American Power Group Closes $2.46 Million Private Placement With Existing Shareholders
ALGONA, IA / ACCESSWIRE / April 11, 2022 / American Power Group Corporation ("APG") (OTC PINK:APGI) announces closing the sale of approximately 98.4 million shares of unregistered shares of common stock valued at approximately $2.46 million to existing shareholders, including $2.2 million purchased by entities associated with or controlled by our Chairman.
Chuck Coppa, APG's CEO/CFO stated, "We are very pleased that several of our largest shareholders continue to show their support and confidence in us by leading this most recent capital raise. We intend to utilize a portion of the proceeds to accelerate our V6000 Low-Carbon Dual Fuel solution awareness campaign including trade show participation, demo truck program expansion, website upgrade as well as other visibility initiatives intended to underscore to the immediate economic and environmental benefits of using our V6000 Low-Carbon Dual Fuel solution."
Mr. Coppa added, "As previously noted, our V6000 low-carbon dual fuel solution displacing 50-60% of diesel consumption with domestically available renewable natural gas (RNG) from dairy manure could eliminate between 500 to 610 metric tons of CO2 per year per vehicle and generate a significant negative Carbon Intensity Score. With approximately 2 million late-model Class 8 diesel trucks operating in the U.S. and assuming an estimated CO2 reduction of 500 metric tons per truck per year that equates to the elimination of potentially 1 billion metric tons of CO2 reduction per year."
About American Power Group Corporation (www.americanpowergroupinc.com) American Power Group's subsidiary, American Power Group Inc. provides cost effective dual fuel engine solutions to help accelerate an alternative fuel low-carbon future. Our patented Turbocharged Natural Gas® Dual Fuel Conversion Technology is a unique hardware and software solution that can enable existing high-horsepower vehicular and stationary diesel engines to safely displace a significant percentage of diesel with various forms of clean burning natural gas including low-carbon and negative-carbon renewable natural gas (RNG), captured flare-stack methane gas, conditioned well-head gas, bio-methane gas, compressed natural gas (CNG) and liquid natural gas (LNG). APG's dual fuel solution provides users with a proven technology to meet their Environmental, Social and Corporate Governance ("ESG") objectives by lowering criteria pollutants and greenhouse gas emissions.
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 $4.5+ 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 $4.5+ 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