American Power Group (OTC:APGI) Concludes $3.45 Million Private Placement

June 02 13:28 2023

The alternative fuel industry is growing at an impressive clip and it is expected to grow in the long term as interest rises in environmentally friendlier forms of fuel instead of the traditional. Hence, it is perhaps not a surprise that more and more investors are nowadays looking into the possibility of getting into this sector and one of the companies which may well be worth tracking at this point is American Power Group Corporation (OTCMKTS:APGI).

The company operates a subsidiary unit named American Power Group Inc which offers cost-effective alternative fuel solutions that lead to a significant reduction in the methane pollutants emanated by diesel engines and also help in building towards a low carbon emission future.

The company was in focus on May 30 after it announced that it had managed to close the sale of 138 units of its unregistered common shares to existing shareholders. The transaction had a valuation of $3.45 million and out of that $3.25 million worth of shares were picked up by entities that were associated with the company’s chairman.

The Chief Executive Officer and Chief Financial Officer of American Power Group Corporation Chuck Coppa spoke about the latest transaction as well. He noted that the market conditions in the alternative energy industry have been challenging and hence it has been difficult for many small companies to get the necessary capital that they needed to bring about growth. He expressed his gratitude to some of the company’s largest shareholders who showed their support and confidence in its business through the transaction.

He added that since October last year, entities controlled by Matt Van Steenwyk, the company’s chairman, had supplied as much as $3.25 million in financing. The money had been used by the company for the purpose of buying all the patents, intellectual property, and technology that had been necessary to develop American Power Group’s flagship dual fuel technology.

The financing had also been used by the company to pay down the loan with the Iowa State Bank. The rest of the cash had been used for inventory building and operations for supporting the company’s stationary dual fuel quotes worth $5 million. Steenwyk noted that as a technology investor he had always been on the lookout for exceptionally disruptive technologies to invest in and his investments were made because of his belief in dual fuel technology from American Power Group.

On May 23, American Power Group had come into focus after it had announced that it had completed the acquisition of all the technology, patents and intellectual property related to its duel fuel technology. Coppa stated at the time that it marked another major milestone for the company since it had completed the acquisition of multiple dual fuel technology patents and related intellectual property. He went on to note that the patents held considerable long-term value and that had been demonstrated over time since American Power Group had managed to gain market leadership in the particular niche.



Disclaimers: The Private Securities Litigation Reform Act of 1995 provides investors a safe harbor in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, assumptions, objectives, goals, assumptions of future events or performance are not statements of historical fact may be forward looking statements. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements, indicating certain actions & quotes; may, could or might occur Understand there is no guarantee past performance is indicative of future results. Investing in micro-cap or growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investor’s investment may be lost or due to the speculative nature of the companies profiled. CaptalGainsReport ‘CGR’ is responsible for the production and distributions of this content. CGR is not operated by a licensed broker, a dealer, or a registered investment advisor. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. CGR has not been compensated to produce and syndicate this content. As part of that content, readers, subscribers, and webs are expected to read the full disclaimers and financial disclosure statement that can be found on our website.

Media Contact
Company Name: Capital Gains Report
Contact Person: Mark McKelvie
Email: Send Email
Country: United States

view more articles

About Article Author