W2 Energy Amends Agreement With European Joint Venture Partner W2H Luxembourg Holdings SA
Amendment Includes Exclusive Option To Purchase 33% of W2 Class A Preferred Stock For $4,500,000
GUELPH, Ontario, July 23, 2012 /PRNewswire/ -- W2 Energy, Inc. (PINKSHEETS: WTWO) is pleased to announce that W2 Energy has amended its Joint Venture Agreement with European partner W2H Luxembourg Holdings SA. (referred as "W2H")
The amendment includes an exclusive preferred stock offer which allows W2H the option to purchase up to 33% of the Company's Class A Preferred Stock for $4,500,000. The amendment also includes an annual renewal of the original Agreement which had originally been set for an initial six month trial period.
As previously reported, W2 Energy signed a Joint Venture Partnership with WH2 Luxembourg Holdings SA. The partnership calls for the marketing and joint development of W2's patented product lines throughout the European Union (EU), Africa, the Middle East and GCC. Specific products will include W2 Energy's NT Plasmatron, Grinder, SteamRay Engine, Multi-fuel Gas to Liquid Reactor, NT Plasmsatron Fuel (Bio oil/water/coal ignite) and The SunFilter Algae Bio Reactor.
Mike McLaren, W2 Energy President and CEO, stated, "We are extremely pleased with the new amendments to our original Agreement. We believe that W2H's request for an exclusive option to purchase an equity stake in our Company for up to $4.5 million dollars shows their commitment in our Company. We find it to be a fairly strategic move that confirms their belief of what the future holds for W2 Energy and our JV Partnership."
Karl Georg Neubacher, Chairman of W2H Luxembourg Holdings SA, stated, "We believe the new amendments to our original Agreement reflect our ongoing commitment to the European JV partnership and W2 Energy." He also stated, "By obtaining an exclusive right to purchase W2 Energy's Class A Preferred stock, we will now have the abilities to exercise a vested interest in the success of the Company that will benefit all parties involved."
About W2 Energy:
W2 Energy Inc. develops renewable energy technologies and applies it to new generation power systems. Specifically, W2 Energy's plasma assisted biomass to energy plants utilize state of the art technologies to produce green energy both fuel (sulfur free diesel) and electricity at the most efficient cost in capital investment and production per/barrel, per/Megawatt. W2 Energy Inc. has seasoned management, cutting edge technology and owns a large technology portfolio of patents and know-how that has been extensively validated and ready for commercial production.
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
Mr. Joseph Vazquez
Phone: (754) 204-4549
SOURCE W2 Energy, Inc.
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.