TORONTO, ONTARIO--(Marketwired - July 12, 2013) - MCW Energy Group (TSX VENTURE:MCW) (MCW.V) ("MCW"), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology, announced today that its board of directors has approved a new 20% fixed number stock option plan. Pursuant to the new option plan MCW can grant up to 8,244,455 stock options. MCW will seek shareholder approval for the new option plan at its next annual shareholders meeting. Any options granted after the date hereof and prior to shareholder approval will also be subject to, and will not be exercisable until, shareholder approval.
MCW also announces the grant of 60,000 stock options to Richard S. Rawdin, CPA, who recently became the new Chief Financial Officer of the MCW, at an exercise price of $1.07 per common share expiring on July 12, 2018.
MCW currently has 41,222,278 issued and outstanding common shares and accordingly can grant up to 8,244,455 stock options pursuant to its new fixed number stock option plan. Accordingly, the 60,000 options granted to Mr. Rawdin shall become effective and exercisable only upon any necessary shareholder approval having been obtained. Including the grant announced today, MCW currently has 4,966,666 stock options outstanding.
About MCW Energy Group:
MCW Energy Group Limited is focused on value creation as (i) a distributor of gasoline and diesel fuels to service stations in Southern California for over 72 years, having revenue in the fiscal year ending August 31, 2011, of US$241.5 million, most recently reported having revenue of USD$363.3 million for the fiscal year ending August 31, 2012 and, (ii) as a developer of proprietary technology for the extraction of oil from oil sands at its first field in the Uinta Basin of Utah, USA. MCW's management team is comprised of individuals who have extensive knowledge in both conventional and unconventional oil and gas projects and production, as well as refinery and fuel distribution experience.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release, include, but are not limited to the commercial viability of the technology and the extraction plant, economic performance and future plans and objectives of MCW. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although MCW believes that the expectations reflected in forward-looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, MCW disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: http://www.marketwire.com/mw/release.do?id=1810781&sourceType=3
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