AQUA POWER SYSTEMS CORPORATE UPDATE ON EXPANSION OF BOARD, SHARE CANCELLATION AND BUSINESS COMBINATION PROCESS

Rhea-AI Summary

Aqua Power Systems Inc. (OTC Pink: APSI) announced the appointment of Robert Morris to its Board of Directors as it aims to complete a business merger. President Stephen Carnes expressed that Morris's extensive business experience will greatly benefit the company during this critical phase. Additionally, Aqua Power is seeking a court judgment on May 18, 2022, to cancel 32,942,624 shares of Common Stock held by a former executive officer, which could impact the share structure significantly.

Positive

• Appointment of Robert Morris to the Board of Directors enhances the company's leadership as it seeks a merger.
• Morris brings extensive business expertise and industry contacts that may facilitate successful business combinations.

Negative

• Pending court decision on May 18, 2022, could lead to cancellation of 32,942,624 shares, potentially affecting stock value.

Winter Park, FL, May 10, 2022 (GLOBE NEWSWIRE) -- Aqua Power Systems Inc. (OTC Pink: APSI) recently announced via an 8-K filing that the Company has added Robert Morris to the Company’s Board of Directors.  The Company welcomes Mr. Morris to the Board of Directors as the Company is focused on completing a business combination and merger.

Stephen Carnes, President of APSI, stated, “The addition of Mr. Morris to the Board of Directors is very beneficial to Aqua Power.  Bob has vast business expertise as well as a broad base of knowledge and contacts across many industries.  Bob is a highly successful entrepreneur and business professional.  Aqua Power is fortunate to have Bob join the Board of Directors as we seek to complete a merger and business combination for the Company.”

Mr. Morris is a graduate of Indiana University (Bloomington) and has served as a State Representative in the Indiana House of Representatives since 2010. 

In the Indiana House of Representatives, Mr. Morris serves on the following committees: 

• Commerce, Small Business and Economic Development (Chairman)
• Utilities, Energy and Telecommunications
• Roads and Transportation

Carnes continued, “I am very pleased to have Bob on the board of Aqua Power as the Company works toward achieving common goals with the target company with whom Aqua Power is pursuing a business combination.  I have a strong desire to achieve a business combination for Aqua Power in a timely fashion and all parties are working towards achieving long term common goals while at the same time covering all necessary due diligence items required in such a transaction.  I look forward to providing additional updates at the earliest possible convenience.”  

Share Reduction Update:

The Circuit Court of The Ninth Judicial Circuit Orange County Florida recently set a hearing date of May 18, 2022, for Aqua Power to be heard in the matter of a Motion for Entry of Default Final Judgement.   At his hearing Aqua Power will be requesting the Court for default judgment in the case.  The case seeks to cancel shares held in the name of one of the Company’s former executive officers as outlined in court filings.  The request is to cancel 32,942,624 shares of the Company’s Common Stock. 

Safe Harbor: This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the Company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the Company with the Securities and Exchange Commission and OTC Markets, Inc. OTC Disclosure and News Service. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Stephen Carnes
407-674-9444

FAQ

What is the significance of Robert Morris joining Aqua Power Systems' Board of Directors?

Robert Morris's appointment is significant as he brings extensive business expertise, which could aid Aqua Power in successfully completing its merger.

What shares is Aqua Power seeking to cancel in court?

Aqua Power is requesting the cancellation of 32,942,624 shares of Common Stock held by a former executive officer.

When is the court hearing for Aqua Power's share cancellation request?

The court hearing for Aqua Power's share cancellation request is set for May 18, 2022.

How could the share cancellation impact Aqua Power Systems' stock?

The cancellation of shares could impact Aqua Power's stock value by reducing the overall number of shares in circulation.