HOUSTON, TX, Jan. 11, 2014 /PRNewswire/ - Well Power, Inc. (OTCQB:VOELD),- (The Company), would like to inform its shareholders that onDecember 10, 2013 an Articles of Merger was filed with the Secretary of State of Nevada in order to effectuate a merger with the wholly-owned subsidiary of Vortex Electronics Inc., Well Power, Inc. As part of the merger, the board of directors authorized a change of name to "Well Power, Inc." and the Company's Articles of Incorporation have been amended to reflect this name change.
In addition to the change of name a Certificate of Change was filed on the same date whereby the directors of the Company resolved to increase the number of authorized shares of common stock in Well Power Inc. (the "Company"), par value $0.001, from 90,000,000 shares to 4,500,000,000 shares. Correspondingly, the Company's board of directors affirmed a forward split of 50 for 1 in which each shareholder will be issued 50 common shares in exchange for 1 common share of their currently issued common stock. Under the Nevada law, shareholder approval was not required.
In connection with the forward split and name change, we have the following new CUSIP number: 94947A106. We have submitted the required information to FINRA and we have been provided an effective date of January 6, 2014. Once effective, our common stock will be quoted under the symbol "VOELD" for a period of 20 trading days. After 20 trading days, our common stock will trade under the symbol "WPWR" that more resembles our new name.
These corporate measures were required to facilitate the Company entering into a Letter of Intent, as on January 6, 2014, we entered into a non-binding Letter of Intent ("LOI") with Cristian Neagoe to acquire a license to the technology that will allow the Company to market, sell, and deploy economical, mobile and scalable Micro-Refinery Unit (the "MRU") to process raw natural gas into Engineered FuelTM (diluents, drop-in diesel and pipeline quality synthetic crude) and clean power. The technology solution simultaneously reduces CO2 emissions and creates revenue streams with minimal capital expenditure. The proposed consideration for the potential acquisition will be payable in a combination of cash and common stock which is yet to be determined.
This potential acquisition remains subject to, among other things, completing customary pre-closing due diligence, the requisite approval and entering into a Definitive Agreement. The Definitive Agreement is expected to be signed by all parties on or before the end of February 3, 2014. There can be no assurance that any transaction will be completed as proposed or at all.
About Well Power, Inc. (the "Company")
Further information on the Company and its filings can be found at www.sec.gov
Forward Looking Statements
Some information in this document constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the closing of the share exchange agreement. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Well Power, Inc., herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Well Power, Inc., disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
SOURCE Wellpower inc.
