NEW YORK, Jan. 13, 2005 (PRIMEZONE) -- W2 Energy Inc. (Pink Sheets:WWEN), a developer of Green Energy technologies, is pleased to announce a non-brokered private placement of its securities to raise $600,000 at a price of $0.20. The company will sell 3,000,000 common shares for $.20 for the aggregate sum of $600,000.
Each unit will consist of one common share and one non-transferable share purchase warrant. Each warrant will be exercisable to aquire one additional common share of the company for $0.30 for 1 year after closing.
One insider is participating in the private placement for $100,000. No "control persons" or new insiders will be created as a result of the private placement.
The proceeds from the private placement are intended to be used as stage 1 financing of the corporation's plan to build its bio-mass to GTL (Gas to Liquid)/Electricity plant in Central Ontario.
W2 Energy is focused on expanding the commercial reach of its Alternative Power Producing technologies such as its large scale combination electrical /GTL (Gas to Liquids) fuel plants.
About W2 Energy Inc.
W2 Energy Inc. is a growing, publicly traded company on the OTCBB (Symbol WWEN) that develops renewable energy technologies and applies it to new generation electrical power systems. Specifically, W2 Energy Inc. produces Green Power utilizing its core-patented technologies to produce green power generating and clean transportation fuel plants utilizing bio-mass and GTL technologies. W2 Energy Inc. has seasoned management and cutting edge technology. W2 Energy Inc. owns a large technology portfolio of patents and know-how that has been extensively validated and ready for commercial production.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, statements are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted projections. These risks and uncertainties include, among other things, energy market volatility, product demand, market competition, and risk inherent to the company's research and development operations.