(NewsDirect)
McapMediaWire --Aqua Power Systems Inc. (OTC: APSI ) (“the Company” or“Aqua Power”) a leader in reliable logistics and transportationsolutions, held a Special Meeting of the Board on Wednesday, January25, 2023. At the meeting a plan of action was approved by the Board toaddress suspected illegal “naked” short selling of the Company’scommon stock.
Over the course of the last two weeks, Company management andrepresentatives have had multiple meetings with Securities Regulatorsas well as the Attorney General’s office regarding what the Companybelieves has been targeted and illegal “naked” short selling ofthe Company’s common stock. The most recent meeting being a roundtable conference call with officials and Company management onWednesday of this week. The Company has provided and continues togather additional information it believes will assistregulators.
TheCompany strongly believes that there has been a very large volume ofillegal “naked” short selling in the Company’s common stocksince announcing the completion of the Company’s recent acquisitionat the end of December 2022.
Robert Morris, Chief Executive Officer of AquaPower, stated, “My first and foremost concern is for the well-beingof our investors and to protect shareholders against any form ofimproper trading by market participants at any level. We believe thattrading patterns and activity since the beginning of the year stronglysuggest the work of aggressive and sustained shorting. The Companybegan taking decisive steps working directly with regulators. We havefull intentions of taking any and all necessary steps to come to thebottom of everything and hold any wrong-doing partiesaccountable.”
Mr. Morris continued, “I am aware of other companies hiringlaw firms and other specialized reporting agencies in an effort toidentify and combat illegal short selling in their own company’sstock, however we believe the stronger and more effective approach isto bring any such activity immediately and directly to those withproper power and authority to protect investors. At this point, thisisn’t about the Company per se, this is about protecting individualinvestors and the integrity of the markets. The best disinfectant issunlight and exposure, and we are bringing everything into clear view.We truly value our shareholders.”
Safe Harbor: This Press Release containsforward-looking statements within the meaning of Section 27A of theSecurities Act of 1933 and Section 21E of the Securities Exchange Actof 1934. These forward-looking statements are based on the currentplans and expectations of management and are subject to severaluncertainties and risks that could significantly affect theCompany’s current plans and expectations, as well as future resultsof operations and financial condition. A more extensive listing ofrisks and factors that may affect the Company’s business prospectsand cause actual results to differ materially from those described inthe forward-looking statements can be found in the reports and otherdocuments filed by the Company with the Securities and ExchangeCommission and OTC Markets, Inc. OTC Disclosure and News Service. Thecompany undertakes no obligation to publicly update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise.
ContactDetails
Stephen Carnes
+1 407-674-9444
Copyright (c) 2023 TheNewswire - All rights reserved.