LONDON, July 30, 2010 (GLOBE NEWSWIRE) -- Flex Fuels Energy, Inc. ("Flex" or the "Company") (OTCBB:FXFL) announces that it has increased its investment in its majority owned subsidiary, the WDX Organisation Ltd ("WDX"), the owner and distributor of the Wocu™.
The Wocu is a standardized, apolitical, real time derivative currency quotation based on the exchange rates of the world's top 20 economic powers. The Wocu reduces and balances currency risk, offering commercial advantage for users (www.wocu.com).
The Company has elected to further fund WDX to continue the development of the Wocu, given the progress made over the past year. Technical development is largely complete with live prices available, a U.S. patent application not anticipated at the time of the original investment in 2009 has been filed, initial commercial agreements have been signed and, importantly, the profile of the Wocu in the financial and economic community is growing daily.
The Company has invested an additional £500,000 (US$750,000) by way of preference shares and has established a WDX management incentive plan. This has resulted in the Company having preferential rights with respect to the preference shares and a 77.54% ordinary share ownership, which may be reduced to 75%, which is approximately in line with its original investment agreement entered into in 2009.
The Wocu is a novel product with the potential to create considerable value for the Company if commercially accepted and matured. The Company believes that the elements necessary for the Wocu to continue to gain traction and for further commercial agreements to be signed are firmly in place. The investment announced today is intended to enable WDX to build upon this progress.
Tom Barr, CEO of Flex, commented; "The Wocu is an extraordinary endeavour with the potential to create very considerable value. Coupled with the Company's main line of business going forward, the BioAMD point of care medical device division, the Company is very well positioned for growth, with risk appropriately spread across these two exciting opportunities."
About Flex Fuels Energy, Inc.
Flex Fuels has Intellectual Property based interests in the UK: BioAMD (www.bioamd.com), a medical device developer; and the WDX Organisation Ltd - the owner of the Wocu™, a derivative World Currency quotation (www.wocu.com).
To find out more about Flex Fuels Energy (OTCBB:FXFL), visit our website at www.flexgp.com.
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Forward-Looking Statements
The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company'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 Company believes that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, 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 Company'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.