HOUSTON, TX, Oct. 15, 2014 /CNW/ - Letter from President to Shareholders
Dear Fellow Shareholders,
As you are currently aware Well Power, Inc. (the "Company") has entered into a licensing arrangement, (8-K filed January 22, 2014) with Canadian based ME Resource Corp, (MEC – CSE) owner of the MRU technology, Gas to Liquids conversion and associated intellectual property. We would like to thank our shareholders for their continued support and patience. Management is putting out this update to shed light on the current progress the Research and Development team has been making, which we believe will have a positive effect on Well Power as we move into this high-growth area. Your Well Power management and consulting team are diligently working towards getting units tested and built for the field. Our current progress is outlined as follows.
An area has now been chosen to build the Prototype Unit from which the Commercial Units will be modeled on for the field. Management has decided to build the Prototype Unit in a location where the Research and Development team is based to save both time and money. Negotiations are ongoing for a preferable site for the Unit to be built and tested. Process engineers have also been engaged to design the Unit and its various components.
Financing and Capitalization
On August 26, 2014, the Company entered into an Equity Purchase Agreement and Registration Rights Agreement with Premier Venture Partners, LLC ("Premier") whereby Premier is obligated, providing the Company has met certain conditions including the filing of a Form S-1 Registration Statement for the shares to be acquired, to purchase up to Ten Million Dollars ($10,000,000) of the Company's common stock at the rates set forth in the Equity Purchase Agreement. Under the Equity Purchase Agreement, the shares are purchased at the discretion of the Company by issuing a "Put Notice" when funds are needed. The amount of money that we are able to draw from this financing may be limited, however, depending on the price per share and volume of our trading common stock on the OTCQB. As a result, we may not be able to realize a substantial portion of the $10,000,000 financing.
The foregoing description of the Equity Purchase Agreement and Registration Rights Agreement is qualified in its entirety by reference to the full text of the Equity Purchase Agreement and Registration Rights Agreement, which are included as exhibits on Form 8-K filed August 27, 2014.
There are a number of financing options available to companies at Well Power's stage of development. After thoughtful consideration, the S-1 was chosen as it gives management strategic control over bringing growth capital into the company while at the same time allowing careful management of dilution to all shareholders.
Corporate Disclosure and Blue Sky Filings
On May 13, 2014, Well Power's company information has been made available via S&P Capital IQ Corporation Records Listing Program. As part of the program, a full description of Well Power, Inc. is published in the Daily News Section of Standard & Poors's Corporation Records, a recognized securities manual for secondary trading in up to 38 States under the Blue Sky Laws. S&P Capital IQ Corporation Records is available in print, CD-ROM, and via the web at www.netadvantage.standardandpoors.com as well as through numerous electronic vendors.
The Company information made available through this program includes an in-depth description of the business operations, share price, dividend history, shares outstanding, company financial position, earnings, and full income statement and balance sheet.
For more information visit: www.spcapitaliq.com.
OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, announced Well Power, Inc. (OTCQB: WPWR) is verified for trading on OTCQB®, the venture marketplace for entrepreneurial and development stage companies, as of September 5, 2014.
U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
OTC Link ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC regulated ATS.
About Well Power, Inc.
Well Power has acquired an exclusive license from ME Resource Corp., a Canadian publicly listed company that is developing mobile and scalable Wellhead Micro-Refinery Units (MRUs) deployable close to the wellhead to process raw natural gas into liquid fuels and clean power. As a result of the License Agreement, the Company is now a development-stage company seeking to commence the new business of distributing MRUs in the State of Texas and from there into other geographical areas.
The Company is looking to position itself as a technology company, which will provide oil and gas producers and operators a solution to process otherwise wasted natural gas, including stranded, shut-in, flared and vented gas and produce valued end-products including Engineered FuelTM (diesel, diluents, synthetic crude) and electrical power.
Some information in this document constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the closing of the share exchange agreement. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Well Power, Inc., herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Well Power, Inc., disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
SOURCE: Wellpower inc.
For further information: For more information about the Company, please visit our website at www.wellpowerinc.com; Further information on the Company and its filings can be found at www.sec.gov; To contact us via telephone, dial (844) 935-5769 or (713) 973-5738