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Fiscal 2022 Income Will increase 32 % to $3.5 Million as In comparison with $2.7 Million Final Yr
Fiscal 2022 Web Earnings After Taxes of $289,000 as In comparison with a $302,000 Web Loss Final Yr
ALGONA, IA / ACCESSWIRE / December 12, 2022 / American Energy Group Company (“APG”) (OTC Pink:APGI) introduced the unaudited outcomes for the fiscal 12 months ended September 30, 2022.
Chuck Coppa, APG’s CEO/CFO said, “Unaudited internet income for fiscal 12 months ended September 30, 2022, elevated by $848,000 or 32 % to $3,531,000 as in comparison with $2,683,000 for the fiscal 12 months ended September 30, 2021. Our gross margin improved to 48 % as in comparison with final 12 months’s 39 % primarily on account of elevated income and a $130,000 discount in non-cash capitalized software program amortization throughout fiscal 2022. Our penetration into the oil/gasoline fracking market over the previous a number of years has been the first income driver with the fiscal 2022 income improve attributable to follow-on orders from our lead seller/installer. We at the moment have $4+ million of excellent stationary conversion quotes unfold amongst a number of of our sellers/installers.”
Mr. Coppa added, “Our unaudited internet earnings after earnings taxes was $289,000 for the fiscal 12 months ended September 30, 2022 as in comparison with an unaudited internet loss after taxes of $302,000 for the fiscal 12 months ended September 30, 2021. The outcomes for fiscal 12 months ended September 30, 2022 and 2021, embrace different earnings of $158,000 and $154,000, respectively, related to the forgiveness of our Small Enterprise Administration’s Paycheck Safety Program loans.”
Mr. Coppa concluded, “We proceed our efforts to strengthen our steadiness sheet and have diminished our general company debt over the previous 24 months by roughly $6.7 million, together with $2.0 million of long-term debt and the conversion of roughly $4.7 million of convertible debt and accrued curiosity, within the combination, at $0.25 per share. We anticipate submitting our Fiscal 2022 Annual Report with the OTC Markets previous to the top of December 2022 and don’t anticipate any materials modifications in our outcomes as famous above.”
Matt Van Steenwyk, APG’s Chairman famous, “Whereas we now have made important progress over the previous a number of years to solidify APG’s monetary place, this previous 12 months’s efforts have been targeted on rising market consciousness and branding of our V6000 twin gas vehicular resolution which we imagine to probably be essentially the most sport altering side of our enterprise particularly from a decarbonization perspective. There are roughly 2 million Class 8 diesel vans working with the newest OEM emission know-how within the U.S. and assuming they run 125,000 miles per 12 months they’ll eat an estimated 40 billion gallons of diesel per 12 months. With our APG V6000 twin gas resolution working at a minimal 50% displacement price, we might cut back that annual consumption of diesel by 20 billion gallons yearly if carried out throughout this phase of the Class 8 long-haul market. As well as, assuming an estimated CO2 discount of 500 metric tons per truck per 12 months using APG’s V6000 twin gas resolution and dairy RNG, the potential constructive affect on the setting can be within the vary of 1 billion metric tons of CO2 discount per 12 months along with significant internet gas financial savings to the operator. This can be a highly effective message in at present’s setting that we’re taking to the market”.
About American Energy Group Company (www.americanpowergroupinc.com)
American Energy Group’s subsidiary, American Energy Group Inc., (“APG”), supplies cost-effective different fueling options for diesel engines to considerably cut back methane standards pollution and assist speed up a low-carbon future. APG’s Twin Gas conversion know-how is a singular patented {hardware} and software program resolution that permits high-horsepower diesel engines to soundly displace as much as 65% of diesel gas with pure gasoline. Engines outfitted with APG’s Twin Gas know-how can use renewable pure gasoline (RNG), compressed pure gasoline (CNG), liquefied pure gasoline (LNG), captured flare-stack methane and conditioned well-head gasoline leading to decrease value, decrease carbon, and decrease standards pollutant emissions. Moreover, APG’s Twin Gas conversion know-how stays absolutely appropriate with eligible biodiesel blends and renewable diesel fuels additional lowering a diesel engine’s carbon footprint and supply customers with a confirmed regulatory compliant know-how to fulfill their Environmental, Social and Company Governance (“ESG”) aims.
Warning Relating to Ahead-Wanting Statements and Opinions
The issues described herein comprise forward-looking statements and opinions, together with, however not restricted to, statements referring to excellent twin gas conversion quotes for $4 million + and our potential to show these quotes into precise orders. These forward-looking statements and opinions are neither guarantees nor ensures however contain dangers and uncertainties that will individually or mutually affect the issues herein, and trigger precise outcomes, occasions, and efficiency to vary materially from such forward-looking statements and opinions. These threat components embrace, however will not be restricted to, the truth that we could not be capable of convert the $4 million+ of quotes into precise orders, the actual fact our twin gas conversion enterprise has misplaced cash in prior fiscal years and the danger that we could require further financing to develop our enterprise, the truth that we depend on third events to fabricate, distribute and set up our merchandise, we could encounter difficulties or delays in growing or introducing new merchandise and conserving them available on the market, we could encounter lack of product demand and market acceptance for present and future merchandise, we could encounter antagonistic occasions or financial situations, we function in a aggressive market and will expertise pricing and different aggressive pressures, we’re depending on governmental rules with respect to emissions, together with whether or not EPA approval will likely be obtained for future merchandise and extra functions, the danger that we could not be capable of defend our mental property rights, components affecting the Firm’s future earnings and ensuing potential to make the most of its NOLs, the truth that our inventory is thinly traded and our inventory worth could also be risky, and the truth that the train of inventory choices and warrants will trigger dilution to our shareholders. Readers are cautioned to not place undue reliance on these forward-looking statements and opinions, which communicate solely as of the date hereof. Besides as required by legislation, the Firm undertakes no obligation to launch publicly the results of any revisions to those forward-looking statements and opinions which may be made to replicate occasions or circumstances after the date hereof or to replicate the incidence of unanticipated occasions.
Investor Relations Contact:
Chuck Coppa, CEO/CFO
American Energy Group Company
781-224-2411
ccoppa@apgdualfuel.com
SOURCE: American Energy Group Company
View supply model on accesswire.com:
https://www.accesswire.com/731229/American-Energy-Group-Declares-Unaudited-Outcomes-for-Fiscal-2022
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