LONDON, Oct. 26, 2009 (GLOBE NEWSWIRE) -- Flex Fuels Energy, Inc. ("Flex" or the "Group") (OTCBB:FXFL) announces that its majority owned subsidiary, the WDX Organisation Ltd. ("WDX"), has received filing confirmation for a United States patent application for the technology and method behind its unique derivative product, the Wocu(TM), effectively a virtual World Currency quotation.
The patent application to the United States Patent and Trademark Office was filed under number 12/557,419 on September 10, 2009 and confirmation of filing received on October 21, 2009. The patent application is designed to protect WDX's computer implemented method for determining the value of a global currency unit using real time currency values and International Monetary Fund Gross Domestic Product data to weight those values to evaluate the Wocu(TM).
The Wocu(TM) quotation is derived by a sophisticated proprietary algorithm premised on the top 20 world economies' currency pair market prices, outputted in real time. The Wocu(TM) offers commercial advantages to international corporations and nations compared to denominating international trade in the U.S. Dollar. The Wocu(TM) is less volatile against national currencies compared to individual currency pairs, including against the U.S. Dollar. This lowered volatility offers commercial users reduced risk and hedging costs. In addition, a significant proportion of commodity exporting states are philosophically in favour of denomination options other than the U.S. Dollar; this is anticipated to make Wocu(TM) pricing of oil, metals and soft commodities an attractive alternative. The integrity of the Wocu(TM) is overseen by the WDX Institute ("WDXI"), an independent body. The WDXI, advised by commercially disinterested academics, will police the functioning of the Wocu(TM) algorithm, free of commercial or political influence.
Tom Barr, CEO of Flex Fuels Energy, Inc., commented: "The Wocu(TM) is a unique proposition. Flex has high expectations of the Wocu(TM) and the WDX business. This U.S. patent application is an important step to protect its value."
About Flex Fuels Energy, Inc.
Flex is a Development Group with financial technology interests in the UK and mining exploration activities in British Columbia, Canada. Information about WDX and the Wocu(TM) live quotation can be found at www.wocu.com. WDX can be contacted at info@wocu.com or +44 (0) 203 009 3390.
To find out more about Flex Fuels Energy (OTCBB:FXFL), visit our website at www.flexgp.com.
The Flex Fuels Energy, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4085
Forward-Looking Statements
The statements in the press release that relate to the Group's expectations with regard to the future impact on the Group's results from acquisitions or actions in development are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Group believes that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Group, or any other person, that such forward-looking statements will be achieved. Since the information may contain statements that involve risk and uncertainties and are subject to change at any time, the Group's actual results may differ materially from expected results. Flex Fuels Energy, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.