indebtedness on its books and records and will reflect this event in its next financial disclosure filed with OTC Markets Group in accordance with OTC Disclosure & News Service requirements.
Management Commentary
"The cancellation of $6,000,000+ in convertible debt is a transformative event for Alaska Pacific Energy Corp. and a direct reflection of our commitment to rebuilding a clean, investor-friendly capital structure," said a representative of Alaska Pacific Energy Corp. "This action eliminates a significant liability from our balance sheet, removes substantial dilution risk for our existing shareholders, and positions the Company on a stronger footing as we continue advancing our digital music distribution business. We are grateful to all parties involved in facilitating this resolution."
Strategic Context
This debt cancellation is part of the Company's broader financial and operational restructuring initiative, which includes transitioning the Company into a digital music distribution platform designed to serve independent artists, record labels, and content creators. The elimination of this convertible debt removes a material overhang that had weighed on the Company's financial position and reduces the risk of dilutive share issuances to former debt holders.
The Company believes this development will improve its ability to attract new strategic partners, raise cleaner capital, and execute on its growth strategy going forward.
About Alaska Pacific Energy Corp.
Alaska Pacific Energy Corp. (OTC: ASKE) is a diversified holding company headquartered in Miami, Florida, currently transitioning into the digital media sector through the development of a digital music distribution platform. The platform is designed to provide independent artists, record labels, and content creators with tools to distribute and monetize their music. The Company is committed to transparent communication with its shareholders through official disclosures and press releases published on its OTC Markets Group company profile.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates, forecasts, and projections about the Company, the industries in which the Company operates, and the beliefs and assumptions of management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The Company undertakes no obligation to update any forward-looking statements.