HOUSTON, TX,
March 10, 2014 /PRNewswire/ - Well
Power, Inc. (OTCQB: WPWR) (the "Company") is pleased to
announce it has completed a round of equity funding, through a
private placement, for aggregate proceeds of $250,000 at a price of $0.58 per Unit. Each Unit consists of one
(1) share of the Company's common stock, par value $0.001 (the "Common Stock"), and a warrant to
purchase one share of Common Stock (each, a "Warrant and,
collectively, the "Warrants"). The Warrants will be
exercisable for a period of two years at a purchase price of
$0.90 per whole share. The proceeds
of this private placement will be used by the Company to meet its
licensing requirements and proceed with the development schedule of
the Micro-Refinery Unit ("MRU") and for general working
capital.
The MRU will be an assembly of proven commercial
technologies with a proprietary micro-processing system as the key
technology component. With the addition of catalytic reactors and
power generation components, various liquid and power outputs can
be achieved.
The President of Well Power, Dan Patience, stated, "There has been a
tremendous response from the oil and gas industry as well as the
investment community. We are now well positioned to move
forward with the business of the company and to carry out our
development plan for this unique technology. I am very
pleased with the terms of this funding as we feel it is responsible
to our current shareholders."
About Well Power Inc.
The Company has acquired an exclusive license from MEC, a
Canadian publicly listed company that is developing mobile and
scalable Wellhead Micro-Refinery Units (MRUs) deployable close to
the wellhead to process raw natural gas into liquid fuels and clean
power. As a result of the License Agreement, the Company is now a
development stage company seeking to commence the new business of
distributing MRUs in the State of
Texas and from there into other geographical areas.
The Company is looking to position itself as a technology
company, which will provide oil and gas producers and operators a
solution to process otherwise wasted natural gas, including
stranded, shut-in, flared and vented gas and produce valued
end-products including Engineered FuelTM (diesel,
diluents, synthetic crude) and electrical power.
For more information about the Company, please visit
www.wellpowerinc.com
Forward Looking Statements
Some information in this document constitutes forward-looking
statements or statements which may be deemed or construed to be
forward-looking statements, such as the closing of the share
exchange agreement. The words "plan", "forecast",
"anticipates", "estimate", "project", "intend", "expect", "should",
"believe", and similar expressions are intended to identify
forward-looking statements. These forward-looking statements
involve, and are subject to known and unknown risks, uncertainties
and other factors which could cause the Company's actual results,
performance (financial or operating) or achievements to differ from
the future results, performance (financial or operating) or
achievements expressed or implied by such forward-looking
statements. The risks, uncertainties and other factors are
more fully discussed in the Company's filings with the U.S.
Securities and Exchange Commission. All forward-looking
statements attributable to Well Power, Inc., herein are expressly
qualified in their entirety by the above-mentioned cautionary
statement. Well Power, Inc., disclaims any obligation to
update forward-looking statements contained in this estimate,
except as may be required by law.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
SOURCE Wellpower inc.