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McapMediaWire --Xfuels Inc. (OTC: XFLS ) --Mr. Charles Iggulden reports on theFebruary 22, 2023, Xfuels Inc. board meeting.
The board discussed thesettlement agreement with the ASC and as a result of the settlementagreement with the ASC, Mr. Michael McLaren CEO and Director tenderedhis resignation to the board and Mr. Charles Iggulden accepted Mr.McLarens resignation.
Mr. Iggulden then motioned that Mr. Andreas Roussos beappointed as CEO and Director and the motion was granted.
Mr. McLaren thenpresented to the board a demand letter for his outstanding securedloan of $1,674,096.07 plus daily default interest.
The board appointed Mr.Iggulden to enter into a settlement agreement with Mr. McLaren and themotion was granted.
Mr. Iggulden motioned for permission to enter into an agreementwith Cycle Energy Corp. a Texas corporation to assume the debts ofMammoth Corp. and Michael Brierley in exchange for the technologiesdeveloped by Cycle, Xfuels and McLaren and the motion was granted.
Mr. Igguldenmotioned to enter into a non-exclusive license agreement with CycleEnergy Corp. for the Plasma technologies and all applications and themotion was granted.
Mr. Iggulden then accepted the resignations of Mr. SigmundFriberg and Mr. Gary Giles.
Mr. Iggulden and Mr. Roussos thanked Mr. Fribergand Mr. Giles for their service to the company.
Mr. Iggulden and Mr.Roussos thanked Mr. McLaren for his years of service and limitlesscommitment to the prosperity of the company. The board also thankedMr. McLaren for his selfless act to settle for what clearly was aclerical error that dated back to 2016. Mr. McLarens career hadspanned more than 25 years in public companies without a singleregulatory incident.
The company wishes Mr. McLaren well as he embarks on a newadventure with his move to Texas.
Xfuels looks forward to the new leadership anddirection under Mr. Andreas Roussos.
About Mr. AndreasRoussos
Andreas has over 30 years of corporate management, businessdevelopment experience. He has an extensive international cross sectorbusiness network and sufficient knowledge of the capital markets. Heis very experienced in early stage, planning, implementation,operations and roll outs.
Andreas is well disciplined & missionaccomplished oriented. He is a team player with exceptionalorganization and leadership skills. His experience in upper managementand extensive target industry knowledge will greatly support theXfuels drive forward.
Andreas past accomplishments include the elevation of 2 smallregional businesses to national status.
About Xfuels Inc.
Xfuels Inc. (OTC:XFLS) is a diversified & licensed energy company based in thestate of Nevada.
Safe Harbor Statement
This news release contains "forward-lookingstatements" within the meaning of Section 27A of the SecuritiesAct of 1933, as amended, and Section 21E of the Securities ExchangeAct of 1934, as amended, that are intended to be covered by the"safe harbor" created by those sections. Forward-lookingstatements, which are based on certain assumptions and describe ourfuture plans, strategies and expectations, can generally be identifiedby the use of forward-looking terms such as "believe,""expect," "may," "will," "should,""could," "seek," "intend," "plan,""goal," "estimate," "anticipate" or othercomparable terms. All statements other than statements of historicalfacts included in this news release regarding our strategies,prospects, financial condition, operations, costs, plans, andobjectives are forward-looking statements. Forward-looking statementsare neither historical facts nor assurances of future performance.Instead, they are based only on our current beliefs, expectations, andassumptions regarding the future of our business, future plans andstrategies, projections, anticipated events and trends, the economyand other future conditions. Because forward-looking statements relateto the future, they are subject to inherent uncertainties, risks andchanges in circumstances that are difficult to predict and many ofwhich are outside of our control. Our actual results and financialcondition may differ materially from those indicated in theforward-looking statements. Therefore, you should not rely on any ofthese forward-looking statements. Important factors that could causeour actual results and financial condition to differ materially fromthose indicated in the forward-looking statements include, amongothers, the following: our ability to successfully market our productsand services; the acceptance of our products and services bycustomers; our continued ability to pay operating costs and ability tomeet demand for our products and services; the amount and nature ofcompetition from other oil and gas companies; the effects of changesin the energy and financial markets; our ability to successfullydevelop new products and services; our success establishing andmaintaining collaborative, strategic alliance agreements, licensingand supplier arrangements; our ability to comply with applicableregulations; and the other risks and uncertainties described in ourprior filings with the Securities and Exchange Commission. Weundertake no obligation to publicly update any forward-lookingstatement, whether written or oral, that may be made from time totime, whether as a result of new information, future developments orotherwise.
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MichaelMcLaren
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