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 OTCBB.
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.
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