TOKYO, Sept. 8, 2015 /PRNewswire/ -- Aqua Power Systems Inc. (OTCQB: APSI) ("Aqua Power" or the "Company") is pleased to announce that its Board of Directors has approved the cancellation of 105,863,935 shares of the Company's common stock currently beneficially owned by Mr. Tadashi Ishikawa in exchange for 1,500,000 shares of Series A Preferred Stock to be issued to Mr. Tadashi Ishikawa.
Series A Preferred Shares are convertible into common shares of the Company at a ratio of 1:100, meaning every one (1) Preferred Series A Share may be converted into 100 common shares of stock at the option of the holder. In addition, the holder of each share of Series A Preferred Stock shall have the right to one (1) vote for each share of common stock into which such Series A Preferred Stock could then be converted.
Tadashi Ishikawa, who is also the President of Aqua Power Systems Inc., commented, "The completion of this share restructuring will dramatically reduce the number of common shares issued and will effectively strengthened our Company's ability to take advantage of any potentially complementary acquisition and financing opportunities that could present themselves."
As a result of this restructuring, there will be a total of 59,066,942 common shares issued and outstanding. In addition, there will be 1,500,000 Series A Preferred Shares issued and outstanding, all held by Tadashi Ishikawa, President of the Company. All common and preferred shares held by management, insiders, and control persons of the Company are restricted from trading pursuant to the rules of the SEC.
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 risk factors 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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SOURCE Aqua Power Systems Inc.