GUELPH, Ontario, Jan. 25, 2013 /PRNewswire/ -- W2 Energy, Inc. (OTC: WTWO) is pleased to report on 2012's past year progress and looking forward into 2013.
2012 was a defining year for W2 Energy Inc. It allowed the company to move forward out of the main focus of the company; research and development and allow a new transition in an exciting phase; sales, marketing and manufacturing.
We put several strategic agreements in place to ensure W2 Energy had the right structure and team to meet its goals and execute on its business plan.
We signed an agreement with SES International and Ecobound; which generated a purchase order for 7 of our new rotary combustion engines.
As a result of these agreements, the company booked our first significant income in 2012 and as of our last quarter we had received $115,000.00 in cash.
The company finished the acquisition of our biodiesel processor in 2012. The plant was shipped and installed in our facilities in Guelph, Ontario. We put into place several waste oil, methanol and finished product purchase and sale agreements. Presently, we are running test batches of product and tuning the system to ensure the best quality product and to meet ASTM specifications. We expect the unit to be in full production first quarter of this year.
We also acquired new technologies, which over time, will assist in making our gas to liquids technology more efficient. The technology is capable of being a stand-alone product or as part of green energy package that includes our rotary engine.
During the year we implemented our coal water slurry processor and are presently producing test quantities. The product is being tested for compatibility as a direct number 6 fuel oil replacement. We are also in the process of testing for combustion characteristics by a third party lab, which will allow us to market the product to a broader base of clients.
Also in 2012, the advancement and redesign of the solar bug went from putting the one seated unit to a two seated unit with cargo space. The battery system has been redesigned as well as modifications have been made to allow for a W2 Energy rotary combustion engine as a range extender. We missed our mark on our completion date on this project simply due to the re-allocation of resources but, will continue to move this product forward and hope to have the new design ready for initial prototypes in the first half of 2013.
During the year we continued on with our plans of clearing the land to construct our greenhouses with the algae bio-reactors. We hired several consultants who assisted us in the process of environmental studies, environmental impact studies, tree removal plans, surveys and permit approvals. 2013 will see big changes in our property as we begin the process of construction. The company also intends on adding office space to the front of the building and signage for street presence.
We continue to push forward on all fronts and intend on having our audited 2011-2012 financials ready for submission with a registration statement early this quarter. During the year we also increased our capitalization to 2.5 billion shares this will allow us to execute on our business plan of increasing the balance sheet with hard assets and revenue generating acquisitions. We also decreased our debt load which included secured debt and debentures by approximately $300,000 dollars by the issuance of common stock. We also raised capital via the issuance of preferred shares and debt.
Moving Forward Into 2013
2013 will be a defining year for W2 Energy. Years of hard work and patience is the key to seeing the fruits of our labour. We have generated several new strategic alliances throughout the world which are generating new sales leads on a daily basis. We will begin to see several new contracts for fuel products and take off agreements as well as JV agreements on our coal and bio-mass to liquid fuel systems. 2013 will also see new faces in senior management roles. With our continued growth we will need to put into place a strong management team with experience in international business as well as daily management. We look forward to an exciting year at W2 Energy and would like to take this opportunity on behalf of the board and management; to thank all of those who have worked so hard over the years to make this dream become a reality.
About W2 Energy:
W2 Energy Inc. develops renewable energy technologies and applies it to new generation power systems. Specifically, W2 Energy's plasma assisted bio-mass to energy plants, utilizing the state of the art technologies to produce green energy in 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
W2 Energy Inc.
Phone: (519) 800-7556
SOURCE W2 Energy, Inc.