Announcement • Jan 19
Aqua Power Systems Inc. Announces Board and Executive Changes Aqua Power Systems Inc. announced that on January 17, 2023, Stephen Carnes, company’s President, Treasurer, Secretary and Director, submitted his resignation as President and Treasurer of the Company and the Company’s Board of Directors simultaneously elected Joseph Davis to be appointed as the Company’s new President and Treasurer. The Company accepted Mr. Carnes’s resignation as President and Treasurer simultaneously with Mr. Davis’s acceptance of the appointment as President and Treasurer. Mr. Davis was also elected to the Company’s Board of Directors on January 17, 2023. Mr. Carnes shall remain on the Company’s Board of Directors and remain the Company’s Secretary. Mr. Davis is a Director of Tradition Transportation Group Inc., and Chief Operations Officer at Tradition Transportation Company, LLC, a subsidiary of Tradition. Mr. Davis was a founder of Merica Logistics and served as the CEO of the company from 2015-2019. Mr. Davis got his start in the transportation industry in 1999 by helping the Evans Equipment Company implement a TMS system. Currently, Mr. Davis oversees all asset operations with the goal of optimizing the process to generate maximum revenue for Tradition Transportation Group Inc. while maintaining the highest safety standards possible. Announcement • Jan 11
Aqua Power Systems Inc. Announces Chief Executive Officer Changes Aqua Power Systems Inc. announced that on January 9, 2023, Stephen Carnes, CEO and President, submitted his resignation as Chief Executive Officer of the Company and the Company’s Board of Directors simultaneously elected Robert Morris to be appointed as the Company’s new CEO. The Company accepted Mr. Carnes’s resignation as CEO simultaneously with Mr. Morris’s acceptance of the appointment as CEO. Mr. Morris has been on the Company’s Board of Directors since previously being appointed on April 27, 2022. Mr. Carnes shall remain on the Company’s Board of Directors and remain the Company’s President. Announcement • Jan 06
Aqua Power Systems Inc. (OTCPK:APSI) completed the acquisition of Tradition Transportation Group, Inc. from Stephen Carnes and Joe Davis. Aqua Power Systems Inc. (OTCPK:APSI) entered into a Letter of Intent to acquire Tradition Transportation Group, Inc. from Stephen Carnes and Joe Davis on October 6, 2022. Aqua Power Systems Inc. (OTCPK:APSI) entered into a definitive agreement to acquire Tradition Transportation Group, Inc. from Stephen Carnes and Joe Davis on December 28, 2022. As part of consideration, Aqua Power Systems will pay $28.6 million. Stephen Carnes will resign in capacity of Chief Executive Officer and appoint Bob Morris as Chief Executive Officer, Joe Davis as Chief Operating Officer and Bob Morris and Joe Davis jointly as Co-Presidents. Any final proposal will be subject to: (a) completion of due diligence as described herein; (b) the negotiation and execution of mutually satisfactory definitive agreements ; and (d) final Board approval. The Issuer is not aware of any legal, regulatory, or anti-trust matters that would adversely affect the ability to complete the Transaction. The transaction is expected to be closed on November 11, 2022.
Aqua Power Systems Inc. (OTCPK:APSI) completed the acquisition of Tradition Transportation Group, Inc. from Stephen Carnes and Joe Davis on January 5, 2023. As of December 2022, Tradition has approximately two hundred and fifteen full-time employees. Sixty of the full-time employees are its drivers, and one-hundred twenty-two are office personnel. Tradition also has one hundred thirty-two owner operator drivers. As of December 31, 2021, Tradition Transport recorded revenue of approximately $87 million in its audited financial statement. 
