The fuel reformer is long gone.
From 2 years ago......
Dear Shareholders,
WTCT has completed a major transaction with a company named Oxysonix, a wholly
owned subsidiary of Adarna Energy Corporation. Many factors contributed to move the
technology to an independent entity. Most notably is the current investment atmosphere.
The Board of Directors of WTCT attempted to secure finance deals over the last two
years, with no success. The Board also felt the window of opportunity closing on the
exclusivity of the Fuel Reformer technology leaving us behind the trend. After hard
examination of the core facts, the board decided to search for other alternative
marketing and funding strategies for the technology.
Many shareholders have expressed concern in the decision that was made. Several
things need consideration to put this decision in its proper perspective. The capital
requirements to take to the fuel reformer to market were enormous. It is not a simple
path, the device required significant engineering, complex laboratory testing,
independent validation, safety testing and manufacture readiness, all with costs that are
enormous. Without these items in place the validity of a completed fuel reformer was in
danger of never making it to market.
The goal was to find an entity with product knowledge that had the ability to quickly
access capital markets and testing facilities to expedite our technology in the market
place. In addition, it was paramount that the WTCT shareholders benefit from the
transaction on a long-term basis. As a result, WTCT, through its subsidiary Air Pure,
has achieved that goal. WTCT now owns a valuable position in Oxysonix. In addition, it
will be receiving royalty payments associated with the revenue produced from the
patents for the next 20 years.
The royalties become valuable for the company when the production and the revenue
streams from the device initiates. In the opinion of the Board, legal counsel and
financial consultants, it was the intelligent move both company and it's shareholders,
especially given the demands. The transaction eliminates the need for WTCT to raise
capital, simultaneously while maximizing the return to the company and its
shareholders. WTCT is now positioned to continue its mission of locating and incubating
green technology companies, then spinning them off while keeping an equity position. It
has been and is the goal of WTCT to seek other forms of technology that create a better
environment and provides additional opportunities for green products like the fuel
reformer thus creating long term value for the company.
In order to accomplish the benefits mentioned above, WTCT's position must be
maximized. To that end, no Director or Officer of WTCT will hold Officer or Director
seats in Adarna. Furthermore, in order to avoid dilution in the Marketplace, no Officer or
Director of WTCT will be receiving any shares in Adarna Energy Corporation outside of
the shares they own in WTCT. Nor did any Officer or Director of WTCT receive any
shares for completing this transaction.
WTCT's management is currently working with major convertible note holders to forgive
or renegotiate the terms of existing instruments. With the new equity position in
Oxysonix and the pending income stream, WTCT has the ability to greatly improve its
financial position, which is a benefit for WTCT going forward.
WTCT has begun aggressively searching for additional technologies. Discussions have
begun with at least one private company and others will begin in the weeks ahead. It is
the mission of the company to incubate, develop and spin out when possible, new and
exciting “green technologies” while maintaining an equity position.
Myself and the Board, management and staff of WTCT are excited about the success of
the fuel reformer with its current path to market and wish Oxysonix's team the best of
luck going forward. We also are excited about the many opportunities that await WTCT
in the upcoming weeks. Thank you for all your support and we look forward to
delivering value to the shareholders going forward.
Respectively,
Brian D. Riley
President.
AI
