Well Power, Inc. (WPWR) Issues Shareholder Letter from Compa Well Power, Inc. (WPWR) Issues Shareholder Letter from Company President
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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