NEW YORK, April 7, 2005 (PRIMEZONE) -- W2 Energy Inc. (Pink Sheets:WWEN) is pleased to provide an interim Company update. Mr. Michael McLaren, President and CEO, reports the following important news:
Management continues to work diligently on the corporate restructure and its capital funding goals. The corporation is looking to expand the company's resources thru a series of Memorandums of Understanding and Joint Venture relationships.
The corporation is proceeding with the intent to break ground on the Combination Biomass to GTL (gas to liquid) and electricity plant in early to mid-summer of 2005 in southern Ontario.
Capital funding in line without project plan is under negotiation with a number of sources whom have either committed or have expressed interest to commit. The financing plan calls for a series of financings which include equity, debt and government funding. The corporations target is 20 million USD over the next 2 years to bring the plant to fruition as well as a significant amount of operating capital and credit lines.
The company and its present management continue to strive for increased investor awareness and build shareholder value to levels that will accommodate our capital structure and project plan. Although there are many market barriers as a junior public company, the management and its key shareholders have unfaltering focus on the company's success.
About W2 Energy Inc.
W2 Energy Inc. is a growing, publicly traded company on the OTC (Pink Sheets:WWEN) that develops renewable energy technologies and applies it to new generation electrical power systems. Specifically, W2 Energy Inc. produces Green Power utilizing its core-patented technologies to produce green power generating and clean transportation fuel plants utilizing bio-mass and GTL technologies. W2 Energy Inc. has seasoned management and cutting edge technology. W2 Energy Inc. owns a large technology portfolio of patents and know-how that has been extensively validated and ready for commercial production.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, statements are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted projections. These risks and uncertainties include, among other things, energy market volatility, product demand, market competition, and risk inherent to the company's research and development operations.