SCOTTSDALE, Ariz., March 12, 2012 /PRNewswire/ -- EGPI
Firecreek, Inc. (OTCBB: EFIR) announced today the signing of a
Letter of Intent to sell 51% majority interest in Arctic Solar
Engineering, LLC ("ASE") to Canada
based W2 Energy, Inc. (OTC: WTWO)
Arctic Solar Engineering, LLC integrates Solar Thermal Energy
technology patented over 30 years ago by Daimler Aerospace in
Germany. This technology is
effectively being used throughout Germany and other parts of Europe, Asia
and the Middle East. ASE's
competitive advantage is product knowledge and knowledge of how
water based energy systems work. ASE and their Solar Thermal Energy
Systems can be successfully implemented to reduce an average
buildings energy consumption by up to 70%.
Arctic Solar was acquired by EGPI Firecreek last year in an
effort to expand the company's alternative energy division. The
intended sale of the majority interest is being done in an effort
to insure the growth and prospects of ASE while EGPI Firecreek
continues to focus its efforts and energies on the expansion and
growth of its oil and gas division.
Dennis Alexander, EGPI's CEO,
stated, "We believe the synergies between W2 Energy and Arctic
Solar will substantially benefit our remaining 49% interest in ASE.
We view this transaction as a win/win for us as we will continue
our emphasis on oil and gas expansion, while allowing for growth
potential for ASE with increased business and opportunities
available through the purchase by W2 Energy." He also stated, "By
effectively and strategically utilizing our expertise, strengths
and contacts this transaction should benefit all entities
involved."
Mike McLaren, W2 Energy's
President and CEO, stated, "We are very optimistic with the
opportunity to add Arctic Solar and their Solar Thermal Energy
Systems to our business, product and service lines. By taking a
majority interest in ASE, this strategic acquisition will enable us
to expand our business base, while increasing our presence in the
alternative energy market." He also stated, "We look forward to
working with both Arctic Solar and the EGPI Firecreek team as we
continue to expand our business base."
About W2 Energy:
W2 Energy Inc. develops renewable energy technologies and
applies it to new generation power systems. Specifically, W2
Energy's plasma assisted biomass to energy plants utilize state of
the art technologies to produce green energy both fuel (sulfur free
diesel) and electricity at the most efficient cost in capital
investment and production per/barrel, per/Megawatt. W2 Energy 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 W2 Energy please see:
www.w2energy.com
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is
focused on producing oil and gas. The Company puts emphasis on
acquiring existing fields with proven reserves or by the
rehabilitation of oilfields with potentially high throughput.
Through its wholly owned subsidiary Energy Producers, Inc., it
acquires resource properties and inventories. Through its wholly
owned subsidiary Chanwest Resources, LLC it operates as an oil and
gas service business. EGPI Firecreek, Inc. is also planning to
expand into producing energy through alternative energy sources
through their recently acquired Arctic Solar Engineering
subsidiary.
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 EGPI Firecreek, 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 EGPI Firecreek, 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 EGPI Firecreek, Inc.'s filings with the Securities and
Exchange Commission.
CAUTIONARY NOTE TO UNITED
STATES INVESTORS
The United States Securities and Exchange Commission permits oil
and gas companies, in their filings with the SEC, to disclose only
proved reserves that a company has demonstrated by actual
production or conclusive formation tests to be economically and
legally producible under existing economic and operating
conditions. We use certain terms, such as prospective resource or
Original Oil in Place (OOIP) or Petroleum Initially In Place
(PIIP), that the SEC's guidelines strictly prohibit us from
including in filings with the SEC. U.S. Investors are urged to
consider closely the disclosure in our Form 10K. Additional
information may be found at the following web site:
http://www.sec.gov/divisions/corpfin/guidance/cfoilgasinterps.htm
For More Information:
EGPI Firecreek, Inc. Public Relations and Shareholder
Information
Joseph Vazquez
Phone: 754-204-4549
Email: infinityglobalconsulting@gmail.com
SOURCE EGPI Firecreek, Inc.