GUELPH, Ontario, March 12, 2012 /PRNewswire/ -- W2 Energy, Inc. (OTC: WTWO) is pleased to announce that it is has signed a Letter of Intent to acquire a 51% majority interest in Arctic Solar Engineering, LLC ("ASE") from U.S.-based EGPI Firecreek, Inc. (OTCBB: EFIR).
Arctic Solar Engineering, LLC integrates Solar Thermal Energy technology patented over 30 years ago by Daimler Aerospace in Germany. This technology is effectively being used throughout Germany and other parts of Europe, Asia and the Middle East. ASE's competitive advantage is product knowledge and knowledge of how water based energy systems work. ASE and its Solar Thermal Energy Systems can be successfully implemented to reduce an average building's energy consumption by up to 70%.
ASE's Solar Thermal Energy System was recently installed in the Chesterfield, MO, City Hall. The system consisted of 110 solar thermal arrays and an 8000 gallon thermal mass energy storage tank, which has a name plate capacity of 82 kilowatts and an estimated annual production of 110 megawatt hours. Energy savings to the City are expected to pay back 100% of the City's investment within 7 years, which will eventually equate to zero costs to the city for energy produced by the system.
Fred Sussman, Arctic Solar Engineering CEO, stated, "From the inception of our company, we had the foresight to see that our technology would help establish a significant importance in the way local, state and federal governments looked at cost effective renewable energy sources and energy conservation." He also stated, "We are excited at the prospects of having W2 Energy's expertise and commitment in expanding our presence in the water-based energy sector of the market."
Mike McLaren, W2 Energy President and CEO, stated, "We believe that Arctic Solar and its Solar Thermal Energy Systems will be an excellent addition to our service and product lines. By taking a majority interest in ASE, this strategic acquisition will enable us to expand our business base, while increasing our presence in the alternative energy market." He also stated, "We are confident that acquisitions like ASE will be an integral part in our Company's ability to show exponential growth. We look forward to working together with ASE and its management in order to effectively offer solutions to current demands by federal, state and local municipalities, as well as various commercial industries."
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.