Company to be renamed Cycle Energy Industries Inc.
CALGARY, ALBERTA / ACCESSWIRE / June 8, 2020 / Xfuels Inc. (OTC PINK:XFLS) is pleased to report it has entered a non-arm's length transaction to purchase all issued and outstanding shares of Cycle Energy Industries Inc. The corporation will then change the name to Cycle Energy Industries Inc. and request a symbol change at the same time.
Xfuels will purchase Cycles outstanding shares of 95,000,000 with a 1 for 1 share exchange valued at .0531 cents per share for a purchase price of $5,000,000 dollars. The acquisition is subject to Xfuels moving to current status on the OTC Markets.
Mr. Michael McLaren CEO states "The acquisition by Xfuels is an exciting step for Cycle to integrate Xfuels technology development such as the Hydrogen Generation Technology from Combustion." Mr. McLaren also stated, "This is an excellent opportunity for Cycle to implement this technology where we have access to combustion gasses such as compressors and generators." Mr. McLaren further stated, "Taking Cycle public on the OTC markets is progressing the company and we believe it will provide value to our shareholders as well as the ability to grow our company and take it to the next level."
About Cycle Energy Industries
Cycle Energy Industries a Canadian corporation based in the province of Alberta, is a unique energy provider that operates three vertically integrated business units in the WCSB (Western Canadian Sedimentary Basin). We have created a vertically integrated company where each subsidiary creates value and adds support to the other.
Cycle Oil and Gas focuses on acquiring & optimizing underdeveloped oil & gas assets and to employs in-house developed & licensed technologies to increase production, optimize performance & reduce costs. The company currently produces approximately 100 barrels/day of oil as well as several non-operational properties and GORRS (Gross Overriding Royalties).
Cycle Energy Services supports our Exploration and production (E&P) team with well services and end of life reclamation which gives the E&P company an unprecedented advantage over its competitors. This business plan excels by providing services that would otherwise be too costly and not financially viable for specific workovers or turn around projects. Cycle Energy Services owns and operates combo wireline-service rigs and Hydrovac Units. The focus of Cycle Energy Services is primarily end of life abandonment and reclamation of non-producing assets. The company excels by supplying fixed cost services via our custom rigs and equipment that results in reduced time onsite, faster rig in and rig out times as well as reduced number of vehicles onsite. Cycle's efficiencies reduce the amount of fuel burned to complete the abandonment and reduces the carbon footprint to abandon wells.
Cycle Energy Technologies provides both with R&D capabilities as well as previously developed and licensed technologies that aid in increased production, reduced lifting and operation costs as well as gas and oil field intelligence. Cycle Energy Technologies flag ship technology is our mobile GTL (gas to liquid) system we have been developing and is currently implementing a pilot plant. This technology adds value added to the group by using internal production of gas and adding value by turning it into valuable chemicals and C5+ hydrocarbons as a 3-4x multiple which is industry groundbreaking.
Cycle Energy Industries Management
Michael McLaren MSc. MBA – Chief Executive Officer (CEO), has been in the Energy industry for more than 25 years. His experience includes several Military and Energy projects. Mr. McLaren has been the developer and Patent holder of the Cycle Energy since the company's inception. Mr. McLaren has a master's degree in Science and a master's degree in Business from the University of British Columbia. Mr. McLaren wrote, together with Dr. Olev Trass, several publications on Selective Oil Agglomeration for Ecological Benefits, Coal Water Oil Fuel (CWF), and the preparation of various fuels for clean coal energy. He currently serves as CEO & Founding Shareholder of Cycle Energy Ltd. He also has extensive experience in operating E&P companies, Field service and negotiating M&A opportunities.
Charles Iggulden PhD, MBA – President and Chief Operating Officer (COO), with 25+ years of global leadership experience within construction, Oil/Gas and power industries, Charles is a Solutions-focused senior manager with extensive experience planning, implementing, and directing enterprise-wide strategic vision aimed at increasing revenue and attaining operational excellence. Exceptional communicator skilled in global networking and cultivating long-lasting relationships with employees, senior executives, clients, and community members. Fiscally disciplined with proven record managing multi-million-dollar budgets across various business functions. Analytical strategist continually focused on identifying complex business challenges and aligning appropriate solutions.
Doug Skeates CPA, CGA – Chief Financial Officer (CFO), with 25+ years' success leading financial management and reporting for high-growth organizations. Doug's Chief Financial Officer level experience transforming organizations and consistently delivering results in business turnarounds, growth stimulation, and creation of robust financial infrastructures with inspired teams helping companies to achieve ambitious goals. Executive leader, operational strategist, and trusted advisor with proven success and extensive experience in finance and operations management within fast-paced, challenging environments. An intuitive leader with keen business understanding and the ability to analyze an organization's operations for introducing strategic and tactical solutions to improve performance and results. Expert presenter and businessperson with a strong work ethic and the ability to lead, organize, delegate, and develop high caliber professionals to achieve performance excellence
About Xfuels Inc.
XFuels The Clean Petroleum & Power Company, is a publicly held energy company based in Alberta, Canada and develops technologies for clean energy and hydrogen production.
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Xfuels Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Xfuels Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Xfuels Inc.'s filings with the Securities and Exchange Commission.
For further information please contact:
Xfuels Inc. Public Relations and Shareholder Information
Email: mikem@cyclenrgy.com
SOURCE: Xfuels Inc.
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