|By PR Newswire||
|March 17, 2014 11:53 PM EDT||
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.
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