TORONTO, ONTARIO--(Marketwired - Sep 19, 2013) - MCW Energy Group (TSX VENTURE:MCW) (MCW.V) ("MCW"), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology, today announced the appointment of Karlo Vartan, as Chief Financial Officer of the MCW Energy Group. to replace Richard S. Rawdin who has resigned to focus on other opportunities.
Mr. Vartan will take over the position serving both divisions of MCW, MCW Fuels and MCW Oil Sands Recovery, LLC. He has over 15 years of business experience in corporate finance and securities law and has focused much of his career on emerging growth companies, mergers and acquisition, strategic business planning and alliances, and investor relations. His background includes business strategy consulting, public company representation, mortgage back securities, mergers and acquisitions with high tech firms in Los Angeles and New York.
In addition, MCW announces that it has acquired, through its wholly owned subsidiary, MCW Fuels, Inc. ("MCW Fuels"), a Valero branded gas station (the "Gas Station") in Thousand Oaks, California, including the real property the gas station is located on, owned by a private California corporation, owned and controlled by Alex Blyumkin and David Sutton (collectively, the "Vendors"), both directors of MCW, to settle an aggregate debt (the "Debt") of US$1,038,522 owed by Messrs Blyumkin and Sutton to MCW Fuels.
The Gas Station was independently valued at US$2,700,000 not including US$122,654 of inventory, accordingly, MCW Fuels has become a co-borrower on a loan in the approximate amount of US$1,657,335 which is secured against the Gas Station and MCW and MCW Fuels have issued a Promissory Note in favour of the Vendors for US$126,797.
About MCW Energy Group Limited:
MCW Energy Group Limited, is focused on value creation as (i) a distributor of gasoline and diesel fuels to service stations in Southern California for over 72 years through MCW Fuels Inc., and (ii) as a developer of proprietary technology for the extraction of oil from oil sands at its first field in the Uinta Basin of Utah, USA. MCW is in the process of assembling its initial extraction plant in Asphalt Ridge, where it intends to implement its environmentally‐friendly and cost efficient technology. MCW's management team is comprised of individuals who have extensive knowledge in both conventional and unconventional oil and gas projects and production, as well as refinery and fuel distribution experience. For more information, please visit the corporate website at www.mcwenergygroup.com.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Forward-looking statements in this news release, include, but are not limited to, the commercial viability of the technology and the extraction plant, economic performance and future plans and objectives of MCW. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although MCW believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, MCW disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.