TOKYO — Aqua Power has approved the cancellation of 105,863,935 shares of the Company’s common stock currently beneficially owned by Mr. Tadashi Ishikawa in exchange for 1,500,000 shares of Series A Preferred Stock to be issued to Mr. Tadashi Ishikawa.
Series A Preferred Shares are convertible into common shares of the Company at a ratio of 1:100, meaning every one (1) Preferred Series A Share may be converted into 100 common shares of stock at the option of the holder.
In addition, the holder of each share of Series A Preferred Stock shall have the right to one (1) vote for each share of common stock into which such Series A Preferred Stock could then be converted.
Tadashi Ishikawa, who is also the President of Aqua Power Systems Inc., commented, “The completion of this share restructuring will dramatically reduce the number of common shares issued and will effectively strengthened our Company’s ability to take advantage of any potentially complementary acquisition and financing opportunities that could present themselves.”
As a result of this restructuring, there will be a total of 59,066,942 common shares issued and outstanding. In addition, there will be 1,500,000 Series A Preferred Shares issued and outstanding, all held by Tadashi Ishikawa, President of the Company. All common and preferred shares held by management, insiders, and control persons of the Company are restricted from trading pursuant to the rules of the SEC.
ABOUT AQUA POWER SYSTEMS, INC.
Aqua Power Systems, Inc. (APSI), through its wholly-owned subsidiary Aqua Power System Japan Kabushiki Kaisha (Aqua Power Japan), is a developer, distributor, and marketer of magnesium air fuel cell products. Founded in 2004 by Tadashi Ishikawa, President of APSI, Aqua Power Japan 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 using its proprietary lightweight magnesium rods, which fuel the chemical reaction. RMAF fuel cells have a long shelf, are lightweight, transportable, environmentally friendly, safe and scalable for greater power generation. Aqua Power Japan has aggressively patented (16 patents and patents-pending to date) and protects its intellectual property in Japan and internationally.
Aqua Power Japan’s fuel cell technology can be applied to many applications 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).