MCW Energy Group Announces Management Changes
May 26 2014 - 3:27PM
Marketwired
MCW Energy Group Announces Management Changes
TORONTO, ONTARIO--(Marketwired - May 26, 2014) - MCW Energy
Group Limited (TSX-VENTURE:MCW)(OTCQX:MCWEF) ("MCW"), a Canadian
holding company involved in fuel distribution and the creation of
oil sands extraction technology, is pleased to announce that Bill
G. Calsbeck and Igor Sosnovskiy have joined the board of directors
of MCW to replace Sergey Grechishkin, Ronald Fisher and David
Sutton (who also resigned as President) who have resigned to focus
on other business responsibilities. Mr. Sutton remains a director
and the President of MCW Fuels, Inc.
The board would like
to thank Messrs Sutton, Grechishkin and Fisher for their
contributions to MCW over the years as fuel distribution revenue
dramatically increased and the oil sands extraction technology
continued to be built.
Mr. Calsbeck has
over 25 years of capital market and micro-cap experience. He is
currently the founding partner and Global Managing Director of
Ubequity Capital Partners Inc., a boutique merchant bank. He began
his career in banking and trust services and after several years
moved into the human resources field. Mr. Calsbeck has served on
several boards of public companies, and currently sits on the board
of Deloro Resources Ltd.
Mr. Sosnovskiy
serves as Director for Project Legal Support at Sistema JSFC, the
largest LSE-listed diversified financial corporation in Russia and
the CIS, which manages companies in the sectors of
telecommunications, high technology, oil and energy, radars and
aerospace, banking, retail, mass-media, tourism and healthcare
services. He participated in the structuring and execution of
various transactions entered into by Sistema. Mr. Sosnovsky also
serves on the board of directors of Redline Capital Partners S.A.,
a Luxembourg investment fund. Prior to joining Sistema in 2008, Mr.
Sosnovskiy was an associate attorney in the Moscow office of Latham
& Watkins with a practice primarily focusing on corporate
finance. His practice also included M&A transactions of public
companies as well as investment funds and private equity companies.
Mr. Sosnovsky received his law degree in 2001 from the Moscow State
Law Academy. He also has degrees in engineering from the Moscow
Electronics Engineering Institute and in linguistics from the
Moscow State Linguistics University.
About MCW Energy
Group:
MCW is focused on
value creation as (i) a distributor of gasoline and diesel fuels to
service stations in Southern California for 75 years, having
revenue in the fiscal year ending August 31, 2011 of US$241.5
million, revenue of US$363.3 million for the fiscal year ending
August 31, 2012, and revenue of US$431.9 million for the fiscal
year ending August 31, 2013, and (ii) as a developer of proprietary
technology for the extraction of oil from oil sands at its first
field in Asphalt Ridge, Utah, USA. MCW's management team is
comprised of individuals who have extensive knowledge in both
conventional and unconventional oil and gas projects and
production, as well as refinery and fuel distribution
experience.
The information
in this news release includes certain information and statements
about management's view of future events, expectations, plans and
prospects that constitute forward looking statements. These
statements are based upon assumptions that are subject to
significant risks and uncertainties. Because of these risks and
uncertainties and as a result of a variety of factors, the
actual results, expectations, achievements or performance may
differ materially from those anticipated and indicated by these
forward looking statements. Forward-looking statements in this news
release, include, but are not limited to the commercial viability
of the technology and the extraction plant, economic performance
and future plans and objectives of MCW. Any number of important
factors could cause actual results to differ materially from these
forward-looking statements as well as future results. Although MCW
believes that the expectations reflected in forward looking
statements are reasonable, they can give no assurances that the
expectations of any forward looking statements will prove to be
correct. Except as required by law, MCW disclaims any intention and
assumes no obligation to update or revise any forward looking
statements to reflect actual results, whether as a result of new
information, future events, changes in assumptions, changes in
factors affecting such forward looking statements or
otherwise.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
MCW Energy Group LimitedPaul DaveyCommunications1 (800) 979-1897
x 3 or Cell: 1 (778)
389-0915pdavey@mcwenergygroup.comwww.mcwenergygroup.com
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