Tokyo, Japan--(Newsfile Corp. - August 27, 2015) - Aqua Power Systems Inc. (OTCQB: APSI) (the "Aqua Power" or "Company") announced today that on July 13, 2015, the Company released its annual operating results for the year ended March 31, 2015. A summary of the results of operations for the Company includes:
- Net loss of $103,859 for the year ended March 31, 2015, compared to a net loss of $99,839 for the eleven months ended March 31, 2014, an increase in net loss of $4,020.
- Net loss from operations of $122,944 for the year ended March 31, 2015, compared to a net loss from operations of $124,576 for the eleven months ended March 31, 2014, a decrease in net loss from operations of $1,632.
- Working capital deficit of $95,367 at March 31, 2015, compared to a working capital deficit of $106,644 at March 31, 2014, an increase in working capital of $11,277.
- Net cash used from operations of $155,304 for the year ended March 31, 2015, compared to net cash used from operations of $11,112 for the year ended March 31, 2014.
Fiscal 2016 Outlook
The Company and its management team continue to move forward with an aggressive business development strategy, despite the difficult economic environment, focusing on asset and cash management while developing our objectives in order to build sustainable growth within the Company and value for its stakeholders.
During fiscal 2015, management was able to decrease overall general and administrative expenses by over 45% and will continue to closely monitor day-to-day operating costs to focus more cash and assets to our long-term business objectives. Management will continue to monitor and manage the Company’s cash needs to minimize the operating cost of debt financing.
Tadashi Ishikawa, President of Aqua Power Systems Inc., commented, "We have been very successful at managing and cutting costs during the last year. Now that we have completed the acquisition of Aqua Power System Japan Kabushiki Kaisha ("Aqua Power Japan") our corporate growth and expansion strategy can be moved forward. The acquisition enables Aqua Power Systems to accelerate growth, raise additional working capital, launch new exciting products, increase production capacity and build a dynamic distribution network."
With the acquisition completed, the Company has complete control and ownership of all of the Realistic Magnesium Air Fuel System ("RMAF") products, patents and other intellectual property. The RMAF technology has significant benefits over traditional fuel cells and batteries, including:
- Indefinite shelf life - ideal for long-term storage for emergency use;
- Extremely lightweight and easily transported;
- Totally green - recyclable, no toxic emissions;
- Low cost – much lower cost than hydrogen and zinc-air fuel cells;
- Safe - no risk of overheating or exploding, as shown in Li-ion fuel cells;
- Indefinitely refuelable; and
- Easily expandable for greater power generation.
ABOUT AQUA POWER SYSTEMS, INC.
Aqua Power Systems, Inc. (APSI), through its wholly-owned subsidiary Aqua Power System Japan Kabushiki Kaisha (Aqua Power Japan), is a developer, distributor, and marketer of magnesium air fuel cell products. Founded in 2004 by Tadashi Ishikawa, President of APSI, Aqua Power Japan has successfully commercialized magnesium air fuel cells for generating safe, green, reliable and inexpensive off-grid electricity.
Aqua Power Japan's patented (and patent-pending) Realistic Magnesium Air Fuel System ("RMAF") technology causes electricity to be generated from the chemical reaction of the combination of magnesium, oxygen (air), and a saltwater electrolyte. RMAF powered applications can be refueled using its proprietary lightweight magnesium rods, which fuel the chemical reaction. RMAF fuel cells have a long shelf, are lightweight, transportable, environmentally friendly, safe and scalable for greater power generation. Aqua Power Japan has aggressively patented (16 patents and patents-pending to date) and protects its intellectual property in Japan and internationally.
Aqua Power Japan's fuel cell technology can be applied to many applications requiring remote power, including emergency preparedness and disaster relief, outdoor recreation, industry (mining, oil and gas, forestry), military, marine (saltwater environments), and automotive opportunities (main drive, electrical subsystems, and backup systems).
Aqua Power Japan has been generating revenue since its initial products were launched in 2009 in Japan. These products included a water-activated AA battery (more than 8 million sold to date), mini-LED flashlights, and portable radios. Aqua Power Japan products gained national attention in Japan following the earthquake and tsunami that devastated many parts of the country in 2011.
For additional information regarding Aqua Power, please visit www.aquapowersystems.com.
On behalf of the Board Tadashi Ishikawa, President
For further information please contact: info@aquapowersystems.com.
Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with intellectual property protection, marketing and sale, manufacturing and distribution and difficulties associated with obtaining financing on acceptable terms. We are not in control of energy trends and prices and these could vary to make our business development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the riskfactors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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