W2 Energy acquire 51% stake in Ecobound Fuel Production Systems

Green technology company W2 Energy Inc., has agreed to purchase 510,000 shares, equivalent to a 51% interest, in Ecobound Fuel Production Systems Sdn Bhd, a company that produces petroleum products, from Ecobound International Ltd., a renewable energy company. In return, W2 Energy will issue its 5,550,000 shares valued at US$2.5 million in favor of Ecobound International.
 
Ecobound Fuel holds a manufacturing license, classified as a petroleum refinery license, to produce petroleum products under PDA 2 from the Malaysian Ministry of Trade and Industry. The company also holds a storage contract for storage of a minimum 4,000 tons to a maximum 15,000 tons of petroleum products in Port Klang, Malaysia, with a direct pipeline access to the port and shipping.
 
Michael McLaren, CEO of W2 Energy, said, “This strategic acquisition put in place by Dr. Wan Hasni, our new CFO, brings us a tremendous opportunity to have a turnkey platform to produce and distribute our Coal/Water/Biodiesel bunker fuel replacement product as well as our other clean fuel products throughout south east Asia.” (February 1, 2013)