Xfuels Inc (OTCMKTS:XFLS) shares rallied 13.64% to $0.0125 and stayed flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.20. The company has a market cap of $15,398.00 at 115.66 million shares outstanding.
Xfuels Inc is an energy company that is involved in designing, building and operating regionally-integrated, small-to-midcap electricity and petroleum production facilities. It offers carbon-neutral energy solutions and also water and food technologies. Its offerings deliver energy yields from a range of carbon-bearing inputs, such as forestry, agricultural and urban waste, including municipal solid waste and plastics, as well as a range of modular systems through its hydrocarbon bio refinery platform, the XRefinery.
In yesterday’s press release, Xfuels Inc announced that it has signed a Letter of Intent to merge Hydration Company of PA (HCPA) into its subsidiary Converde Energy USA Inc.
The addition of a water treatment technology is something that Xfuels has been exploring for some time to improve our bottom line,” said Michael McLaren, CEO of Xfuels Inc. “We are excited to integrate this low cost technology into our Coal Water Slurry (CWS) systems and into the Natural Gas production and maintenance programs.”
After the merger, Xfuels Inc will will retain a control block of preferred shares as well as access to the company’s patent pending water treatment technologies but will not retain any common shares of the company. This transaction is expected to be completed in 60 days.
This combination is the next logical step in the evolution of Hydration,” Mr. Domitrovitsch further stated “Not only does it provide Hydration with entrance into the Oil & Gas Industry but even more importantly it gives HCPA access to the capital markets,” remarked Brad Domitrovitsch Chairman & CEO of HCPA.
HCPA is engaged in the businesses of water exploration, water augmentation, and the treatment of impacted waters.
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