MIDLAND, Texas, May 24 /PRNewswire/ -- STW Resources Holding Corp. (f/k/a Woozyfly, Inc.) ("STW Holding or STW Resources") formally announced today that it has completed its reverse merger whereby it acquired STW Resources, Inc. ("STW Resources"), a water reclamation company.
Under the terms of the agreement and plan of merger, the shareholders of STW Resources received equal shares of STW Holding. A registered broker dealer has filed the appropriate paperwork with FINRA to obtain a new ticker symbol for quotation on the Over-the-Counter Bulletin Board (OTCBB).
Stanley Weiner, Chief Executive Officer of STW Resources Holding Corp., commented, "This milestone event is part of our aggressive strategy to bring expertise and capital together to take advantage of a large and growing opportunity for water reclamation services. The expanding use of hydraulic fracturing to extract natural gas from shale deposits has created a large, growing and largely unmet need for water reclamation services. We have the ability to treat and reclaim the fracture flowback water after fracturing to protect the nearby environment. To take advantage of this expertise, we recently executed a term sheet to obtain $5 million in funding from Kodiak Capital Group, LLC and we are working to further bolster our working capital position. The reverse merger positions STW as the leading public company in this emerging industry, enabling us to attract additional capital to exploit this exciting opportunity.
"As experts in providing customized water reclamation services, STW Resources plans to help the gas exploration companies exploit the tremendous natural gas resources in Pennsylvania's Marcellus Shale for the use of American citizens, by implementing water reclamation projects there and by identifying potential sites to reclaim hydraulic fracturing flowback water, created during the completion of drilling natural gas wells, as well as by reclaiming Acid Drainage Water," Mr. Weiner said.
"STW Resources is continuing to negotiate a settlement of its outstanding issues with GE Power & Water, a subsidiary of GE Energy. STW Resources does not expect any potential settlement or lack thereof to result in it having to cease operations or impinge on its focused developments in Pennsylvania's Marcellus Shale and other area of the United States and Canada," Mr. Weiner concluded.
About STW Resources
STW Resources, Inc., Midland, Texas, provides customized water reclamation services. STW's core expertise is an understanding of water chemistry and its application to the analysis and remediation of complex water reclamation projects. STW provides a complete solution throughout all phases of a water reclamation project, including analysis, design, evaluation, implementation and operations. For more information, go to: www.stwresources.com.
SOURCE STW Resources Holding Corp.