Orlando, FL, January 29, 2021 – – Aqua Power Systems Inc. (OTC PINK: APSI) announced today that Stephen Carnes has recently been appointed as President and CEO of the Company. Mr. Carnes has vast experience working with publicly traded companies and within the securities industry. Under his leadership the Company will be pursuing an ambitious growth strategy in order to bring new value to the Company and shareholders.
A Letter from Stephen Carnes
Aqua Power Systems Inc.
Dear Fellow Shareholders,
First, thank you for being a valued shareholder of this Company and I sincerely hope that you will see the value in remaining a shareholder for years to come. I myself am a fellow shareholder and your success is my success. While I am new to this Company, I am not new to the operations of publicly traded companies nor the markets. I believe that my numerous years of experience navigating the treacherous waters of the public markets will serve of great value in order to affectively oversee the Company’s ambitious growth objectives.
This press release and letter are just the first steppingstones of communication regarding the Company’s new direction and steps being taken to revitalize this Company after many years of being dark from a reporting standpoint.
With the lack of any management for several years proceeding, in late 2020 the Company had a custodian appointed by the courts in order to assist the Company to find new life so to speak. In December 2020 the custodian appointed me as the new President and CEO and it was at this point that I began the behind the scenes “off stage”, non-glamorous work to revive the company.
The status of the company is that it is now current with the State of Nevada. In late December 2020, the company formed a wholly owned subsidiary named Parabolic Adventures Inc. Further details on this subsidiary, its business direction and operations will be forth coming.
The Company has a retained a CPA with public and auditing experience who has already set up accounting books and procedures for both Aqua Power as well as its subsidiary Parabolic Adventures. The CPA has all of the documents and financials to finalize the two years of financials and by first of next week we will be ready for an audit by an independent auditing firm. My plans for the company is to bring it back to fully reporting current status with the SEC. The Company does desire to remain an alternative reporting company, my plan is to rapidly bring the company to current status by filing audited financials thru EDGAR with the SEC.
In addition to the Company preparing financials for an audit in order to become a fully reporting SEC filer; the Company is also undertaking a course of action to clean up and eliminate outstanding past debt listed on the Company’s financials in its last 10-K which dates back to the 2015 annual report. As many of you may have noticed, the Company did file a form 15-D in December 2020, that was needed at that time. The Company is now ready to forge forward at this time to go thru an independent audit and after the audit is completed file Annual 10-K reports in order to return to fully reporting status.
I realize a number of shareholders will likely want to have answers to such questions as: When will a website be up? When will you release the next press release? What is Parabolic Adventures Inc. I just ask that you understand that a lot is going on behind the scenes in order to get the Company back to Current Status. All in due time. Trust me, I know shareholders desires for communication, and I look forward to keeping everyone updated regularly. My goal is to add a very large amount of value to this company. I don’t wish to trip over pennies when seeking dollars.
Additionally, I just yesterday morning set up a Twitter account for the Company.
The account user name is: @inc_apsi
Please note there is nothing yet posted on the Twitter account at this moment, the account was literally just created. I wanted to be able to share the Company’s official Twitter account in this letter and Press Release so that all shareholders will know that this is the official Twitter account. I encourage you to follow this account so that you may stay up to date on all communications from the Company.
I look forward to keeping everyone up to date on the Company’s progress and developments. I believe that shareholder conference calls are a very effective means of communicating with shareholders and the Company will be announcing the first of many to come shareholder conference calls in the very near future.
I sincerely hope that you will stick with us on our exciting journey forward.
Safe Harbor: This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company’s current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company’s business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission and OTC Markets, Inc. OTC Disclosure and News Service. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.