10SION® Holdings, Inc. Secures $107 million USD funding commitment (OTCBB: WTKN).
Scotch Plains, NJ, September 23, 2019 - 10SION® Holdings, Inc., a privately held Florida corporation, (the “Company”) announces that it has received a $107 million USD funding commitment, subject to lender due diligence, to fund the construction of its first two petroleum micro-refineries. The Company is currently in negotiations to buy land in the Texas portion of the Permian Basin on which to construct its micro-refineries. The micro-refineries will refine 10,000 barrels of crude oil per day.
The Company plans to build, own and operate fully-certified, capital and performance-efficient, state-of-the-art, high-spec petroleum micro-refineries that meet the standards customers are seeking when contracting for purchase of fuel supplies.
“This is a major step forward in bringing our micro-refinery model to appropriate markets across the United States,” said Ken Bland, the Company’s founder and CEO. “This moves us forward in a significant way toward augmenting fuel supplies in local markets where those fuels are needed most.”
The Company announces that as of August 30, 2019, it completed the acquisition of Welltek Incorporated (OTCBB: WTKN) in a parent-subsidiary merger transaction. This transaction results in the Company being the public-company successor to Welltek; an application for a name change to 10SION®, and a trading symbol change . The transaction also results in a reduction in the number of shares in the public float and outstanding shares overall. The Company has published an information statement for the six months ended June 30, 2019 at OTCMarkets.com under the WTKN trading symbol which describes the acquisition. The Company now has a “Pink Current Information” designation.
