NEW YORK, Aug. 24, 2006 (PRIMEZONE) -- W2 Energy Inc. (Pink Sheets:WWEN) a developer of green energy, is pleased to announce a corporate status report.
In regards to the 10-SB filing the company, on advice from its attorney and auditors have decided to pursue and file a SB-2 registration instead of the Form 10-SB. The corporation's board decided that in the best interest of the company a change filing formats which will enable the corporation to execute better on its business plan in a shorter period of time. The Form 10-SB does not allow for registration of a public offering of shares and the company would have to essentially file two separate statements which would cause a delay and increase the overall cost of the transaction. Due to a large number of institutional investor interest in the company and several acquisition candidates, the corporation's board along with its attorney feel the SB-2 registration is the best course of action as this time. This decision will cause a delay in the filings because of the added paperwork.
W2 Energy continues to work on developing joint ventures and strategic alliances to further the company's business plan. The corporation is presently negotiating Memorandums of Understanding with two large North American firms to jointly build and operate 10,000 bbd plants.
The company continues to work with its partner in New Zealand to further the development of that project which was announced earlier. The project continues to move forward and management is happy with the progress.
The 100 bbd plant upgrade is moving along well and renovations have been completed to house the larger plasma unit and our own GTL design.
W2 Energy has begun work to patent several of our technologies and processes and is retaining a patent attorney to files the relevant patents on our designs and improvements on the technologies.
The management of the corporation continues to strive to build shareholder value through market awareness and have begun negotiations with selected acquisition candidates which will complement the company's arsenal of revolutionary technologies as well as immediate cash flow.
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.