SANTA BARBARA, CA--(Marketwired - December 19, 2013) - Save The World Air, Inc. (the "Company") (ZERO), a developer of integrated solutions for the energy industry, today announced the results of its annual Shareholders Meeting for 2013. Company directors and management discussed the passage of a Shareholder Proxy vote, an update of the Company's first major AOT™ Midstream installation, a proposal to increase its authorized shares of common stock from 200 million to 300 million, and the election of six (6) Board members. Following the Shareholders' Meeting, the Board unanimously appointed Gregg Bigger to serve as Chairman of the Company.
The annual Shareholders Meeting was attended by approximately 200 people at the Fess Parker Santa Barbara Doubletree Hotel and Resort. The presentation provided shareholders with an update regarding the progress and milestones that the Company made during the 2013 calendar year.
"It is my pleasure to report that the Company now has the benefits of a suite of flow assurance technologies, cash and patent position, and that together with our dedicated supply chain partners, we are working to deliver high value solutions to the energy industry companies we work with every day," Mr. Greggory Bigger STWA Chairman and CEO stated. "We want to express our sincere gratitude to our loyal shareholders for their support and confidence."
During the three hour meeting Mr. Bigger read into the minutes the appointment of six (6) newly elected Board Members: Ryan Zinke (Independent), Don Dickson, CEO of Advanced Pipeline Services (Independent), Mark Stubbs, CFO of BBA Aviation (Independent), Charles Blum, Nate Shelton and Mr. Bigger. Mr. Stubbs will serve as Chair of the Company's Audit Committee.
Details concerning the ongoing development, manufacture and commercialization of the Company's Applied Oil Technology (AOT™) crude oil viscosity reduction system were covered in a one hour presentation by STWA's Technical and Operational Director, Mr. Bjorn Simundson.
"We've now made the transition from a purely research and development company to an innovation incubator serving the industry by creating high value solutions for the new energy renaissance," Mr. Simundson stated. "I am very proud of our team and am looking forward to a promising 2014."
Shareholders were presented a general overview and information about the 100-ton AOT™ equipment currently being manufactured by the Company's multiple manufacturing partners in Casper, Wyoming for installation in a tier-one midstream pipeline operator's infrastructure in Q1 2014. In addition, topics such as corporate milestones, achievements and progress made over the course of 2013 were also covered for those in attendance.
"The sophisticated process of designing, engineering and fabricating this innovative flow assurance solution for our customer is nearing completion and will soon be in the field testing on a half-million barrel per day pipeline system in America's heartland," Mr. Bigger commented. "I am delighted with the team's progress and our supply chain's responsiveness and quality of execution. They are truly dedicated professionals doing a job well done, and I wish to thank them and our loyal shareholders for their tireless efforts in seeing this process through. I am humbled and honored by your commitment, thank you."
About Save The World Air, Inc. (STWA)
STWA, Inc. is a Nevada Corporation that works with commercial entities, educational institutions and industry manufacturers to deliver innovative solutions and licensable technologies to the conventional energy production and transportation industry. The Company's Applied Oil Technology crude oil flow assurance technology is currently under evaluation by the energy production and transportation industry as a method by which to improve the economics, safety, and efficiencies of crude oil extraction and transportation systems. More information is available at: www.stwa.com.
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.