TORONTO, ONTARIO--(Marketwired - May 26, 2014) - MCW Energy Group Limited (TSX VENTURE:MCW)(OTCQX:MCWEF) ("MCW"), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology, is pleased to announce that Bill G. Calsbeck and Igor Sosnovskiy have joined the board of directors of MCW to replace Sergey Grechishkin, Ronald Fisher and David Sutton (who also resigned as President) who have resigned to focus on other business responsibilities. Mr. Sutton remains a director and the President of MCW Fuels, Inc.
The board would like to thank Messrs Sutton, Grechishkin and Fisher for their contributions to MCW over the years as fuel distribution revenue dramatically increased and the oil sands extraction technology continued to be built.
Mr. Calsbeck has over 25 years of capital market and micro-cap experience. He is currently the founding partner and Global Managing Director of Ubequity Capital Partners Inc., a boutique merchant bank. He began his career in banking and trust services and after several years moved into the human resources field. Mr. Calsbeck has served on several boards of public companies, and currently sits on the board of Deloro Resources Ltd.
Mr. Sosnovskiy serves as Director for Project Legal Support at Sistema JSFC, the largest LSE-listed diversified financial corporation in Russia and the CIS, which manages companies in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. He participated in the structuring and execution of various transactions entered into by Sistema. Mr. Sosnovsky also serves on the board of directors of Redline Capital Partners S.A., a Luxembourg investment fund. Prior to joining Sistema in 2008, Mr. Sosnovskiy was an associate attorney in the Moscow office of Latham & Watkins with a practice primarily focusing on corporate finance. His practice also included M&A transactions of public companies as well as investment funds and private equity companies. Mr. Sosnovsky received his law degree in 2001 from the Moscow State Law Academy. He also has degrees in engineering from the Moscow Electronics Engineering Institute and in linguistics from the Moscow State Linguistics University.
About MCW Energy Group:
MCW is focused on value creation as (i) a distributor of gasoline and diesel fuels to service stations in Southern California for 75 years, having revenue in the fiscal year ending August 31, 2011 of US$241.5 million, revenue of US$363.3 million for the fiscal year ending August 31, 2012, and revenue of US$431.9 million for the fiscal year ending August 31, 2013, and (ii) as a developer of proprietary technology for the extraction of oil from oil sands at its first field in Asphalt Ridge, 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.
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