W2 Energy Purchases 100% of Free Drive EV, Inc.
GUELPH, Ontario, April 19, 2011 /PRNewswire/ -- W2 Energy, Inc., a clean energy company (www.w2energy.com)(PINKSHEETS: WTWO), is pleased to announce that it has purchased 100%of Free Drive EV, Inc., the designer and manufacturer of the Solar Bugsolar electric vehicle.
The original term sheet between W2 Energyand Free Drive called for W2 Energy to buy 80% of Free Drive. The newdeal is a result of further negotiations between W2 Energy and FreeDrive.
W2 Energy will soon be shipping two Solar Bugs and all of the associated parts from Free Drive's former headquarters in Bozeman, Montana to the W2 Energy factory in Guelph, Ontario. The W2 Energy team will then make the modifications necessary to the Solar Bug for sale and operation in the United States and Canada.
Ascurrently manufactured, the Solar Bug is a low speed solar electricvehicle ideal for use as a fleet service or commuter vehicle. Inaddition to preparing the Solar Bug for sale as a low speed electricvehicle, W2 Energy will be modifying the Solar Bug for use as a fullspeed and full range vehicle, using the coal water slurry W2 Energy hasbeen developing over the last few months as its fuel source.
Inthis full speed version of the Solar Bug, a small NT Plasmatron willconvert the coal water slurry into syngas, which will power a SteamRaydriving an electric motor, thereby creating a full size vehicle whichwill run on inexpensive North American coal rather than expensiverefined petroleum products.
"We are thrilled to have completed the100% purchase of Free Drive. Now we are going to start building a wholerange of Solar Bugs using different fuels such as solar energy and coalwater slurry," says Mike McLaren. "We are going to use the Solar Bug as the transportation platform for many of our best technologies."
W2 Energy trades in the United States on the OTC market under the symbol "WTWO." For further information, please contact Mike McLaren at (519) 800-7556 or go to www.w2energy.com.
Note:Certain statements in this press release are "forward-lookingstatements" within the meaning of the Private Securities Act of 1995.Such statements involve known and unknown risks, uncertainties and otherfactors that may cause results to differ materially. Such risks,uncertainties and other factors include but are not limited to neweconomic conditions, risk in product development, market acceptance ofnew products and continuing product demand, level of competition andother factors described in reports and filings with regulatory bodies
SOURCE W2 Energy, Inc.