AUSTIN, TX / ACCESSWIRE / January 10, 2024 / Victory Clean Energy (OTC PINK:VYEY) ("Victory" or the "Company"), proudly announces the successful completion of their definitive merger agreement, dated December 31, 2023, uniting VYEY (formerly Victory Oilfield Tech, Inc.) and H2 Energy Group Inc. (H2EG), an innovative Green Hydrogen energy company.
The newly combined entity will operate under the name Victory Clean Energy, Inc.
The merger positions Victory Clean Energy as a formidable player in the low-cost Green Hydrogen sector, focusing on decarbonization in heavy transportation and industrial Hydrogen markets. Leveraging Victory's exposure to public capital markets and H2EG's cutting-edge TrueGreen Hydrogen production solutions, the combined company aims to provide clean, reliable, and cost-effective energy sources to a diverse range of clients.
Fueling the Future: Green Hydrogen as a Game-Changer
Green Hydrogen, generated from renewable energy or fossil-free, low-carbon power, is recognized as a crucial catalyst for the global transition to sustainable energy and net-zero emissions economies. The merged company will play a pivotal role in making TrueGreen Hydrogen accessible, addressing the demand for clean, secure, and affordable energy solutions.
Kevin DeLeon, Board Member Victory Clean Energy, Inc. stated, "This merger positions VYEY as a market-leading Green Hydrogen company just as Green Hydrogen is increasingly being referred to as 'The Fuel of the Future.' The merger with H2 Energy Group enables us to capitalize on the growing demand for Sustainable energy and deliver innovative solutions to a broad market."
Jim McGinley, Chief Executive Officer of H2 Energy Group, added, "This merger is a significant milestone, expanding our market reach and solidifying our position in the rapidly growing Green Hydrogen industry. Working together with the talented team at Victory Clean Energy, we are committed to driving cost-effective innovation and delivering exceptional value to our customers."
Looking Ahead: Focus on Decarbonization and Market Growth
The newly merged company is poised to realign its strategic focus, channeling efforts towards decarbonizing demanding industrial sectors through our state-of-the-art TrueGreen Hydrogen production solutions.
About Victory Clean Energy
Victory Clean Energy is an innovative Green Hydrogen energy company dedicated to developing and implementing clean, sustainable low-cost energy solutions with applications across various industries, including transportation, power generation, and industrial processes. The Company's pioneering TrueGreen Hydrogen production solutions aim to provide clean, reliable, and cost-effective energy sources to a diverse range of clients. TrueGreen Hydrogen positions the Company as a formidable force in the low-cost Green Hydrogen sector, focusing on decarbonization in heavy transportation and industrial Hydrogen markets. With this commitment, Victory Clean Energy is dedicated to shaping a sustainable and cleaner future for industries and communities worldwide.
Safe Harbor Statement
This press release contains "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. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management's experience, perception of historical trends and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and reasonable by management. When used in this press release, the words "will," "potential," "believe," "estimated," "intend," "expect," "may," "should," "anticipate," "could," "plan," "project," or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements, including but not limited to, our ability to successfully complete the proposed merger, integrate H2EG with our operations and realize the anticipated benefits from the merger, any unexpected costs or delays in connection with the merger, general economic conditions and the ability to manage and continue growth, and other factors described in the Company's most recent Annual Report on Form 10-K and any updates to those risk factors set forth in the Company's Quarterly Reports on Form 10-Q. Further information on such assumptions, risks and uncertainties is available in the Company's other filings with the Securities and Exchange Commission ("SEC") that are available on the SEC's website at www.sec.gov, and on the Company's website at www.vyey.com. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Contact:
Mark Komonoski
Partner
Integrous Communications
Direct: 877-255-8483
Mobile: 403-470-8384
mkomonoski@integcom.us
Website | Newsroom
SOURCE: Victory Clean Energy, Inc.
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