American Power Group Provides Update On Corporate Realignment
AMERICAN POWER GROUP CORP (APGI)
NASDAQ:AMEX Investor Relations:
americanpowergroupinc.com/press-releases.html
Company Research
Source: GlobeNewswire
- Continued Low Priced Oil Negatively Impacting Operations and Revenue Opportunities -- Board Evaluating Immediate Closure of Operations - LYNNFIELD, Mass., Aug. 15, 2017 (GLOBE NEWSWIRE) -- American Power Group Corporation (OTCQB:APGI), today announced it will extend the filing of its June 30, 2017 Quarterly Form 10Q via SEC Form 12b-25. On June 6, 2017, the company announced a corporate wide realignment of its strategic direction, reallocation of resources and reduction in workforce in response to significant operating losses due to the impact that continuing low oil prices were having on the company’s dual fuel and flare capture businesses. The realignment resulted in a reduction in annual operating costs of over $2 million on a go forward basis. Chuck Coppa, APG’s CEO/CFO stated, “The fundamental conditions facing our dual fuel business over the last several years have not changed. With oil prices remaining below $50 per barrel, the price differential between oil and natural
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