LONDON, Nov. 20, 2009 (GLOBE NEWSWIRE) -- Flex Fuels Energy, Inc. ("Flex" or the "Group") (OTCBB:FXFL) announces that it has filed its quarterly results to September 30, 2009.
Since December 2008 the Group has bought back a total of 24,854,477 shares, reducing the Group's issued share capital by 35.82% for an aggregate consideration of $198,835. There are now 44,525,967 shares of our common stock outstanding.
At the closing market Ask price on November 19, 2009 of $0.08 per share our stock was trading at a significant discount; of around 50% to cash of approximately $0.16 per share.
The current market valuation does not, in the opinion of management, fully take into account either our cash value or the potential upside of progress made by the Group during the year to date;
The unviable Cardiff Project envisioned by previous management
has been closed and central overhead costs rationalised;
The Group has developed a strategy to rebuild value by entering
a selection of tightly managed, high potential growth projects;
The Group has entered and progressed the first of these, the
WDX Organisation Ltd.("WDX"), our majority owned subsidiary
business in the financial algorithm space. As announced on October
26, 2009, WDX has filed its first U.S. patent for the technology
behind its Wocu(TM) financial derivative product, designed to mitigate
currency volatility risk.
Going forward the Group intends to;
Develop the WDX subsidiary business by commercialising the Wocu(TM) and associated WDX algorithmic products in development; Build value through further acquisition of technology interests with high growth potential; Maintain tight control of central cost and overhead; Regularly communicate the Group's plans and progress to the market and its stockholders, to ensure its stock can be evaluated effectively to reflect true value;
Tom Barr, CEO, commented; "Given the difficulties of last year I can understand why the market might have applied a discount to our cash. However, apart from discretionary activities on the Group's part, these issues are now behind us."
About Flex Fuels Energy, Inc.
Flex Fuels is a development Group with technology interests in the UK and mining exploration activities in British Columbia, Canada.
To find out more about Flex Fuels Energy (OTCBB:FXFL), visit our website at www.flexgp.com.
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.