LONDON, Nov. 24, 2009 (GLOBE NEWSWIRE) -- Flex Fuels Energy, Inc. ("Flex" or the "Group") (OTCBB:FXFL) announces that it has increased its equity in its majority owned subsidiary, The WDX Organisation, Ltd. ("WDX") from 68.33% to 75.66%.
The increase in equity has come about as a result of a further phase of planned investment of GBP 150,000 (approximately $249,840) as contemplated by the Agreements entered into on May 1, 2009.
WDX is a financial algorithm developer based in the City of London. Its first product is the Wocu(TM), a unique derivative that functions as a virtual World Currency quotation to mitigate currency volatility risk. WDX has applied for a U.S. patent for its computer implemented method of evaluating basket currencies such as the Wocu(TM).
Flex has the option to make loans to WDX and receive shares in WDX constituting a minimum of 73% of WDX's outstanding share capital on a fully diluted basis.
Tom Barr, CEO of Flex, commented: "Flex remains very excited about the prospects for the Wocu(TM) and associated WDX products in development. It is our expectation that further announcements regarding progress at WDX will follow."
About Flex Fuels Energy, Inc.
Flex Fuels is a development Group with technology interests in the UK and mining exploration activities in British Columbia, Canada.
To find out more about Flex Fuels Energy (OTCBB:FXFL), visit our website at www.flexgp.com.
The Flex Fuels Energy, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4085
Forward-Looking Statements
The statements in the press release that relate to the Group's expectations with regard to the future impact on the Group's results from acquisitions or actions in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Group believes that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Group, or any other person, that such forward-looking statements will be achieved. Since the information may contain statements that involve risk and uncertainties and are subject to change at any time, the Group's actual results may differ materially from expected results. Flex Fuels Energy, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.