HOUSTON, TX,
March 17, 2014 /PRNewswire/ - Well
Power, Inc. (OTCQB: WPWR),- (The Company), is pleased to
announce that the Company has paid to ME Resource Corp. (the
"Licensor") the initial licensing fee payment of USD $100,000. As per the terms of the Licensing
Agreement for the Micro-Refinery Unit ("MRU"), the Company will pay
further licensing fees which will be used towards the engineering
and development of a full scale pilot project in the licensed
territory of Texas.
The President of Well Power Inc., Dan Patience, stated "We are very keen to meet
all our obligations with ME Resource Corp., the Licensor.
Well Power will seek to increase the territory under license for
the Micro-Refinery Unit to other states which are also facing the
environmental impacts of oil and gas well flaring issues as
Texas is experiencing. This
is not just a solution for Texas,
but is a broader solution for the oil and gas industry across the
US".
The MRU is based on proprietary pending
technology, and upon successful development will have many benefits
over existing options, including faster gas tie-in times for
immediate oil production, decreased payback period to recover
drilling costs, extension of well life and incremental revenue
streams of what might otherwise be considered wasted gas.
The Company is currently pursuing partnership
opportunities with the oil and gas industry to study implementation
opportunities for the Pilot Project of its licensed Micro-Refinery
solution.
For more information about the Company please visit our website
at www.wellpowerinc.com
About Well Power, Inc. (the "Company")
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 our website
at www.wellpowerinc.com
Further information on the Company and its filings can be found
at www.sec.gov
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.