$XFUL HUGE NEWS!! Converde Energy Shareholder Update
CAMBRIDGE, ON--(Marketwired - Jul 16, 2015) - Converde Energy USA Inc. (OTC PINK: XFUL) is pleased to report on company progress.
On May 28th, 2015 the company announced we had purchased all of the existing shares of Xfuels LLC. We continue to integrate the brand into our corporate vision and as of today's date, the company has approved a final corporate action to change the name of the company to Xfuels Inc. from Converde Energy USA Inc. This will complete our rebranding strategy and vision and we will move forward as Xfuels Inc. with Mr. Isaac Voss at the helm. Mr. McLaren will continue to act as CEO and director but continuing forward Mr. Voss will implement his skills to build our corporate vision.
Our existing projects are moving forward comfortably and are producing revenue for the company. Our growth over the past has been accelerated to meet our delivery targets and to date we continue to do so.
We continue to concentrate our attention on sales and now we are in the progress of performing various testing on feedstock samples sent from customers in Europe, Canada and the United States. Once complete we will move forward with executing Joint Venture agreements and purchase orders with the various companies.
The company is also focusing on our core grinder technology and has begun marketing this technology for stand-alone applications in targeted market sectors. One such application is the grinding of plant fibers for paper manufacturing. It is our intent to position the grinder as an independent product that can be sold in quantity rather than as an engineered system.
The company is also in the final stages of negotiations for a joint venture using our grinding technology to produce wood pellets in Ontario Canada for export. The company will contribute a 460 mill and related engineering and labor to the project and the JV partner will be supplying land and a building site as well as management and sales.
As reported in our last update the company continues to pursue assets in the green fuel production business as well as traditional energy assets that fit our corporate vision. Coal tailings, coal waste sites and stranded or distressed gas assets are still among our target acquisitions. We are in negotiations with 2 such companies, which will bring asset value and cash flow to the company.
We continue to work Government funding to raise the capital necessary to build our own pilot plant in Canada and to date have been successful in securing funding under several programs. The goal is to achieve up to 50% of the plant cost in government loans and grants the balance will be acquired through both debt and equity finance within the project.