SOURCE: MCW Enterprises Ltd.

MCW Enterprises Ltd.

October 23, 2012 06:00 ET

MCW Commences Trading on the TSXV as It Continues Development of Its Oil Sands Project in Asphalt Ridge, Utah

VANCOUVER, BC--(Marketwire - Oct 23, 2012) - MCW Enterprises Ltd. (TSX VENTURE: MCW) ("MCW"), a Canadian holding company involved in fuel distribution and oil sands recovery technology, is pleased to announce that it has commenced trading on the TSX Venture Exchange ("Exchange") as of Monday, October 22, 2012. MCW's trading symbol is: MCW.

Originally announced on October 31, 2011, ("AXEA Capital Corp. Announces Proposed Qualifying Transaction With MCW Energy Group") MCW (formerly "AXEA Capital Corp." has successfully completed the transaction with MCW Energy Group Limited, and received final approval for the transaction from the Exchange on October 19, 2012.

MCW's Chief Executive Officer, Dr. R.G. (Jerry) Bailey, stated, "Our listing on the TSX Venture Exchange is a very important milestone for the company. Not only does it provide added liquidity to investors in a robust commodities market, it provides an opportunity for investors to participate in a unique, domestic energy project in America."

MCW is currently developing its Asphalt Ridge oil sands property in Utah, with the expected arrival of the major components to its first pilot plant at the end of October. Extensive site preparation and development has been under way, with most of the major work completed in expectation of the plants assembly and operation.

About MCW Enterprises Ltd.
MCW, through its wholly owned subsidiary, MCW Energy Group Limited, is focused on value creation though as (i) a distributer of gasoline and diesel fuels to service stations in Southern California for over 60 years, having revenue, in the fiscal year ending August 31, 2011, of US$241.5 million, and (ii) a developer of proprietary technology for the extraction of oil from sand and shale at its first field in the Uinta basin of 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. For additional information on MCW, please visit their website www.mcwenergygroup.com.

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, economic performance and future plans and objectives of the Company. 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.

Contact Information

  • For more information, please contact:
    MCW Enterprises Ltd.
    Dr. Gerry Bailey
    Chief Executive Officer
    Tel: +1 (800) 979-1897
    Email: rgbailey@mcwenergy.com