NEW YORK, May 30, 2006 (PRIMEZONE) -- W2 Energy Inc., a developer of green energy, is pleased to announce a corporate status report.
Mr. Michael McLaren reports:
On May 5, 2006, the company released news regarding our filing of the 10-sb and subsequent application to AMEX; the following is an update on that release:
The company has prepared the 2 years and stub financials for Y/E 2004, 2005 and YTD. They are now being forwarded to our auditor and will be reviewed shortly. The company has engaged The Lebrecht Group as our corporate securities lawyer; they will file the form 10-sb on our behalf. The company in the interim will file an updated 15c211 that can be viewed on www.pinksheets.com. Once the above is approved the company will instruct our attorneys to continue our application to the AMEX and copies of the audited financials will be mailed to shareholders.
On May 8, 2006, the company released news regarding letters of request for production quantities of diesel fuel; the following is an update on that release:
The company continues to market our diesel product with resounding success and is expected to begin to deliver samples of our product in the coming months. Once samples are accepted, the letters of interest will be converted to purchase orders for the product. The company has currently accepted additional letters of request for production quantities of 500,000 MT per year representing a dollar value of $251.2M in sales in addition to the $1.5B in diesel product already requested.
On May 12, 2006, the company released news regarding an offer to purchase to be submitted on an existing coal plant; the following is an update on that release:
The company is preparing the offer and is presently negotiating the terms of the offer. The company is planning to engage an outside consultant experienced in the procurement of such assets to assist in the negotiations and purchase of the asset.
On May 19, 2006, the company released news regarding off-take requests for our fertilizer product; the following is an update on that release:
The company continues to take requests for the fertilizer and electricity product. The samples of fertilizer product are expected to be delivered at the same time as our diesel samples. Once the samples are accepted the company will negotiate firm off-take contracts for the fertilizer per plant.
On May 22, 2006, the company released news regarding a letter of intent to build a plant in New Zealand; the following is an update on that release:
The company is presently negotiating terms and conditions regarding the plant and will travel to the site once the terms are in place. The company will also be hosting a delegation from New Zealand to view our process in action.
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.