W2 Energy to acquire 51% stake in Ecobound Fuel Production Systems

W2 Energy, Inc., a green technology company based in Guelph, Ontario, Canada, has agreed to acquire a 51% interest, representing 510,000 shares, in Ecobound Fuel Production Systems Sdn Bhd, a Malaysian company producing petroleum products, from Ecobound International Ltd., a renewable energy company. In return, W2 Energy will issue 5.5 million shares to Ecobound International valued at US$2.5 million.
Ecobound Fuel holds a manufacturing/petroleum refinery license granted by the Malaysian Ministry of Trade and Industry. The company also has a contract for storage of a minimum 4,000 tons to a maximum 15,000 tons of petroleum products in Port Klang, Malaysia, with direct pipeline access to the port and shipping.
The acquisition will enable W2 Energy to enter the business of fuel distribution on a global scale, and market and produce its bunker oil replacement as well as its other clean fuel products.
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 southeast Asia.” (February 1, 2013)