CAMBRIDGE, ON--(Marketwired - Apr 24, 2014) - W2 Energy, Inc. (PINKSHEETS: WTWO) is pleased to report our biofuel plant installation is beginning production at our Cambridge facility.
Over the last month as communicated in our press release of March 27th 2014 we tested various small batches of fuel and now are confident the plant is running well and will produce ASTM specification fuel on a consistent basis.
The company will begin production on a batch basis and using cash flow from sales will ramp production up while remaining cash flow positive. Once we reach a consistent production rate the company will apply for credit lines that will allow us to move to full production and beyond.
Mr. Michael McLaren, CEO, states, "We are very excited now to be finally here and in the biofuel business. Our current plan is to ramp up production with our system to its maximum of 7,500 liters of waste vegetable oil per day. Once we hit those targets we will expand the plant to double that capacity to 15,000 liters per day."
Now that the company has begun production we will apply for the government biofuel production subsidy.
On April 9th the company informed its landlord at 155B Turnbull Crt Cambridge Ontario that it will be vacating the premises due to significant and unattended leaks in the roof that were potentially causing damage to our machinery and equipment. As a result the management contacted the landlord at 120 Turnbull Crt. Cambridge and was able to negotiate a deal to annex Unit G and consolidate all operations at 120 Turnbull Crt. The resulting move took some time and resources from our focus on the biofuel plant however we still made our target of production by month end. The resulting consolidation has resulted in a reduction of overhead of approximately $1000.00 per month.
The company will begin posting pictures and movies of the plant on our blog later in the month.
About W2 Energy Inc.
W2 Energy Inc. develops renewable energy technologies and applies it to new generation power systems. Specifically, W2 Energy's plasma assisted bio-mass to energy plants, utilizing the state of the art technologies to produce green energy in both fuel (sulfur free diesel) and electricity at the most efficient cost in capital investment and production per/barrel, per/Megawatt. W2 Energy Inc. has seasoned management, cutting edge technology and owns a large technology portfolio of patents and know-how that has been extensively validated and ready for commercial production.
For more information on W2 Energy please see www.w2energy.com .
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of W2 Energy, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations;
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