NEWS..................
Well Renewal Issues Open Letter to Shareholders
TULSA, Okla., May 18, 2007 (PrimeNewswire via COMTEX) -- Well Renewal, Inc.
(Pink Sheets:WRNW), a rapidly growing diversified oil and gas regional operator
specializing in oil and gas exploration, enhanced recovery methods of abandoned
and low-production oil properties, and oil field services, releases an open
letter to its' shareholders from its CEO, David Rees:
Dear Well Renewal Shareholder:
As you know, I became Chief Executive Officer of Well Renewal in
mid-March this year. I wanted to take this opportunity to introduce
myself and to update you on the progress and direction of Well
Renewal.
I have spent the majority of my career involved in mergers and
acquisitions and structuring financial transactions. After graduating
from law school at NYU I worked at a large New York City law firm,
Skadden Arps. I have since worked with several companies, assisting
them with raising capital and growing their businesses both
organically and through acquisitions.
The opportunity for us to become profitable in the oil and gas
business at Well Renewal is exceptionally promising. Our primary
focus is acquiring quality businesses and entering into joint ventures
with companies that have substantial history in the industry. We are
reviewing a number of companies in the industry, both on the
production and services side of the business, that fit our criteria.
Our focus as a management team is to locate these businesses and to
bring them into the Well Renewal family.
I am looking forward to putting my background in mergers and
acquisitions to work. The senior management team at Well Renewal
also includes Harry Martin our Chief Financial Officer. Harry's
financial background includes serving as the Controller for
multi-million dollar ($500,000,000 and $200,000,000) companies, both
publicly traded companies. As Chief Financial Officer of a multi-
million dollar public company, he was instrumental in acquiring and
merging six companies into the entity. In addition, Andy Goodell is
our Executive Vice President of Operations. Andy has over thirty
years of experience in technical, administrative and management
positions within the oil and gas industry. This experience provides a
solid base for his role to assess the operations of our acquisition
targets, as well as the ability to integrate them into Well Renewal.
In the past six weeks we have entered into two binding letters of
intent. The first with Team Services of Michigan. Team has a
incredibly experienced management team, headed by Don and Tim Tinker.
Team should generate approximately $14 million in revenue in 2007,
resulting in approximately $4 million in EBITDA. We are very excited
about integrating Team, as well as utilizing Don and Tim's vast
knowledge and experience at Well Renewal.
The second letter of intent executed is with Cementer's Well Service
in Colorado. Like Team, Cementer's is run by an exceptionally
experienced and skilled senior management team, headed by Rose and
Jack Stoller. Rose and Jack have been running the business for 30
years. Again, we are excited to work closely with them and
integrating them into the Well Renewal fold.
We are currently conducting an audit of Team. Audits for Cementer's
have already been completed. We have been informed by our investment
bankers that we should be in a position to close each of Team and
Cementer's within the next six to eight weeks.
As illustrated by Team and Cementer's, our criteria for acquisitions
involves finding a proven business, with a sustainable model, headed
by an experienced, highly competent and ethical management teams. We
have developed relationships with investment banking institutions that
will allow us access to capital on attractive terms to complete the
acquisitions. Our goal is to acquire as many quality businesses that
meet our criteria as possible over the next several years. We invite
each of you to present us with opportunities you may be aware of at
any time. We are always on the lookout for quality companies.
Further, our board has determined WRNW will sell all of its owned
lease assets (oil and gas) and concentrate on continued M&A activity
for continued growth. Therefore, I ceased all drilling activity and am
preparing appraisals for the assets to be sold. I am meeting next week
with an oil services company in west TX and other prospects are under
consideration. I am in initial discussions with perspective buyers for
the lease assets.
Financial Update
As you know, we are currently trading on the pink sheets as a
non-reporting company. The primary reason that we are not trading on
another exchange is that we do not yet have audited financial
statements. We are currently working on remedying this, and
anticipate having audited financial statements before the end of 2007.
At that time, we will make application to move to another exchange.
We have also recently completed a net equity capital raise of
approximately $800,000 for the company. During the course of our
equity capital raise we obviously needed to issue significant amounts
of stock. The number of shares currently outstanding is approximately
562,000,000.
We have also initiated the process of raising additional equity
capital of between $1 million and $5 million. We anticipate being in
a position to raise this capital within the next 3 to 4 months.
All of us at Well Renewal are especially excited about the prospects
for our industry. The opportunities that we are currently reviewing
are substantial and, more importantly, very achievable. I look
forward to your continued support as we take Well Renewal to the next
level.
D. Rees
CEO
About Well Renewal, Inc.
Well Renewal, Inc., headquartered in Tulsa, Oklahoma, is principally engaged in
oil and gas exploration as well as enhancement and recovery of abandoned and low
production oil properties, oil field services and petrochemical distribution.
Statements in this press release relating to plans, strategies, economic
performance and trends, projections of results of specific activities or
investments, and other statements that are not descriptions of historical facts
may be forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking information
is inherently subject to risks and uncertainties, and actual results could
differ materially from those currently anticipated due to a number of factors,
which include but are not limited to, risk factors inherent in doing business.
Forward-looking statements may be identified by terms such as "may," "will,"
"should," "could," "expects," "plans," "intends," "anticipates," "believes,"
"estimates," "predicts," "forecasts," "potential," or "continue," or similar
terms or the negative of these terms. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements. The company has
no obligation to update these forward-looking statements.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: Well Renewal, Inc.
By Staff
CONTACT: Well Renewal, Inc. D. Rees, CEO 918-585-5101 drees@wellrenewal.com
(C) Copyright 2007 PrimeNewswire, Inc. All rights reserved.
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INDUSTRY KEYWORD: Energy Industries
SUBJECT CODE: ENERGY
OIL
Product Services Announcement
