CAMBRIDGE, ON, Canada, via ETELIGIS INC., 12/29/2014 – – Converde Energy USA Inc. Formerly W2 Energy, Inc. (OTC Pink: WTWO) (PINKSHEETS: WTWO), is pleased to report on the year end 2014.
Management is pleased to report the company has had its best year financially to date and will be reporting in excess of $200,000 in collected income. 2015 will be stellar year for the company as we begin to realize income from the various purchase orders and sales of biofuel from our plants.
Biodiesel Plant Progress
As reported in our last press release of June 26th 2014 certain upgrades were needed for the plant, we have now completed the first phase of installation of the upgrade to the plant. As reported after hiring an outside consultant it was discovered that extra equipment was needed to bring the plant up to a level where it could produce ASTM spec biodiesel on a consistent basis from waste vegetable oil. Starting in the New Year the plant will begin to run small batches of fuel and begin to ramp up over the course of the year. The plant will continue to operate as a batch mode system for production. Once the plant is running at full capacity the company will begin executing on its expansion plans.
Our acquisition strategy continues to focus on the development of technologies we acquired over the last few years when time and money permit. Our strategy in 2015 is to bring these technologies forward while remaining committed to our Joint Venture projects and fuel production business. 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.
The company continues to concentrate on our coal water slurry to clean liquid fuels and electricity production. Our biodiesel production also plays a significant role in this product. The company filed a patent which was published on December 8th 2014 “Method of separating solids using Bio-oils” PCT application WO 2014/190420 A
The company has now hired a 2 full time Masters degree level Chemical Engineers, 1 full time Masters degree level Mechanical Engineer and a full time CAD/CAM Engineer to work specifically on the clean coal water slurry to liquid fuels and power projects. During the first quarter we expect to add to our team an electrical/electronic Engineer as well as an experienced project Engineer.
We continue to work on the solar technologies and water turbine technologies as well when time and funds permit. Our intent is to fund the continued development of these technologies from cash flow and government assistance rather than equity or debt investment at this time. During the last few months we have also made several advances in our plasma reforming technologies which the company will also apply for patent in the first quarter 2015. Funding for the intellectual property protection through patents will come from shareholder loans and revenue.
Management made the decision in the last quarter to postpone the audited financials until after year-end 2014 due to the fact of financial delays. The Company felt it made sense to postpone until after the year-end of 2014 as the year-end was quickly approaching. Management will deliver audited financials to the shareholders now for the years ending December 2013/2014 on or before the due date in 2014.
We continue to move forward on the corporate rebranding strategy and during the year changed the name of the company to Converde Energy USA Inc. As part of this strategy we also filed for trademark of “Converde” in the USA, Canada and the EU.
The companies hired during the 2014 year a Director of Business development on a contract basis who is actively marketing a Joint Venture opportunities for our fuel production systems. We continue to pursue qualified partners and expect that 2015 will bring forth several projects of this nature.
Over the month of December we began to port over and merge the W2 Energy Website into the Converde Energy website. Management expects this to be complete in the first 2 weeks of January 2015.
About Converde Energy
Converde Energy USA Inc. develops renewable energy technologies and applies it to new generation power systems. Specifically, Converde Energy’s plasma assisted bio-mass to energy plants, utilizing the state of the art technologies to produce green energy in both fuel (sulfur free diesel) and electricity at the most efficient cost in capital investment and production per/barrel, per/Megawatt. Converde Energy USA Inc. has seasoned management, cutting edge technology and owns a large technology portfolio of patents and know-how that has been extensively validated and ready for commercial production.
For more information on Converde Energy please see http://www.converdeenergy.com .
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 Converde Energy USA 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 Converde Energy USA 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 Converde Energy USA Inc.’s filings with the Securities and Exchange Commission.
For further information please contact:
Converde Energy Public Relations and Shareholder Information Converde Energy.
Phone: (519) 800-7556
SOURCE: Converde Energy USA Inc.