SOURCE: NuTech Energy Resources, Inc.

May 18, 2016 09:00 ET

NuTech Energy Provides Clarification to Questions Presented at Teleconference

GILLETTE, WY--(Marketwired - May 18, 2016) - NuTech Energy Resources, Inc. (OTC: NERG) announced today that Company seeks to clarify questions raised during its recently hosted national conference call conducted to update all current and prospective investors. 

Following the presentation, there were inquiries presented that the Company, not having had the opportunity to consult with counsel, was not certain how to answer in consideration of disclosure regulations, since the nature of these inquiries contained elements that are either still pending, or had not yet been publicly disclosed.

Management would like to be clear in that there was not an issue here where the Company was trying to evade the truth in any way, but because the Company is publicly traded, every precaution needs to be taken to make sure that disclosure regulations are heeded for integrity of the Company and protection of the shareholders alike.

The points that being clarified are the following:

1. There were 10 million pre-existing preferred shares authorized and issued -- those were owned by legacy shareholders, in addition to a group of warrants. The board of Directors has already taken action to cancel those shares, but the actions have not yet been finalized.
2. The IGOR tool and its respective patent was purchased by NuTech Energy from TCI, a company based out of Casper Wyoming in March of 2015, for considerations, including but not limited to, 900 million shares of newly issued preferred stock. These shares are convertible on a 1 for 1 basis and have no voting rights; however, the shares have not yet been issued. The Company seeks to issue those shares in the very near future. In addition, sufficient consideration for the acquisition has been conveyed to TCI, and there are no disputes as to the validity of the transfer of the patent ownership to NuTech.
3. To safeguard the Company's intellectual property, NuTech Energy will not divulge the patent number to the public until new patents are awarded, or legally obliged in any other circumstance. Management believes that this is the best course of action to protect the exclusive nature of its intellectual property or technology and respectively the interests of its investors.

The Company would like to express sincere appreciation to all who were in attendance at the teleconference, and continue to partner with NuTech Energy in building a strong future in the industry. As previously stated, the Company is fully committed to transparency, hence the clarification of answers not fully articulated on the call. 

About NuTech Energy Resources, Inc.: NuTech Energy Resources, Inc. (OTC Markets Symbol: NERG) is a natural gas and oil technology and development company that has developed a patented technology for the production of coalbed methane (CBM) without the need to pump water. NuTech currently operates wells in the Powder River Basin area of northern Wyoming (through sister company Emerald Operating Company) and has commitments to acquire thousands of additional wells. NuTech Energy Resources, Inc.'s development of proprietary equipment uniquely positions the Company to be able to acquire and profitably operate wells that were previously cost prohibitive. For more information, visit: http://www.nutechenr.com/ or for TechnoInvestment visit: http://tehnoinvest.h1.ru/

Safe Harbor: This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly revise any forward-looking statements.

Contact Information

  • Contact:
    Investor and Media
    Steffan Dalsgaard
    CEO
    Everest Corporate Advisors, Inc.
    702-902-2361
    702-982-1339