Tokyo, Japan–(Newsfile Corp. – May 27, 2015) – Aqua Power Systems Inc. (OTCQB: APSI) (the “Company“) is pleased to provide this update regarding its proposed acquisition of Aqua Power System Japan Kabushiki Kaisha (“Aqua Power Japan“), a company specializing in the development, manufacturing, and commercialization of magnesium air fuel cell technologies for generating safe, green, reliable and inexpensive off-grid electricity.
On April 16, 2015, the Company announced it had entered into a Share Purchase Agreement (the “Agreement“) with Aqua Power Japan and Tadashi Ishikawa to purchase all issued and outstanding shares of Aqua Power Japan. Tadashi Ishikawa is the majority shareholder of Aqua Power Japan and also President and director of the Company. Subsequent to entering into the Agreement, the Company entered into discussions to materially alter the structure of the proposed transaction with Aqua Power Japan. In altering the structure, the parties have discussed entering into an exclusive worldwide license of the technology with an option to purchase Aqua Power Japan. The terms for the exercise of the option to purchase Aqua Power Japan are being negotiated.
Tadashi Ishikawa, President of Aqua Power Systems Inc., stated, “Acquiring the global rights to Aqua Power Japan’s patented water activated RMAF magnesium air fuel cell technologies via an exclusive technology licensing agreement will allow us to expedite our business development and expansion plans. In the case that the licensing agreement is completed shortly, I look forward to continuing to advance Aqua Power Japan’s innovative products and technologies which have already been successful in Japan on a global scale.”
ABOUT AQUA POWER JAPAN
Founded in Japan in 2004, Aqua Power Japan develops, manufactures and has successfully commercialized magnesium air fuel cells for generating safe, green, reliable and inexpensive off-grid electricity. Aqua Power Japan’s patented (and patent pending) Realistic Magnesium Air Fuel System (“RMAF”) technology causes electricity to be generated from the chemical reaction of the combination of magnesium, oxygen (air) and a saltwater electrolyte. RMAF powered applications can be refueled virtually without limit using its proprietary lightweight magnesium rods, which fuel the chemical reaction.
RMAF fuel cells have a very long shelf, are lightweight, transportable, environmentally friendly, safe and easily scalable for greater power generation. Aqua Power has aggressively patented (16 patents and patents-pending to date) and actively protects its intellectual property in Japan and internationally.
Aqua Power Japan’s fuel cell technology can be applied to most any application requiring remote power, including emergency preparedness and disaster relief, outdoor recreation, industry (mining, oil and gas, forestry), military, marine (saltwater environments), and automotive opportunities (main drive, electrical subsystems, and backup systems).
Aqua Power Japan has been generating revenue since its initial products were launched in 2009 in Japan. These products included a water-activated AA battery (more than 8 million sold to date), mini-LED flashlights, and portable radios. Aqua Power Japan products gained national attention in Japan following the earthquake and tsunami that devastated many parts of the country in 2011.
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.