PORTLAND, Oregon, January 13, 2017 /PRNewswire/ --
Converde Energy USA Inc. ("Converde" or "XFUL"), (OTC Markets OTC Pink: XFUL), is pleased to announce the completion of a Share Exchange Agreement to merge Hydration Company of PA, LLC into Converde Energy USA Inc. This Share Exchange Agreement will provide a new direction and management for Converde and its Shareholders as well as renewed value.
Mr. Brad Domitrovitsch, the majority membership interest holder in Hydration Company of PA, LLC ("HCPA") and Converde have completed the Share Exchange Agreement (the "Agreement") whereby Converde, Inc. shall relinquish control to HCPA, while retaining a holding of preferred shares sufficient to 30% of the voting rights with additional rights stated herein, in exchange for Brad Domitrovitsch's contribution of his membership interest in HCPA to the Corporation. The Corporation has agreed to issue the common capital stock and control of Converde. In addition, the sitting members of the board of directors agreed to resign and appoint Mr. Brad Domitrovitsch as sole director.
As of the date of the Agreement, the corporation has received resignations from Mr. Michael McLaren and Sigmund Friberg. In addition, the Board acknowledges that Mr. Pierre Besuchet, who was appointed to the Board, has passed.
Mr. Brad Domitrovitsch Chairman & CEO of HCPA states, "We are enthusiastic to complete the next phase of evolution of HCPA. We believe access to the public markets will increase our value to our shareholders and competitive edge through the growth capital that the market affords us."
About Hydration Company of PA, LLC
HCPA is engaged in the businesses of water exploration, water augmentation, and the treatment of impacted waters. Through its subsidiaries and partners, we design, build, and operate regional water treatment facilities. HCPA is a leader in water-neutral energy solutions, as well as providing waste water technologies specifically designed to improve the impaired water disposal process.
The Company's IP delivers one of the highest energy yields from a broad range of water-bearing assets, with one of the lowest capital expenditures of any other known water processes.
HCPA offers a range of low cost attractive modular systems or fixed facilities via its water conveyance methodologies, which produce low cost water solutions in partnership with select small to large-size industrial energy users, government agencies, and non-profit watershed groups in target markets.
HCPA has pending contracts with government agencies and multiple industrials across a broad range of markets.
For additional information Visit our website at: http://americanenergy-inc.com/
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of Converde, statements relating to goals, plans and projections regarding the Converde' financial position and business strategy. The words or phrases "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think", "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. NutraFuels cautions readers not to place undue reliance on such statements. NutraFuels does not undertake, and NutraFuels specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from NutraFuels' expectations and estimates.
SOURCE Converde Energy USA Inc.