Management’s Reorganization Plan and Statement from the Chairman
CAMBRIDGE, Ontario, August 29, 2013 -(ACCESSWIRE)- W2 Energy Inc. (OTC Markets: WTWO), a developer of renewable energy technologies applied to new generation power systems announced today the new 3200 sq ft non thermal plasma systems manufacturing facility located in Cambridge Ontario where the company will continue to manufacture and develop their products.
"W2 Energy is experiencing a few growing pains," said Chairman Michael McLaren. "On January 31, 2012 the company announced it had signed a binding letter of intent to purchase 51% of Ecobound Fuel Systems. W2 Energy has completed its requirements to satisfy the purchase and is waiting on closing documents from Ecobound to finalize the transaction. The company has since settled in 3200 square feet at 155B Turnbull Crt. Cambridge Ontario where we will continue to manufacture and develop our systems. This move has greatly decreased our overhead significantly which in turn will allow us to focus our funds into getting our systems into the market. The company has also leased 2500 square feet across the street at 120G Turnbull Crt. where this unit will be solely for the production of our biodiesel product."
Chairman McLaren further stated, "W2 Energy will focus on production of the biodiesel and our no. 6 fuel oil replacement as the core source of revenue. We will continue to market our systems and work with our JV partners to bring these agreements to fruition. More important is that the company and its strategic partners, including the binding agreement signed on February 5th with AM biofuels of Pasir Gudang Port of Johor Malaysia to purchase 51% percent of the company, continue to resolve hurdles in developing the financing requirements to finalize these transactions."
For more information on W2 Energy please see www.w2energy.com
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of W2 Energy, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond W2 Energy, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in W2 Energy, Inc.'s filings with the Securities and Exchange Commission.
For further information please contact:
W2 Energy Public Relations and Shareholder Information W2 Energy Inc.
Phone: (519) 800-7556
SOURCE: W2 Energy Inc.