Plants & Goodwin Inc., a Subsidiary of Zefiro Methane Corp., Acquires a Minority Stake in, and Obtains an Exclusive U.S. Patent License from, Winterhawk Well Abandonment Ltd.
August 14 2024 - 8:00AM
Plants & Goodwin Inc. (“P&G”), a subsidiary of
ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) (OTCQB:
ZEFIF) (the “Company”, “Zefiro”, or “ZEFI”), today
announced the acquisition of a minority ownership interest in
Winterhawk Well Abandonment Ltd. (“Winterhawk”) for an undisclosed
amount. Winterhawk is a Calgary-based manufacturer of specialized
downhole tools and technologies designed to expand casing in oil
and gas wells to seal the leak pathways of surface casing vent
flows. Sealing these methane leaks using conventional well
decommissioning procedures is not always successful, but
forward-thinking innovations patented by companies like Winterhawk
can increase well intervention effectiveness and reduce costs.
P&G and Winterhawk also entered into an exclusive patent
license agreement (“Exclusive License Agreement”) for Winterhawk’s
U.S. patents for an undisclosed amount. The Exclusive License
Agreement will position P&G as the only company that can use,
deploy, distribute, offer for sale, sell or otherwise dispose
Winterhawk’s innovative “Casing Expansion Tool” and other covered
products (“Winterhawk Products”) on project sites in the United
States. The Exclusive License Agreement also allows P&G to
sublicense Winterhawk Products to other entities operating in the
United States which can generate additional revenue for the
company.
A diagram illustrating the functionality of
Winterhawk’s technology. For more information, see this video by
CEO of Zefiro Services, Luke Plants.
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“When Luke Plants, CEO of Zefiro Services, first told me about
this technology, I was excited about having a new tool to address
methane leaks from casing vent flows,” said Talal Debs,
Founder & Chief Executive Officer, Zefiro Methane
Corp. “Winterhawk’s one-of-a-kind casing expansion
technology gives us one more way to eliminate harmful emissions and
deliver the highest possible quality with every deployment.”
“From Winterhawk’s inception, we have always aimed to have our
Casing Expansion Tool routinely deployed on the most complex,
high-priority job sites,” said Ian Thomson, Chief Executive
Officer, Winterhawk. “P&G’s proven ability to quickly
scale their nationwide field operations aligns with our founding
mission, and we cannot wait to see their crews deploy our
innovative technology on projects across the country.”
Reporters/Media: For any questions or to
arrange an interview with Talal Debs, Luke Plants, or Ian Thomson,
please contact Rich Myers of Profile Advisors (New York City) by
email at media@zefiromethane.com or by telephone at +1 (347)
774-1125.
About Zefiro Methane Corp.
Zefiro is an environmental services company, specializing in
methane abatement. Zefiro strives to be a key commercial force
towards Active Sustainability. Leveraging decades of operational
expertise, Zefiro is building a new toolkit to clean up air, land,
and water sources directly impacted by methane leaks. The Company
has built a fully integrated ground operation driven by an
innovative monetization solution for the emerging methane abatement
marketplace. As an originator of high-quality U.S.-based methane
offsets, Zefiro aims to generate long-term economic, environmental,
and social returns.
On behalf of the Board of Directors of the Company,
ZEFIRO METHANE CORP.
“Talal Debs”
Talal Debs, Founder & CEO
For further information, please contact:
Zefiro Investor Relations1 (800) 274-ZEFI
(274-9334)investor@zefiromethane.com
For media inquiries, please contact:
Rich Myers - Profile Advisors (New York)media@zefiromethane.com
+1 (347) 774-1125
Forward-Looking Statements
This news release contains “forward-looking information” within
the meaning of applicable Canadian securities legislation.
Forward-looking information is often, but not always, identified by
the use of words such as “seeks”, “believes”, “plans”, “expects”,
“intends”, “estimates”, “anticipates” and statements that an event
or result “may”, “will”, “should”, “could” or “might” occur or be
achieved and other similar expressions. In particular, this news
release contains forward-looking information including statements
regarding: the Company’s intention to reduce emissions from
end-of-life oil and gas wells and eliminate methane gas; the
Company’s partnerships with industry operators, state agencies, and
federal governments; the Company’s expectations for continued
increases in revenues and EBITDA growth as a result of these
partnerships; the Company’s intentions to build out its presence in
the United States; the anticipated federal funding for orphaned
well site plugging, remediation and restoring activities; the
Company’s expectations to become a growing environmental services
company; the Company’s ability to provide institutional and retail
investors alike with the opportunity to join the Active
Sustainability movement; the Company’s ability to generate
long-term economic, environmental, and social returns; and other
statements regarding the Company’s business and the industry in
which the Company operates. The forward-looking information
reflects management’s current expectations based on information
currently available and are subject to a number of risks and
uncertainties that may cause outcomes to differ materially from
those discussed in the forward-looking information. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information are reasonable, undue reliance
should not be placed on such information and no assurance can be
given that such events will occur in the disclosed timeframes or at
all. Factors that could cause actual results or events to differ
materially from current expectations include, but are not limited
to: (i) adverse general market and economic conditions; (ii)
changes to and price and volume volatility in the carbon market;
(iii) changes to the regulatory landscape and global policies
applicable to the Company's business; (iv) failure to obtain all
necessary regulatory approvals; and (v) other risk factors set
forth in its Prospectus dated April 8, 2024 under the heading “Risk
Factors”. The Company operates in a rapidly evolving environment
where technologies are in the early stage of adoption. New risk
factors emerge from time to time, and it is impossible for the
Company’s management to predict all risk factors, nor can the
Company assess the impact of all factors on Company’s business or
the extent to which any factor, or combination of factors, may
cause actual results to differ from those contained in any
forward-looking information. Forward-looking information in this
news release is based on the opinions and assumptions of management
considered reasonable as of the date hereof, including, but not
limited to, the assumption that general business and economic
conditions will not change in a materially adverse manner. Although
the Company believes that the assumptions and factors used in
preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information. The forward-looking information included in this news
release is made as of the date of this news release and the Company
expressly disclaims any intention or obligation to update or revise
any forward-looking information whether as a result of new
information, future events or otherwise, except as required by
applicable law.
Statement Regarding Third-Party Investor Relations
Firms
Disclosures relating to investor relations firms
retained by Zefiro Methane Corp. can be found under the Company's
profile on SEDAR+ at www.sedarplus.ca/.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f8085359-4a00-4876-8a67-a62cb625f402
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