Sparks, NV (pta045/26.05.2020/15:45) - We are pleased to announce that begin of 2020 management had been in intense discussions about the portfolio of the Company, the involved risks and the future opportunities. Based on their analysis the Company at that time made a strategic decision that the Company will diversify its business and will focus more on their European projects (for example the Lithium Mine project in Eastern Europe - see below).
Means, before the world had been hit by the Coronavirus and its dramatically impact to the people and the economies worldwide, especially resulting in a tremendous decrease of the oil price, the decision was made, that the US operations and projects are not a priority anymore. Therefore we cancelled the Operations Agreement with Mystic Energy LLC and will act as operator ourselves.
Meanwhile we incorporated a wholly-owned subsidiary. This subsidiary will be the vehicle related to our US oil and gas activities. The purpose is to reduce risk exposures to the Company with the current economic outlook situation in US oil and gas, and segregate the assets in a way that we protect the interests of the shareholders of the Company from operational risks in the region and to reduce operational costs also.
Further the Company signed an agreement with a Swiss Company to acquire a stake of this company. This Swiss company is main shareholder of a Lithium Mine project in Eastern Europe. A new evaluation report and a professional business plan will be prepared and finalized within the first half year 2020. But all current available information implement that this Lithium Mine project can be one of the most valuable and interesting Lithium projects worldwide combined with a huge strategic impact, especially in view of European manufacturers of electric cars.
The Company also signed an agreement with an Israeli company to develop an unique advanced technology for the production of HPA High Purity Allumina as well for Ammonia. Currently a professional business plan is being created. Based on this business plan we will determine the details of our investment.
Additional the Company entered into a joint venture arrangement with a Wyoming entity whereby both parties agreed to develop, explore and exploit crude oil and natural gas located in the state of Kansas. The joint venture will concentrate mainly on their oil and gas field for the exploration and extraction of Helium. Meanwhile a sampling survey could be finished and the numbers are being analyzed. The previous results had been very satisfying and a new business plan is in progress.
We are convinced that this is the right step into a promising future. As a result the Company will be transformed into an investment and private equity company. In our opinion, this reorientation - away from old business and towards the new economy and future-oriented business models - will open up excellent and over-proportional growth prospects in the future, particularly in view of our excellent network worldwide. Further information you may find under "https://noweaenergy.com/en/".
Investor Relations / May 26, 2020
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