Aqua Power Completes Acquisition of Tradition Transport
MCAP Media Wire – Aqua Power Systems, Inc. (OTC: APSI) (“the Company”) is pleased to formally announce and expand on the recently announced LOI to acquire Tradition Transport Group, Inc (“Tradition”) and its entire portfolio of corporate subsidiaries.
On Friday, December 30, 2022, the completed acquisition was formally announced in an Edgarized SEC Form 8-K. Because of the magnitude of the material disclosure contained within, many investors will refer to this filing as a “Super 8-K.”
The Company strongly advises all interested parties to read the filing in its entirety in order to gain a better understanding of the acquisition that has occurred. This press release will attempt to address some of the highlights of the 8-K, as well as provide commentary from key corporate executives.
On September 16, 2015, Tradition was incorporated under the laws of the State of Indiana. Tradition, headquartered in Angola, Indiana, offers freight transportation, brokerage, truck leasing and financing, warehousing and fulfilment services across the United States, as well as manufactures and sells bolts and fasteners and custom plates, cages, and embeds.
Tradition has approximately two hundred and fifteen (215) full-time employees as of December 2022. Sixty (60) of its full-time employees are drivers, and one hundred twenty-two (122) work in the office. Tradition also employs one hundred thirty-two (132) owner-operators.
Tradition Transport reported approximately $87 million in revenue in its audited financial statements for fiscal year 2021.
Tim Evans, President and Chief Executive Officer of Tradition Transport, said: “Months of planning, talking, and strategizing have paid off, and I’m more enthusiastic than ever for Tradition’s future. Let me start by making it absolutely clear to the entire Tradition family of customers, drivers, and other workers that this transaction does not change the course of our business, other than to amplify and speed up the route we’ve already been on. We think that this acquisition sets Tradition up for further expansion. Tradition has a solid consumer base and is a profitable business. Tradition far outperformed our 2021 audited numbers. When our 2022 audit is over, I’ll talk more about this. Let’s just say that we are expanding and that we now have a strong foundation thanks to this acquisition that will help us go far in the future.”
The Company provided the following as a mission statement that more precisely describes the corporate business as Aqua Power takes on a new life as a result of this acquisition: “Our goal is to create a business that offers dependable logistics and transportation solutions that go above and beyond what our customers and partners anticipate. By investing in the newest technologies, constantly enhancing our services, and placing a high value on the security and wellbeing of our staff members and clients, we aim to lead the industry. Through great service, innovation, and a dedication to excellence, we hope to forge lasting relationships with our clients and business partners.”
The business has launched a new website that will house its corporate updates: http://aquapowersystemsinc.com
According to Aqua Power’s CEO, Stephen Carnes: “It would be impossible to accurately convey all the specifics and future possibilities of this transaction in one release, but I believe that stockholders can understand the tremendous value that Tradition brings to Aqua Power. New business as well as updates on each of Tradition’s subsidiaries will be forthcoming. Literally, there is so much that it is difficult to know where to start. My goal is that shareholders and investors will consider how this deal has developed to date and recognise my efforts to provide the most value and benefit for our esteemed stakeholders.”
In accordance with Sections 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, this press release includes forward-looking statements. These projections are based on management’s current plans and assumptions, but they involve a number of risks and uncertainties that might materially alter the company’s present plans and expectations, as well as its future operational and financial performance. The reports and other documents that the company has filed with the Securities and Exchange Commission and OTC Markets, Inc. OTC Disclosure and News Service contain a more thorough list of the risks and other factors that could have an impact on the company’s business prospects and cause actual results to materially differ from those projected in the forward-looking statements. No forward-looking statements, whether as a result of new information, upcoming events, or other factors, are subject to any responsibility by the firm to publicly update or amend them.