ALGONA, IA / ACCESSWIRE / May 30, 2023 / American Power Group Corporation ('APG') (OTC PINK:APGI) announces closing the sale of approximately 138 million shares of unregistered shares of common stock valued at $3.45 million to existing shareholders, including $3.25 million purchased by entities associated with or controlled by our Chairman.
Chuck Coppa, APG's CEO/CFO, stated, 'Given current market conditions in the alternative energy space, access to growth capital for small companies has been challenging so we remain very pleased that several of our largest shareholders continue to show their support and confidence in us by leading this most recent capital raise. Since October 2022, entities controlled by our Chairman, Matt Van Steenwyk, have provided us with $3.25 million of additional funding which has been used to complete the purchase of all patents, technology and related intellectual property associated with our dual fuel technology, pay off our remaining Iowa State Bank loan in January and the balance used for operations and inventory buildup to support our $5 million of stationary dual fuel quotes.'
Matt Van Steenwyk, APG's Chairman noted, 'As a technology investor, I am always looking for a situation where a company has an extraordinarily disruptive technology that can address multiple market drivers. In APG's case, that is significant emission reductions as well as meaningful economic savings and a low cost of entry. APG's technology is the only cost-effective solution for existing diesel engines that can optimize use of multiple low carbon fuels such as RNG, renewable diesel and biodiesel blends that provide a pathway for dramatic carbon reduction, even turning the results negative. While other infrastructure fueling alternatives are years or decades away, we provide millions of existing diesel engine owners an affordable path to reduce operating costs and meet their ESG sustainability objectives.'
About American Power Group Corporation (www.americanpowergroupinc.com)
American Power Group's subsidiary, American Power Group Inc., ('APG'), provides cost-effective alternative fueling solutions for diesel engines to significantly reduce methane criteria pollutants and help accelerate a low-carbon future. APG's Dual Fuel conversion technology is a unique patented hardware and software solution that enables high-horsepower diesel engines to safely displace up to 65% of diesel fuel with natural gas. Engines equipped with APG's Dual Fuel technology can use renewable natural gas (RNG), compressed natural gas (CNG), liquefied natural gas (LNG), captured flare-stack methane and conditioned well-head gas resulting in lower cost, lower carbon, and lower criteria pollutant emissions. Additionally, APG's Dual Fuel conversion technology remains fully compatible with eligible biodiesel blends and renewable diesel fuels further reducing a diesel engine's carbon footprint and provide users with a proven regulatory compliant technology to meet their Environmental, Social and Corporate Governance ('ESG') objectives.
Caution Regarding Forward-Looking Statements and Opinions
The matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to outstanding dual fuel conversion quotes for $3.5 million and our ability to turn these quotes into actual orders. These forward-looking statements and opinions are neither promises nor guarantees but involve risks and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events, and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to, the fact that we may not be able to convert the $3.5 million of quotes into actual orders, the fact our dual fuel conversion business has lost money in prior fiscal years and the risk that we may require additional financing to grow our business, the fact that we rely on third parties to manufacture, distribute and install our products, we may encounter difficulties or delays in developing or introducing new products and keeping them on the market, we may encounter lack of product demand and market acceptance for current and future products, we may encounter adverse events or economic conditions, we operate in a competitive market and may experience pricing and other competitive pressures, we are dependent on governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications, the risk that we may not be able to protect our intellectual property rights, factors affecting the Company's future income and resulting ability to utilize its NOLs, the fact that our stock is thinly traded and our stock price may be volatile, and the fact that the exercise of stock options and warrants will cause dilution to our shareholders. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. Except as required by law, the Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Investor Relations Contact:
Chuck Coppa, CEO/CFO
American Power Group Corporation
SOURCE: American Power Group Corporation
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