CEO to convert 30,000,000 common shares to Class B dividend share
CALGARY, AB / ACCESSWIRE / March 16, 2020 / Xfuels Inc. (OTC PINK:XFLS) is pleased to report its shareholders have approved the conversion of 30,000,000 common shares held by CEO, Michael McLaren to a new class B common dividend share.
The dividend share will be non-voting and will carry a dividend of 2% net revenues of the company subject to board approval of the dividend.
The decision is part of Xfuels restructuring plans as we continue to implement our business plan.
The issued and outstanding shares will be reduced to 43,171,024 post conversion.
About Xfuels Inc.
XFuels The Clean Petroleum & Power Company, is a publicly held energy company based in Alberta, Canada and develops technologies for clean energy and synthetic hydrocarbon products.
Clean Petroleum chemicals and fuels have the same molecular composition as traditional petroleum, offer premium performance with NEAR-ZERO environmental footprint, and face very few hurdles to full market penetration in today's existing petroleum vehicle fleet and distribution infrastructure.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Xfuels Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Xfuels Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Xfuels Inc.'s filings with the Securities and Exchange Commission.
For further information please contact:
Xfuels Inc. Public Relations and Shareholder Information
Email: [email protected]
SOURCE: Xfuels Inc.