Well Power Inc. signs definitive license agreement for micro-refinery technology
HOUSTON, TX, Jan. 30, 2014 /PRNewswire/ - Well Power, Inc. (OTCQB:VOELD),- (The Company), is pleased to announce that it has entered into a definitive exclusive licensing and distribution agreement (the "Agreement") with ME Resource Corp. ("MEC"), a Vancouver based company listed on the Canadian Securities Exchange since 2009 under the symbol "MEC".
"We are extremely pleased to have executed the Agreement and commence our new business direction. With the support of our new partner, MEC, we are excited to introduce an innovative and beneficial technology to the US market," states, Cristian Neagoe, CEO of the Company.
MEC is led by a strong management team and board of directors. The Chairman of the MEC is Parminder Singh, former Managing Director of Microsoft Canada's Development Center and current President of Intellectual Ventures Canada. Dr. Michael Raymont, former President of the National Research Council of Canada and current President of AVAC Ltd., also sits on the board of directors. He is joined by Professor Gregory Patience of Ecole Polytechnique de Montreal's Chemical Engineering Department. Professor Patience is MEC's Chief Technology Officer, and leads the continued development of the MRU in partnership with École Polytechnique de Montréal, which is facilitated through a research agreement with the university and MEC. Professor Patience has established a research and development lab at the university for catalysis, catalyst design and fluid-bed reactions. This lab is considered the most advanced in the country.
Under the terms of the License Agreement, the Company obtained the exclusive right to distribute proprietary Micro Refinery Units (MRUs) to the oil and gas industry in the State of Texas. The MRU processes wasted natural gas, including stranded, shut-in, flared and vented gas and produces valued end-products including Engineered FuelTM (diesel, diluents, synthetic crude) and clean electrical power.
This MRU is an assembly of proven commercial technologies with a proprietary micro-processing system as the key technology component. With the addition of catalytic reactors and power generation components, various liquid and power outputs can be achieved. Once fully developed, the MRU is expected to bring innovation to existing practices and standards by processing raw natural gas flow of 75 mcf to 250 mcf, in a transportable and modular system. The MRUs will be factory built and be adaptable for various outputs including diluents, no sulfur diesel and pipeline quality synthetic crude. The MRUs will also generate remote power.
In addition to the liquid outputs and electrical power, MRUs will also significantly reduce the emissions of Green House Gases (GHGs). Associated natural gas is a byproduct of the oil and gas extraction process and is often considered more of a nuisance than an economic resource. In order to get rid of this waste gas, some of it is burned on reaching the surface with a process called flaring, and some of it is directly released into the atmosphere without burning through venting. Each commercial MRU is expected to reduce CO2 emissions by 542 tonnes/year, and once optimized a reduction of 1224 tonnes/year.
The Agreement provides the Company with the exclusive rights to distribute and deploy MRUs in the State of Texas, and provides for a Right of First Refusal in all other states. The Company will pay a non-refundable licensing payment of $400,000 USD which will be used towards the engineering and development of a full scale pilot in the licensed territory.
About Well Power, Inc. (the "Company")
The Company has acquired an exclusive license from MEC, a Canadian publicly listed company that is creating mobile and scalable Wellhead Micro-Refinery Units (MRUs) deployable close to the wellhead to process raw natural gas into liquid fuels and clean power. As a result of the License Agreement, the Company is now a development stage company seeking to commence the new business of distributing MRUs in the State of Texas and from there into other geographical areas.
The Company is looking to position itself as a technology company, which will provide oil and gas producers and operators a solution to process otherwise wasted natural gas, including stranded, shut-in, flared and vented gas and produce valued end-products including Engineered FuelTM (diesel, diluents, synthetic crude) and electrical power.
For more information about the Company please visit our website at www.wellpowerinc.com
Further information on the Company and its filings can be found at www.sec.gov
Forward Looking Statements
Some information in this document constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the closing of the share exchange agreement. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Well Power, Inc., herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Well Power, Inc., disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
SOURCE Wellpower inc.