MCW Energy Group Limited
TSX VENTURE : MCW
OTCQX : MCWEF

MCW Energy Group Limited

April 23, 2015 14:45 ET

MCW Energy Group Announces Closing of Definitive Agreement to Sell Certain Assets of MCW Fuels

TORONTO, ONTARIO--(Marketwired - April 23, 2015) - MCW Energy Group Limited ("MCW") (TSX VENTURE:MCW)(OTCQX:MCWEF), a Canadian holding company involved in the creation of oil sands extraction technology, through MCW Oil Sands Recovery, LLC, announces the closing by its indirect wholly owned subsidiary, MCW Fuels, LLC (formerly MCW Fuels, Inc.) ("MCW Fuels"), of an asset purchase and sale agreement (the "Agreement") to sell its rights to distribute fuel to all of its branded and unbranded gas stations, which was previously announced on December 18, 2014.

MCW received shareholder approval for the disposition on March 6, 2015 with 99.97% of votes casted voting in favour of the disposition.

The initial purchase price of US$5,000,000 was directed to be paid to certain third parties to settle certain liabilities owed by MCW Fuels to two major fuel suppliers. The final purchase price was US$6,413,428 and accordingly the balance of the purchase price (US$1,413,428) has also been directed to be paid to certain third parties to settle liabilities owed by MCW Fuels.

MCW believes that the sale of the material operating business of MCW Fuels was necessary, and will turn out to be a positive development for MCW as it focuses its time, attention and capital on the development and commercialization of its oil sands extraction facility in Utah.

About MCW Energy Group Limited

MCW is a Canadian, publicly-traded company which is focused on the development and implementation of (i) proprietary, environmentally-friendly oil sands extraction technologies and remedial project solutions, (ii) worldwide joint venture and licensing of oil sands opportunities with governmental and private industry entities within countries possessing extensive oil sands/shale deposits. 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, and the commercial production of oil from MCW's oil sands extraction plant in Asphalt Ridge, Utah. 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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