NEW YORK, April 11, 2007 (PRIME NEWSWIRE) -- W2 Energy Inc. (PinkSheets:WWEN), a developer of green energy, is pleased to announce a corporate status update.
Mr. Michael McLaren reports:
Registration Statement
The company has received back the 2006 audited financials which were needed to complete the new 10-SB submission. The company has responded to all of the comments received from the SEC from the first 10-SB submission dated 10-25-2006. The main point was their request for W2 Energy to present a consolidated financial that included World Wise Technologies, whom W2 Energy purchased for a 1-for-1 share exchange on December 15, 2004. The SEC also requested that the 2006 audited financials be included in the next submission. The company is compiling all of the information and will be resubmitting within the next 3 weeks.
Commercial Plant Construction
The company continues forward on the design for the scale-up of the technology to larger systems and presently has plant designs for a 100 bbd, 1000 bbd both for syngas to FT-diesel as well as syngas to Methanol products. The company continues to await the final design of the reactor before it begins construction of the commercial plants.
Financing
The company has entertained a number of financing offers for the construction of W2 Energy's projects. Negotiations are underway with selected companies and have to-date shown promising results. The company has presently turned down 2 offers for finance including the offer previously announced on August 8th 2006. Mr. Michael McLaren states, "The officers and directors of W2 Energy felt the offer was not in the best interest of the shareholders or the company and could have potentially been toxic, thus creating unnecessary dilution to the capital stock of the company. Therefore we declined the offer after many months of negotiations. Unfortunately the OTC market is saturated with companies looking to exploit microcap issuers desperate for cash, thus our push to move the company to a more recognized exchange. As we demonstrated in this case we will not sacrifice the future of the company in order to reach our financial goals quicker; the company continues to be funded adequately and will seek financing offers that meet the needs and goals of the company, the shareholders and the objective of the funder."
Technology
W2 Energy has begun to evaluate other technologies acquired in the acquisition of World Wise Technologies. We have met with the company patent lawyer and are now preparing several patented applications for the Rotary Engine, the SEGS (Small Electrical Generating System), as well as the Low Head Water Turbine. The company also has several other propitiatory technologies in robotics, artificial intelligence, and mechanical compression technologies. Mr. Michael McLaren stated, "We are compiling our technologies and applying the modifications and advancements required to file additional patents in order to secure the longevity of the technology. These technologies are still very much on the cutting edge and the company will be seeking venture partners and or buyers for the technologies that no longer fit the over-all business plan."
Joint Ventures and Partnerships
W2 Energy is continues to negotiate an opportunity that will accelerate the company's business plan. The negotiations are moving well and have been favorable for both W2 Energy and the potential partner. Once the agreement is completed the joint venture will provide a product off-take contract, a constant source of raw materials and finance. The agreement will also provide infrastructure in the form of logistics, management, engineering and corporate support.
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.