W2 Energy Announces Correction Regarding EGM World LLC
GUELPH, Ontario, June 26, 2012 /PRNewswire/ -- W2 Energy, Inc. (OTC: WTWO) has been notified of a minor correction regarding information publicly disseminated about Dubai based EGM World LLC (referred as "EGM").
In previous press releases, while giving a description of EGM, it was reported that EGM was funded by the Royal Investment Fund of Abu Dhabi. W2 Energy stands corrected by stating, "EGM was actually funded by the Emirates Investment House in Abu Dhabi."
As previously reported, W2 Energy through its Joint Venture Partnership with W2H of Luxembourg Holdings SA, signed an Agreement with EGM World LLC for the immediate development of a demonstration plant in Dubai for the testing of EGM's fuels with W2 Energy's technology. Upon successful results, a binding financial commitment of $10 million dollars (USD) given by EGM shall be released for joint development projects.
Plans are for the successful refurbishment of biomass power plants in Germany and other EU countries, the joint development of 10 ton/day prototype plants in the UAE and GCC in order to produce synthetic EGM fuels from carbon based waste materials for power production, and 10 ton/day power plants in Durban, Botswana and Zimbabwe where the various municipalities have already provided power purchase agreements for power produced by these plants.
Additional plans call for the joint development of a 150 KW demo plant in Austria, a standalone fast deployable container-based energy systems for power and fuel production, and a prepaid OFF grid system with small 5-10KW/h W2H generator sets and EGM bio-oil (fuel) for rural area electrification in order to increase quality of life for the approximate 1.5 billion people who currently live without power.
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.
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.