Sale of 51% Interests in Arctic Solar Engineering, Inc. to W2 Energy, Inc.
As previously reported, EGPI Firecreek announced the signing of a Letter of Intent in order to sell off 51% majority interest in their subsidiary Artic Solar Engineering, Inc. EGPI expects to finalize the binding Definitive Agreement with W2 Energy, Inc. (OTCPK: WTWO) within the next 7-10 days.
Dennis Alexander, EGPI's CEO, stated, "Due to varied regulatory changes over the last six months with the Frankfurt Exchange, we have had to modify our initial agreement with CUBO which caused several unforeseen delays. However, we now have formulated the changes necessary, have a clear direction, and are very excited about initiating our relationship. Additionally, we believe are also ready to move forward with CUBO assignees on our drilling programs aimed at the Ellenburger formation in the TUBB Lease and the seismic study, as prep for plans for the drilling of the Barnett Formation." He also stated, "We also plan to complete the sale for 51% majority interest in our Arctic Solar subsidiary to W2 Energy, Inc. within the next several days now that both parties have completed their required audited year-end and unaudited first quarter financial statements. We look forward to establishing long term relationships with both parties and are very excited with the opportunities that both companies bring to the table."
Sentiment: Strong Buy