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.