TOKYO, Sept. 11, 2015 /PRNewswire/ — Aqua Power Systems Inc. (APSI) (the “Company”), operating through its wholly owned subsidiary Aqua Power System Japan Kabushiki Kaisha (“AP Japan”), is pleased to provide this update with respect to the financial condition of AP Japan as of the year ended March 31, 2015. A full copy of the financials may be viewed in the Company’s 8K filing on July 14, 2015, on Edgar at www.sec.gov.
AP Japan launched its first commercial product, a water-activated, carbon-magnesium 1.5 Volt AA battery, in 2009. This first generation battery, marketed under the NoPoPo (short for “No Pollution Power”) brand name, came with a water injection pipette to inject water or other liquid into the chamber to activate the power cell. These batteries were used primarily for powering LED flashlights, mini lanterns, and portable radios.
Starting in March 2011, as a result of a natural disaster, the NoPoPo products gained recognition in Japan as demand grew for mobile power solutions that were cost effective and easily deployable.
AP Japan has sold over eight million of these first generation batteries which has helped to fund further research and development efforts, ultimately leading to 16 patents and/or patents-pending to date.
Revenues in the fiscal year to March 31, 2015, were $193,035 with minimal marketing efforts while AP Japan has focused on the development of their patented technology, including additional products and enhancements to existing products.
During the 12 months ended March 31, 2015, AP Japan received over $1,000,000 of financing. Since that time, the Company has also secured additional cash infusions, which will be more fully disclosed in the financials for the quarter ending September 30, 2015. These funds have been used for research and development purposes, and to assist in finding additional distribution channels which are expected to lead to increased sales.
Tadashi Ishikawa, President of the Company, commented, “We are excited about the upcoming release of new products. The fact that our earlier products are still in demand is a clear indicator of what we can expect once our new products are released. I am extremely thankful to our investors who clearly share our excitement and continue to support our development of new, technologically advanced lighting and power generation products.”
ABOUT AQUA POWER SYSTEMS, INC.
Aqua Power Systems, Inc. (APSI), through its wholly-owned subsidiary Aqua Power System Japan Kabushiki Kaisha, is a developer, distributor, and marketer of magnesium air fuel cell products. Founded in 2004 by Tadashi Ishikawa, Aqua Power Japan has successfully commercialized magnesium air fuel cells for generating safe, green, reliable and inexpensive off-grid electricity.
On behalf of the Board Tadashi Ishikawa, President
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Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the Transaction.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.