ALGONA, IA / ACCESSWIRE / December 3, 2021 / American Power Group Corporation ('APG') (OTC PINK:APGI) announced the preliminary results for its fiscal year ended September 30, 2021.
Chuck Coppa, APG's CEO/CFO stated, 'Net sales for the fiscal year ended September 30, 2021, were approximately $2.68 million as compared to approximately $5.47 million of net sales for the fiscal year ended September 30, 2020. Our penetration into the oil/gas fracking market over the past two years has been the primary revenue driver with one stationary customer accounting for approximately $1.6 million and $5.0 million of our fiscal 2021 and 2020 net sales, respectively. As announced in October, this customer placed an additional $1.4 million order which we have shipped this quarter. Based on the successful performance of our dual fuel solution with this customer, we have received orders from new customers primarily focused on the fracking market, with one accounting for approximately $750,000 of fiscal 2021 net sales. We currently have approximately $4.7 million of outstanding dual fuel conversion quotes with these and other potential stationary customers. We continue to evaluate new reoccurring dual fuel related revenue opportunities in an effort to offset some of the reporting period fluctuations associated with our traditional dual fuel solution equipment sales.'
Mr. Coppa added, 'Our net loss for the fiscal year ended September 30, 2021 was approximately $302,000 as compared to a net profit after tax benefits of approximately $694,000 for the fiscal year ended September 30, 2020. Our ongoing efforts to reduce fixed operating costs as well as reduced long-term debt have positively impacted our net results. During fiscal 2021, we reduced our overall corporate liabilities by approximately $3.6 million, including $1.1 million of long-term bank debt and the conversion of $2.5 million of convertible debt and accrued interest, in the aggregate, which were converted at $0.25 per share at June 30, 2021.'
Mr. Coppa concluded, 'We anticipate filing our Fiscal 2021 Annual Report with the OTC Markets prior to the end of December 2021 and do not anticipate any material changes in our results as noted above.'
About American Power Group Corporation
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 non-invasive 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. See additional information at: www.americanpowergroupinc.com
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 final financial results for the fiscal year ended September 30, 2021. 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 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
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