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|Mcw Enterprises Ltd (mcw.v)|
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|14-11-2012, 01:53 PM||#2|
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Join Date: Oct 2012
Mcv.v News Out!!!
MCW Enterprises Documents Progress of Its Oil Sands Extraction Plant in Asphalt Ridge, Utah
VANCOUVER, BC--(Marketwire - November 13, 2012) - MCW Enterprises Ltd. (TSX VENTURE: MCW) ("MCW"), a Canadian holding company involved in fuel distribution and the creation of oil sands recovery technology, today detailed ongoing progress of its oil sands extraction plant project in Asphalt Ridge, Utah. MCW completed the financing for this project as announced July 20, 2012. MCW intends to document the progress of its initial plant project with a series of press release announcements detailing the steps required to assess and establish the ability of its oil sands recovery technology, on which a patent application has been submitted and is pending in both the United States and Canada, to achieve production.
The various components for the initial extraction plant were designed, specified and sent out for tender to various experienced suppliers prior to July, 2012. The various systems to be incorporated into the design of the extraction unit were identified as:
1. Material Input Systems, which MCW anticipates will deliver the oil sands materials into the unit's extraction chamber column.
2. Extraction System, which MCW anticipates will process and recover the bitumen and the solvents. This is the major operating system of the technology which includes the extraction and rectification columns, heat exchangers, evaporators, etc.
3. Tailing Output System, which MCW anticipates will facilitate the expulsion of the cleaned sands.
The Extraction System components were fabricated and shipped to MCW's oil sands lease site in Asphalt Ridge, Utah, and the balance of this system, together with spare parts, will be arriving onsite later this month. The Material Input Systems and the Tailing Output System are being produced/fabricated locally and are on schedule for shipment shortly.
About MCW Enterprises Ltd.
MCW, through its wholly owned subsidiary, MCW Energy Group Limited, is focused on value creation as (i) a distributer of gasoline and diesel fuels to service stations in Southern California for over 60 years, having revenue, in the fiscal year ending August 31, 2011, of US$241.5 million, and (ii) a developer of proprietary technology for the extraction of oil from sand and shale 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. For additional information on MCW, please visit their website www.mcwenergygroup.com.
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, economic performance and future plans and objectives of the Company. 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.
MCW Enterprises Ltd.
Dr. Gerry Bailey
Chief Executive Officer
Tel: +1 (800) 979-1897
|14-11-2012, 05:05 PM||#3|
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