MCW Energy Group Limited

MCW Energy Group Limited

May 21, 2013 14:46 ET

MCW Energy Group Announces Appointment of Richard S. Rawdin, CPA, as Chief Financial Officer

TORONTO, ONTARIO--(Marketwired - May 21, 2013) - MCW Energy Group (TSX VENTURE:MCW) (MCW.V) ("MCW"), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology, today announced the appointment of Richard S. Rawdin, CPA, as Chief Financial Officer of the MCW Energy Group.

Mr. Rawdin will take over the position serving both divisions of MCW, MCW Fuels and MCW Oil Sands Recovery, LLC. during the month of June, 2013. He was formerly the Chief Financial Officer of Dalbo Holdings Inc., a Utah-based company providing services in the oil and gas industry, where he managed the Accounting/Financial Departments of Dalbo and its subsidiaries. He was a key member of Dalbo's management team which developed and implemented Dalbo's overall corporate strategies. He has an impressive track record of success in all facets of management, accounting, finance, operations and organic EBITDA growth. Mr. Rawdin has focused on strategic planning, business development, financial modelling, custom operating metrics design, corporate finance, mergers and acquisitions. He has been involved in debt financings and restructurings totalling over $1 billion. Mr. Rawdin has a BS Degree in Accounting/Business from the University of Utah.

"We are very impressed with Mr. Rawdin's credentials, not only by his financial background, but also his extensive oil and gas industry experience," stated Alexander Blyumkin, Chairman of the Board of MCW Energy Group. He added, "He will also be an asset to the MCW Team with his intimate knowledge of Utah's vast resources throughout the state, including the Uintah Basin." MCW Energy Group has accepted the resignation of Mr. Warren Dillard as the CFO of MCW and thanks him for his contributions to MCW during its formative years in transforming into a vertically‐integrated energy company.

About MCW Energy Group:

MCW Energy Group Limited is focused on value creation as (i) a distributor of gasoline and diesel fuels to service stations in Southern California for over 72 years, having revenue in the fiscal year ending August 31, 2011, of US$241.5 million, most recently reported having revenue of USD$363.3 million for the fiscal year ending August 31, 2012 and, (ii) as a developer of proprietary technology for the extraction of oil from oil sands 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.

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.

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