EGPI Firecreek, Inc. Signs Letter of Intent to Sell Majority Interest of Arctic Solar to W2 Energy, Inc.
SCOTTSDALE, Ariz., March 12, 2012 /PRNewswire/ — EGPI Firecreek, Inc. (OTCBB: EFIR) announced today the signing of a Letter of Intent to sell 51% majority interest in Arctic Solar Engineering, LLC (“ASE”) to Canada based W2 Energy, Inc. (OTC: WTWO)
Arctic Solar Engineering, LLC integrates Solar Thermal Energy technology patented over 30 years ago by Daimler Aerospace in Germany. This technology is effectively being used throughout Germany and other parts of Europe, Asia and the Middle East. ASE’s competitive advantage is product knowledge and knowledge of how water based energy systems work. ASE and their Solar Thermal Energy Systems can be successfully implemented to reduce an average buildings energy consumption by up to 70%.
Arctic Solar was acquired by EGPI Firecreek last year in an effort to expand the company’s alternative energy division. The intended sale of the majority interest is being done in an effort to insure the growth and prospects of ASE while EGPI Firecreek continues to focus its efforts and energies on the expansion and growth of its oil and gas division.
Dennis Alexander, EGPI’s CEO, stated, “We believe the synergies between W2 Energy and Arctic Solar will substantially benefit our remaining 49% interest in ASE. We view this transaction as a win/win for us as we will continue our emphasis on oil and gas expansion, while allowing for growth potential for ASE with increased business and opportunities available through the purchase by W2 Energy.” He also stated, “By effectively and strategically utilizing our expertise, strengths and contacts this transaction should benefit all entities involved.”
Mike McLaren, W2 Energy’s President and CEO, stated, “We are very optimistic with the opportunity to add Arctic Solar and their Solar Thermal Energy Systems to our business, product and service lines. By taking a majority interest in ASE, this strategic acquisition will enable us to expand our business base, while increasing our presence in the alternative energy market.” He also stated, “We look forward to working with both Arctic Solar and the EGPI Firecreek team as we continue to expand our business base.”
About W2 Energy:
W2 Energy Inc. develops renewable energy technologies and applies it to new generation power systems. Specifically, W2 Energy’s plasma assisted biomass to energy plants utilize state of the art technologies to produce green energy both fuel (sulfur free diesel) and electricity at the most efficient cost in capital investment and production per/barrel, per/Megawatt. W2 Energy Inc. has seasoned management, cutting edge technology and owns a large technology portfolio of patents and know-how that has been extensively validated and ready for commercial production.
For more information on W2 Energy please see: www.w2energy.com
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.’s business and acquisition strategy is focused on producing oil and gas. The Company puts emphasis on acquiring existing fields with proven reserves or by the rehabilitation of oilfields with potentially high throughput. Through its wholly owned subsidiary Energy Producers, Inc., it acquires resource properties and inventories. Through its wholly owned subsidiary Chanwest Resources, LLC it operates as an oil and gas service business. EGPI Firecreek, Inc. is also planning to expand into producing energy through alternative energy sources through their recently acquired Arctic Solar Engineering subsidiary.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek, Inc.’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.’s filings with the Securities and Exchange Commission.
CAUTIONARY NOTE TO UNITED STATES INVESTORS
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10K. Additional information may be found at the following web site:
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