CALGARY, Dec. 22, 2011 /PRNewswire/ - Wescorp Energy Inc. (Wescorp) (OTCBB: WSCE), a clean water technology company focused on implementing cost-effective solutions in several markets, including the oil and gas and marine industries, announces a status update. Throughout August and September, Wescorp engaged in discussions with two groups regarding the possibility of financing for continued operations.
In October, a Schedule 13D was filed by a group of shareholders, some of whom were part of one of the potential funding groups. The stated objective of the Schedule 13D filing was to meet with the Board and management of Wescorp to discuss the business strategy and direction of Wescorp. Discussions with representatives of this group included their proposal for new board members and management, and the financing of a minimum of $1 million and up to $2 million. The existing Board of Wescorp indicated its desire to support this proposal. However, discussions have failed to advance in recent weeks, and the proposed $1 - 2 million financing has not occurred. Wescorp remains receptive to concluding a transaction with this group.
Discussions with the other potential financing group terminated after the Schedule 13D was filed.
Wescorp is now pursuing other potential sources of financing.
About Wescorp Energy Inc.
Wescorp (www.wescorpenergy.com) is a clean water technology company focused on implementing its
superior, low-cost, water purification solutions for the oil and gas
production industry and for marine remediation projects. Wescorp's
innovative clean technology is designed to meet increasing government
regulations needs of our industry and society in general.
Safe Harbour Statement
Any statements contained herein that are not historical facts may be
forward-looking statements. Forward-looking statements include
statements regarding the intent, belief or current expectations of the
Company, are based on certain assumptions, and involve known and
unknown risks and uncertainties. Many factors could cause actual
results to differ materially from those expressed or implied by the
forward-looking statements. Information on the potential factors that
could affect the Company's actual results of operations as well as
other risks to the Company or its business may be further discussed in
periodic reports and registration statements to be filed by the Company
from time to time with the US Securities and Exchange Commission.
SOURCE WESCORP ENERGY INC.