TORONTO, ONTARIO--(Marketwired - Jan. 6, 2014) - MCW Energy Group Limited (TSX VENTURE:MCW) (MCW.V) ("MCW"), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology, announces the appointment of Sami Dabbas as Chief Operating Officer of MCW. Mr. Dabbas was formerly a senior executive at MCW's Fuels Division.
Mr. Dabbas is responsible for managing the overall operations of MCW, focusing on the organization on achieving its strategic goals and is responsible for global expansion, supply procurement and corporate acquisition activities. Mr. Dabbas has over 30 years experience in the petroleum industry, commencing with the purchase of his first Shell service station in 1980, followed by many additional service station acquisitions including Chevron, Texaco, Shell, Valero, Union 76 and Arco. He became Chairman and Chief Executive Officer for the First Investment of Technology Company and is a member of the Pacific Oil Conference, California Independent Oil Marketers Association, Western Petroleum Marketers Association and the National Hydrogen Association. He is also a Member of the Board of Trustees of ME International Conference and is a Board Member of the FBC of Orange County. Recently, he was invited to join the prestigious non-profit trade association, SIGMA (Society of Independent Gas Marketers of America), a group of successful independent motor fuel marketers and chain retailers, totalling 270 corporate members with gross sales exceeding 59 billion gallons of motor fuel in annual sales. He is currently working with his corporate team to develop the introduction of alternative fuels into the marketplace and genuinely believes that a sustainable energy future will include a wide array of power generation sources, including hydrogen, CNG, LNG and a variety of emerging technologies involving biofuels, which will greatly assist MCW and its efforts to market its products well into the future.
MCW's Board of Directors thanks Mr. Burke Adams for his contributions to MCW and wishes him well in his future business ventures.
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.
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