Earlier
today, a shareholder letter from Well Power’s president was issued as a press
release. The complete message can be found below.
Dear
Fellow Shareholders,
As you are
currently aware Well Power, Inc. (the “Company”) has entered into a licensing
arrangement, (8-K filed January 22, 2014) with Canadian based ME Resource Corp,
(MEC – CSE) owner of the MRU technology, Gas to Liquids conversion and
associated intellectual property. We would like to thank our shareholders for
their continued support and patience. Management is putting out this update to
shed light on the current progress the Research and Development team has been
making, which we believe will have a positive effect on Well Power as we move
into this high-growth area. Your Well Power management and consulting team are
diligently working towards getting units tested and built for the field. Our
current progress is outlined as follows.
Unit
Commercialization
An area
has now been chosen to build the Prototype Unit from which the Commercial Units
will be modeled on for the field. Management has decided to build the Prototype
Unit in a location where the Research and Development team is based to save
both time and money. Negotiations are ongoing for a preferable site for the
Unit to be built and tested. Process engineers have also been engaged to design
the Unit and its various components.
Financing
and Capitalization
On August 26,
2014, the Company entered into an Equity Purchase Agreement and Registration
Rights Agreement with Premier Venture Partners, LLC (“Premier”) whereby Premier
is obligated, providing the Company has met certain conditions including the
filing of a Form S-1 Registration Statement for the shares to be acquired, to
purchase up to Ten Million Dollars ($10,000,000) of the Company’s common stock
at the rates set forth in the Equity Purchase Agreement. Under the Equity
Purchase Agreement, the shares are purchased at the discretion of the Company
by issuing a “Put Notice” when funds are needed. The amount of money that we
are able to draw from this financing may be limited, however, depending on the
price per share and volume of our trading common stock on the OTCQB. As a
result, we may not be able to realize a substantial portion of the $10,000,000
financing.
The
foregoing description of the Equity Purchase Agreement and Registration Rights
Agreement is qualified in its entirety by reference to the full text of the
Equity Purchase Agreement and Registration Rights Agreement, which are included
as exhibits on Form 8-K filed August 27, 2014.
There are
a number of financing options available to companies at Well Power’s stage of
development. After thoughtful consideration, the S-1 was chosen as it gives
management strategic control over bringing growth capital into the company
while at the same time allowing careful management of dilution to all
shareholders.
Corporate
Disclosure and Blue Sky Filings
On May 13,
2014, Well Power’s company information has been made available via S&P
Capital IQ Corporation Records Listing Program. As part of the program, a full
description of Well Power, Inc. is published in the Daily News Section of
Standard & Poors’s Corporation Records, a recognized securities manual for
secondary trading in up to 38 States under the Blue Sky Laws. S&P Capital
IQ Corporation Records is available in print, CD-ROM, and via the web at
www.netadvantage.standardandpoors.com as well as through numerous electronic
vendors.
The
Company information made available through this program includes an in-depth
description of the business operations, share price, dividend history, shares
outstanding, company financial position, earnings, and full income statement and
balance sheet.
For more
information visit: www.spcapitaliq.com.
OTC
Markets Group Inc. (OTCM), operator of Open, Transparent and Connected
financial marketplaces, announced Well Power, Inc. (WPWR) is verified for
trading on OTCQB®, the venture marketplace for entrepreneurial and development
stage companies, as of September 5, 2014.
U.S.
investors can find current financial disclosure and Real-Time Level 2 quotes
for the company on www.otcmarkets.com.
OTC Link
ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC regulated ATS.
For more
information on Well Power, please visit www.wellpowerinc.com
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