WTWO News W2 Energy Amends Agreement With European
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WTWO News W2 Energy Amends Agreement With European Joint Venture Partner W2H Luxembourg Holdings SA
2012-07-23 09:00 ET - News Release
Amendment Includes Exclusive Option To Purchase 33% of W2 Class A Preferred Stock For $4,500,000
GUELPH, Ontario, July 23, 2012 /PRNewswire/ -- W2 Energy, Inc. (PINKSHEETS: WTWO) is pleased to announce that W2 Energy has amended its Joint Venture Agreement with European partner W2H Luxembourg Holdings SA. (referred as "W2H")
The amendment includes an exclusive preferred stock offer which allows W2H the option to purchase up to 33% of the Company's Class A Preferred Stock for $4,500,000. The amendment also includes an annual renewal of the original Agreement which had originally been set for an initial six month trial period.
As previously reported, W2 Energy signed a Joint Venture Partnership with WH2 Luxembourg Holdings SA. The partnership calls for the marketing and joint development of W2's patented product lines throughout the European Union (EU), Africa, the Middle East and GCC. Specific products will include W2 Energy's NT Plasmatron, Grinder, SteamRay Engine, Multi-fuel Gas to Liquid Reactor, NT Plasmsatron Fuel (Bio oil/water/coal ignite) and The SunFilter Algae Bio Reactor.
Mike McLaren, W2 Energy President and CEO, stated, "We are extremely pleased with the new amendments to our original Agreement. We believe that W2H's request for an exclusive option to purchase an equity stake in our Company for up to $4.5 million dollars shows their commitment in our Company. We find it to be a fairly strategic move that confirms their belief of what the future holds for W2 Energy and our JV Partnership."
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