CALGARY, April 5, 2012 /CNW/ - Wescorp Energy Inc. (Wescorp) (the Company) (OTCBB: WSCE) reports that
the previously disclosed Schedule 13D group of shareholders has ceased
all communication regarding the financing commitment and governance
change proposal that was made by the group in the fall of 2011.
Wescorp has obtained no financing during the last several months, and is
in urgent need of funding. While there are discussions with at least
one other group to obtain funding to go forward, there is no commitment
from any source to provide such funding at this time.
If the Company does not meet the April 16 SEC deadline for the filing of
its Form 10K, the Company's stock will be removed from trading on the
OTCBB and thereafter could be traded on the OTC Pink Sheets. If
sufficient funding is obtained, of which there is no assurance, the
Company could have its stock considered for preapproval of trading on
The fall 2011 Saskatchewan trials of the Company's second generation
10,000 bpd H2Omaxx technology did not deliver satisfactory results for
the oil and gas industry. K-Line Trailers, the manufacturer of the
second-generation unit, is continuing work on the unit, to assess
whether it can reliably achieve commercial oil and gas industry
oil-water separation standards. There is no assurance this will occur.
The Company is also in need of additional financing in order to pursue
the marine application of its technology.
SOURCE WESCORP ENERGY INC.
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