CW Petroleum Corp (CWPE): Reports 60% Increase in Product Sales for 2020 with Revenue of $7.0 Million

Rhea-AI Summary

CW Petroleum Corp (OTCQB: CWPE) reported a revenue of $7.0 million for fiscal 2020, marking a profit of $106,839, compared to a loss of $45,262 in 2019. Despite the challenges posed by COVID-19, shipments of refined products increased by almost 60%. The SEC qualified the company’s REG A+ Tier 2 offering, allowing it to raise up to $50 million at a share price of $0.75. The funds will support expansion into new regions, trading activities, renewable fuels, and convenience store acquisitions, aiming to enhance profitability.

Positive

• Revenue increased to $7.0 million in 2020 from $6.5 million in 2019.
• Achieved a profit of $106,839 in 2020, a recovery from prior loss.
• Almost 60% shipment increase of refined products despite COVID-19.
• SEC qualification for REG A+ Tier 2 offering allows raising up to $50 million.
• Expansion plans include new markets for no ethanol gasoline and refined products.

Negative

• None.

Katy, Texas, May 03, 2021 (GLOBE NEWSWIRE) -- CW Petroleum Corp (OTCQB: CWPE), a leading provider of Proprietary Reformulated No Ethanol Gasoline and Biofuels, announce today Revenue for fiscal 2020 was $7.0 Million with a Profit of $106,839 vs. $6.5 Million and a loss of $45,262 in 2019.

Our sales of $7.0 Million in 2020 vs. $6.5 Million in 2019 does not reveal the almost 60% increase in our shipment of refined products last year despite COVID-19. Had oil prices remained at 2019 levels, we would have reported close to $10 million in sales.

On March 30, 2021, the Company announced its REG A+ Tier 2 offering statement was declared qualified by the United States Securities and Exchange Commission. The Company will now be able to go ahead with its plan to offer as much as $50,000,000 of its common stock to qualified investors at a $0.75 share price.

As stated in recent press releases, all proceeds will be used to continue with its business plan as follows:

First: introducing its' Proprietary EPA-approved Reformulated "No Ethanol" Gasoline into the North Eastern USA and Midwest.

Second: the expansion of its' Refined Products Trading across all USA Refined Products Pipelines its' currently approved to ship on and other trading platforms.

Third: the expansion of sales of Biodiesel, Renewable Diesel Fuel, and Renewable Gasoline as part of its' "Green Renewable Fuels Program."

Fourth: the rapid acquisition of Convenience Stores to become a fully integrated oil company and capture all profits from the Refinery to the Retail Customer. The Company recently engaged a Real Estate Agency to search for possible locations to build its own Convenience stores.

2020 Form 1-K

For additional information, visit our website at cwpetroleumcorp.com or call 281-817-8099

About CW Petroleum Corp

CW Petroleum Corp supplies and distributes Biodiesel, Biodiesel Blends, Ultra Low Sulfur Diesel Fuel, Gasoline, and a Proprietary EPA Approved Reformulated No Ethanol Gasoline to distributors, convenience stores, marinas, and end-users.

Forward-Looking Statements

Certain statements in this press release may contain "forward-looking statements" regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the markets in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "endeavors," "strives," "may," or variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties, and assumptions that are difficult to predict, estimate or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company's most recent annual report on Form 1-K, which may be amended or supplemented by subsequent semiannual reports on Form 1-SA or other reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company's filings with the Securities and Exchange Commission.

FAQ

What was CW Petroleum's revenue for fiscal 2020?

CW Petroleum reported revenue of $7.0 million for fiscal 2020.

Did CW Petroleum make a profit in 2020?

Yes, CW Petroleum made a profit of $106,839 in 2020, compared to a loss in 2019.

What is the significance of the SEC's approval for CW Petroleum?

The SEC's approval allows CW Petroleum to raise up to $50 million through a REG A+ Tier 2 offering.

How much did CW Petroleum's shipments of refined products increase?

Shipments of refined products increased by almost 60% in 2020.

What are CW Petroleum's plans for the raised funds?

The funds will be used for expansion, including introducing no ethanol gasoline, increasing trading activities, and acquiring convenience stores.