GILLETTE, Wyo., Jan. 29, 2016 /PRNewswire/ -- NuTech Energy Resources, Inc. (OTC: NERG), announces today that the Company has entered into a final agreement to acquire Flowpower LLC of Casper, Wyoming, inclusive of all existing equipment and intellectual properties, such as the rights for its "Power Flow" gas flow generator which NuTech plans to integrate for the optimization of natural gas production. Powered exclusively by state-of-the-art green technology, this innovation will enable the Company to substantially reduce overhead and improve its ecological footprint, simultaneously bolstering its financial position by incorporating an additional revenue source, potentially worth an estimated 15-20 Million Dollars in the first year alone.
The cutting edge Power Flow system generates electricity by utilizing natural gas without burning it. Operating much like a hydro power plant on a dam, the energy is harvested in this environment and is driven from the flow of gas as opposed to water; as a result, with adequate well pressure and volume, the Power Flow technology can enable the Company to utilize the force naturally generated to circumvent the dependence on purchased electricity, making NuTech Technologies the first in its industry to generate natural gas, completely independent of outside resources.
Power Flow technology uses the natural flow of gas to surge through its system, resourcefully creating emission free electricity. Natural gas released from the earth has tremendous force behind it. In a standard operation, regulators are used to reduce the pressure. The "Power Flow" is a completely green power source that can turn natural gas pressure into a literal power plant.
According to the U. S. Energy Information Administration, its expected that natural gas will account for 60% of the projected growth in the U.S. power generation capacity through 2035. Compressed natural gas-powered (CNG) vehicles are expected to increase in numbers over the coming years, which is vital to America's move toward energy independence. Power Flow has the potential to help address the largest single expense associated with CNG production; the electricity production.
"We are extremely enthusiastic about what this means for the Company and our investors. The cost of producing and transporting natural gas has been its Achilles heel for several years. With the acquisition of Flowpower and its existing inventory, we are taking steps to further lower our overall operating costs," stated stated Kevin Trizna, Chief Executive Officer, NuTech Energy Resources, Inc. He concluded: "In our effort to become a true vertically integrated energy company, the acquisition of Flowpower, LLC will not only provide us with the means to produce electricity, but will position us as a visionary forerunner in the use of green technology for future natural gas production."
NuTech intends to use the pressure from their wells to generate the power needed for local operations and foresees great potential for the possibility of enough electricity production to ultimately be sold back into the power grid.
NuTech Energy Resources has recently announced that the Company has initiated plans to organize a meeting between its Board of Directors and Majority Shareholders for the authorization of an open market stock repurchase program, in its continuing effort to attain a NASDAQ listing. The Company has also retained a Security and Exchange Commission approved Auditing firm to complete the necessary action required to fulfill its goal of achieving a Nasdaq Listing. The evaluation process has been initiated, and upon preliminary review of the Company's financial report, the firm will be disclosed. NuTech Energy has additionally retained the auditing services of a distinguished Full-Service CPA firm, in order to fulfill the 2-year audit requirement, and to collaborate with legal counsel, to assist in the Company's strategy to uplist to the world's first and largest "electronic" stock market, the prestigious Nasdaq Exchange.
About NuTech Energy Resources, Inc.: NuTech Energy Resources, Inc. (OTC Markets Symbol: NERG) is a natural gas and oil exploration and development company that has developed a patented technology for the production of coalbed methane (CBM) without the need to pump water. NuTech currently operates wells in the Powder River Basin area of northern Wyoming and has commitments to acquire thousands of additional wells. NuTech Energy Resources, Inc.'s development of proprietary equipment uniquely positions the Company to be able to acquire and profitably operate wells that were previously cost prohibitive. For more information visit: http://www.nutechenr.com/
Safe Harbor: This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly revise any forward-looking statements.
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SOURCE NuTech Energy Resources, Inc.