Cycle Energy Industries Inc. agreed to acquire Xfuels Inc. (OTCPK:XFLS) in a reverse merger transaction for CAD 5 million on June 8, 2020. Xfuels will purchase Cycles outstanding shares of 95 million with a 1 for 1 share exchange. Xfuels Inc. will change the name to Cycle Energy Industries Inc. and request a symbol change at the same time. The acquisition is subject to Xfuels moving to current status on the OTC Markets.

Cycle Energy Industries Inc. completed the acquisition of Xfuels Inc. (OTCPK:XFLS) in a reverse merger transaction on July 21, 2020. The subsequent name and symbol change has been submitted to FINRA for approval.