Xfuels Inc (XFLS)

[Jose Chavez]

$XFLS XFuels, Inc. (OTC Pink: XFLS) CEO Mike McLaren has elected to convert his convertible promissory note of $1.3 million into 125 million shares of restricted common stock.

This conversion will eliminate $1,468,638 of derivative liability from Xfuels’ balance sheet and enable the company to reinvest a greater percentage of its capital into future growth, as opposed to meeting ongoing debt service obligations.

McLaren stated, “I am fully committed to the long-term success of Xfuels. This transaction further solidifies my belief in our team, our technology, and our prospects for growth in the years ahead."

Upon McLaren’s conversion, Xfuels will have less than $1.5 million is outstanding promissory notes remaining and McLaren will own approximately 25% of Xfuels’ total issued and outstanding common shares.