Business
Xfuels Signs Agreement to Purchase all Issued and Outstanding Shares of Cycle Energy Industries Inc.
Xfuels Signs Agreement to Purchase all Issued and Outstanding Shares of Cycle Energy Industries Inc..
About this update from Xfuels Inc.
[{"type":"text","content":"Company to be renamed Cycle Energy Industries Inc.CALGARY, ALBERTA / ACCESSWIRE / June 8, 2020 / Xfuels Inc. (OTC PINK:XFLS) is pleased to report it has entered a non-arm's length transaction to purchase all issued and outstanding shares of Cycle Energy Industries Inc. The corporation will then change the name to Cycle Energy Industries Inc. and request a symbol change at the same time.Xfuels will purchase Cycles outstanding shares of 95,000,000 with a 1 for 1 share exchange valued at .0531 cents per share for a purchase price of $5,000,000 dollars. The acquisition is subject to Xfuels moving to current status on the OTC Markets.Mr. Michael McLaren CEO states "The acquisition by Xfuels is an exciting step for Cycle to integrate Xfuels technology development such as the Hydrogen Generation Technology from Combustion." Mr. McLaren also stated, "This is an excellent opportunity for Cycle to implement this technology where we have access to combustion gasses such as compressors and generators." Mr. McLaren further stated, "Taking Cycle public on the OTC markets is progressing the company and we believe it will provide value to our shareholders as well as the ability to grow our company and take it to the next level."About Cycle Energy IndustriesCycle Energy Industries a Canadian corporation based in the province of Alberta, is a unique energy provider that operates three vertically integrated business units in the WCSB (Western Canadian Sedimentary Basin). We have created a vertically integrated company where each subsidiary creates value and adds support to the other.Cycle Oil and Gas focuses on acquiring & optimizing underdeveloped oil & gas assets and to employs in-house developed & licensed technologies to increase production, optimize performance & reduce costs. The company currently produces approximately 100 barrels/day of oil as well as several non-operational properties and GORRS (Gross Overriding Royalties).Cycle Energy Services supports our Exploration and production (E&P) team with well services and end of life reclamation which gives the E&P company an unprecedented advantage over its competitors. This business plan excels by providing services that would otherwise be too costly and not financially viable for specific workovers or turn around projects. Cycle Ener...