Aqua Power Systems Provides Corporate Update and Enumerates On Newly Acquired Subsidiaries
McapMediaWire -- Aqua Power Systems Inc. (OTC: APSI) (“the Company” or “Aqua Power”) would like to provide shareholders an update on recently announced changes within the Company’s corporate management structure.
The Company recently announced, via Form 8-K, changes within the Company’s management structure including officers and directors. With the Company’s recent acquisition of Tradition Transportation Group, Inc. management believed it prudent to alter the Company’s management structure to delegate management functions and maximize future growth potential for the Company more effectively and efficiently.
As announced in a recent Form 8-K, Robert Morris, who has been a director of the Aqua Power since April 2022, became Chief Executive Officer (CEO) of Aqua Power Systems Inc. on January 9, 2023. Mr. Morris was selected to become CEO based on his relevant experience, background, and professional and personal reputations. Mr. Morris is a highly successful entrepreneur and business professional. Mr. Morris is a graduate of Indiana University (Bloomington) and has served as a State Representative in the Indiana House of Representatives since 2010.
Additionally, on January 18, 2023, the Company announced via Form 8-K that Joseph Davis had been recruited and agreed to become President and Treasurer of the Company in addition to being added as a third Director to Aqua Power Systems, Inc growing Board of Directors. Mr. Davis comes to Aqua Power with more than 20 years of experience in the transportation and logistics industry having been on the operations side for most of that time. Mr. Davis is presently Tradition Transport Group, Inc’s Chief Operating Officer.
Stephen Carnes, who had been Aqua Power Systems, Inc.’s CEO/President and a Director of the Company since December 2022, shall remain on Aqua Power’s Board of Directors as well as continue to serve as Secretary of Aqua Power.
Tradition Transport Group, Inc, a subsidiary of Aqua Power, has six subsidiaries within the trucking, logistics, warehousing, and brokering industries. In a previous press release dated January 4, 2023, Aqua Power Systems indicated that it was the Company’s intention to update shareholders in a progressive fashion, regarding each of Aqua Power’s newly acquired Tradition subsidiaries.
Tradition Transport Group, Inc is a well-established enterprise providing multitudes of logistical solutions throughout North America pertaining to OTR logistics that include but are not limited to freight management, reverse logistics, freight brokerage, dispatching, equipment leasing and dedicated services warehousing with rail access. The Company is pleased to introduce Tradition Logistics and Freedom Fright Brokerage to our valued stakeholders. Highlights on both follows.
Robert Morris, Chief Executive Officer of Aqua Power, reports that offices at Tradition’s Indianapolis, IN location are undergoing an overhaul, which includes new drywall, paint, finishing touches, and new signage for the exterior front of the site. This fresh look will signify, intentionally, the start of a bold new chapter for Tradition Transport. CEO Morris stated: "This new look is a statement to the public that we are continuing era of growth and expansion for Tradition.”
Tradition Logistics provides time-sensitive warehousing, logistics and freight management to all 48 continental states and internationally throughout Mexico and Canada. In addition to its current service lines and operations, the company is presently focusing on enhancing and developing shipping and rail services through the Savannah Port in Georgia. Tradition Logistics has capabilities that include sophisticated transport and inventory management services, just-in-time product management, inventory control, multi-point product distribution, and site-specific warehousing and storage trailers.
More precisely, Tradition Logistics operates six (6) warehouses with four (4) in Indiana, in the cities of Angola, Indianapolis, Greenfield, and Greenwood; and two (2) located in Georgia, centered in Statesboro and Savannah. The warehouses together provide more than 2 million sq. ft. of office, warehouse, and logistics capacity, specifically:
Angola Office and warehouse 135,500 sq. ft.
Franklin Office and warehouse 389,319 sq. ft.
Greenfield Fulfillment Center 432,000 sq. ft.
Greenwood Warehouse 584,820 sq. ft.
Statesboro Warehouse 205,934 sq. ft.
Savannah Port Facility 311,265 sq. ft.
It is the intention of the Company to continue to expand warehousing capabilities and holdings. Tradition is currently in late-stage negotiations with a new customer to utilize our rail and warehousing services in Savannah, Georgia and the Company hopes to proudly announce details of securing this new major contract in the near future.
Freedom Freight Brokerage is Tradition's OTR brokering solution. To distill complex operations in a nutshell, carrier sales representatives initially identify and qualify third party carriers, then customer account managers solicit and onboard customers, and finally the carriers and customers are then linked using either DAT or the truck stop load boards. Freedom Freight Brokerage is an asset-based brokerage, meaning that it is an affiliate of an asset-based carrier (Transport's trucking division). Approximately ten percent of the freight originates from, or is moved by, Transport's trucking division.
Primary operations for Freedom Freight Brokerage are located at the Franklin Office, which will be relocated within the Indianapolis Metropolitan area. The Franklin Office houses approximately forty (40) brokers in total.
CEO Morris concluded: "Tradition Transport Group, Inc has many layers of business and its important for me to communicate to our investors how we plan to maximize everything we now have and take it to the next level. To think in terms of Tradition only being a trucking company is short-sighted. The foundation they have already laid in the other sub-sectors of logistics, warehousing, and brokering all work hand-in-hand within the growing transportation industry to streamline services and increase revenues."
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 several 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.