TORONTO -- (Marketwire) -- 01/15/13 -- MCW Energy Group (TSX VENTURE: MCW) (MCW.V) ("MCW"), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology, today announced highlights of its Consolidated Statements of Loss and Comprehensive Loss for the period ending August 31st, 2012, which included an increase in net revenue from its fuel sales division, MCW Fuels. Net revenue for 2012 increased to $ 363,325,177 USD which indicates a substantial increase from the year 2011, which totalled $ 241,540,372 USD.
MCW Energy Group's complete statements for its fiscal years 2010 - 2012 are fully disclosed at: www.sedar.com. "The year 2012 was a benchmark year for us," stated Alexander Blyumkin, Chairman of MCW. "We dramatically augmented our fuel sales revenues with the acquisition of Westco Petroleum Distributors Inc., and Ocean Pacific Fuels of California, and we will continue with our aggressive acquisition program into 2013," he added. (See acquisition details at: www.mcwenergygroup.com - Press Releases June/July, 2012.)
About MCW's Technology:
MCW has developed an environmentally-friendly, continuous flow, closed-loop extraction technology on which a patent application is pending in both the United States and Canada. While this technology has not been previously proven in the United States or Canada, MCW anticipates that it will extract all types of hydrocarbons from oil sands materials (oil-wet or water-wet).
This extraction technology does not use any water during the extraction process. It is also not anticipated to produce greenhouse gases, nor does it require high temperatures or pressures, and is anticipated to extract a significant amount of hydrocarbon content. It is also anticipated to recycle a significant amount of benign solvents within the closed-loop system.
About MCW Energy Group:
MCW Energy Group Limited, is focused on value creation as (i) a distributor of gasoline and diesel fuels to service stations in Southern California for over 72 years, having revenue in the fiscal year ending August 31, 2011, of US$241.5 million, most recently reported having revenue of USD $ 363.3 million for the fiscal year ending August 31, 2012 and, (ii) as a developer of proprietary technology for the extraction of oil from oil sands at its first field in the Uinta Basin of Utah, USA. MCW's management team is comprised of individuals who have extensive knowledge in both conventional and unconventional oil and gas projects and production, as well as refinery and fuel distribution experience.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Forward-looking statements in this news release, include, but are not limited to the commercial viability of the technology and the extraction plant, economic performance and future plans and objectives of the Company. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although MCW believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, MCW disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
MCW Energy Group
Tel: +1 (800) 979-1897 (Ext. 3)
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