HOUSTON, TX, April 30, 2014 /PRNewswire/ - Well Power, Inc. ( OTCQB: WPWR),- (The Company), is pleased to provide a corporate update. The Company and management continue to progress the business of Well Power Inc.
The Company, in collaboration with ME Resource Corp. ("MEC"), the licensor of the Micro-Refinery Unit ("MRU"), will host a live webinar on May 1, 2014. There has been a strong response from the oil and gas industry as registration is nearing capacity. Professor Gregory Patience of Ecole Polytechnique de Montreal, and director of MEC, along with Christian Neagoe, director of Well Power Inc., will facilitate the webinar from their labs at the University where the development of the MRU is taking place. The Company will hold a second webinar for shareholders, investors, and those interested in learning more about this flare reducing technology.
The Company continues to advance their Pilot Project Collaboration with MEC, and is moving towards identifying a suitable industry partner in the state of Texas to move forward with in the implementation of the MRU pilot project.
The Company has also initiated negotiations with MEC on the expansion of its territory as gas flaring continues to be an issue in the US as is indicated by Ryan Salmon, who is the lead author and manager of Ceres' oil and gas program, who stated, "The US is now one of the top 10 flaring countries in the world, primarily due to the rapid growth of flaring in North Dakota."
Currently, Well Power Inc. has the state of Texas under license and once the Company completes its license obligations by the end of May, the Company will seek to address the gas flaring issues by increasing its licensed territory to neighboring states, with the eventual goal of securing all oil and gas producing regions in the United States.
About Well Power, Inc. (the "Company")
The Company has acquired an exclusive license from MEC, a Canadian publicly listed company that is developing 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.