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.
Plants & Goodwin Inc. (P&G), a subsidiary of Zefiro Methane Corp. (ZEFIF), has acquired a minority stake in Winterhawk Well Abandonment and secured an exclusive U.S. patent license for their innovative casing expansion technology. This strategic move positions P&G as the sole company able to utilize Winterhawk's 'Casing Expansion Tool' in the United States, with the ability to sublicense it to other entities.
Winterhawk's technology is designed to seal methane leaks in oil and gas wells more effectively than conventional methods, potentially reducing costs and environmental impact. The acquisition and licensing agreement aim to enhance Zefiro's capabilities in addressing harmful emissions and delivering high-quality services in well decommissioning projects across the country.
Plants & Goodwin Inc. (P&G), una sussidiaria di Zefiro Methane Corp. (ZEFIF), ha acquisito una partecipazione di minoranza in Winterhawk Well Abandonment e ha ottenuto una licenza esclusiva per il brevetto negli Stati Uniti della loro innovativa tecnologia di espansione del rivestimento. Questa mossa strategica posiziona P&G come l'unica azienda in grado di utilizzare il 'Casing Expansion Tool' di Winterhawk negli Stati Uniti, con la possibilità di concedere in sublicenza ad altre entità.
La tecnologia di Winterhawk è progettata per sigillare le perdite di metano nei pozzi di petrolio e gas in modo più efficace rispetto ai metodi convenzionali, riducendo potenzialmente i costi e l'impatto ambientale. L'accordo di acquisizione e licenza mira a migliorare le capacità di Zefiro nell'affrontare le emissioni nocive e nell'offrire servizi di alta qualità nei progetti di decommissioning dei pozzi in tutto il paese.
Plants & Goodwin Inc. (P&G), una subsidiaria de Zefiro Methane Corp. (ZEFIF), ha adquirido una participación minoritaria en Winterhawk Well Abandonment y ha asegurado una licencia exclusiva de patente en EE. UU. para su innovadora tecnología de expansión de revestimiento. Este movimiento estratégico posiciona a P&G como la única compañía que puede utilizar la 'Casing Expansion Tool' de Winterhawk en Estados Unidos, con la capacidad de sublicenciarla a otras entidades.
La tecnología de Winterhawk está diseñada para sellar fugas de metano en pozos de petróleo y gas de manera más efectiva que los métodos convencionales, lo que potencialmente reduce costos e impacto ambiental. El acuerdo de adquisición y licencia tiene como objetivo mejorar las capacidades de Zefiro para abordar emisiones dañinas y ofrecer servicios de alta calidad en proyectos de decomisión de pozos en todo el país.
Plants & Goodwin Inc. (P&G)는 Zefiro Methane Corp. (ZEFIF)의 자회사로, Winterhawk Well Abandonment에 소수 지분을 인수하고 그들의 혁신적인 케이싱 확장 기술에 대한 독점 미국 특허 라이센스를 확보했습니다. 이 전략적 조치는 P&G를 미국에서 Winterhawk의 'Casing Expansion Tool'을 사용할 수 있는 유일한 회사로 자리매김하게 하며, 다른 단체에 라이센스를 부여할 수 있는 능력을 제공합니다.
Winterhawk의 기술은 기존 방법보다 석유 및 가스 유정의 메탄 누출을 보다 효과적으로 밀봉하도록 설계되어 비용과 환경 영향을 감소시킬 수 있습니다. 인수 및 라이센스 계약은 해로운 배출을 처리하고 전국의 유정 해체 프로젝트에서 고품질 서비스를 제공하는 Zefiro의 능력을 향상시키는 것을 목적으로 합니다.
Plants & Goodwin Inc. (P&G), une filiale de Zefiro Methane Corp. (ZEFIF), a acquis une participation minoritaire dans Winterhawk Well Abandonment et a obtenu une licence exclusive de brevet aux États-Unis pour leur technologie innovante d'expansion de revêtement. Ce mouvement stratégique place P&G en tant que seule entreprise capable d'utiliser l'outil d'expansion de revêtement de Winterhawk ('Casing Expansion Tool') aux États-Unis, avec la capacité de le sous-licencier à d'autres entités.
La technologie de Winterhawk est conçue pour sceller les fuites de méthane dans les puits de pétrole et de gaz de manière plus efficace que les méthodes conventionnelles, réduisant potentiellement les coûts et l'impact environnemental. L'accord d'acquisition et de licence vise à améliorer les capacités de Zefiro pour traiter les émissions nuisibles et fournir des services de haute qualité dans le cadre de projets de mise hors service de puits à travers le pays.
Plants & Goodwin Inc. (P&G), eine Tochtergesellschaft von Zefiro Methane Corp. (ZEFIF), hat eine Minderheitsbeteiligung an Winterhawk Well Abandonment erworben und sich eine exklusive US-Patentlizenz für ihre innovative Technologie zur Röhrenerweiterung gesichert. Dieser strategische Schritt positioniert P&G als das einzige Unternehmen, das Winterhawks 'Casing Expansion Tool' in den Vereinigten Staaten nutzen kann, mit der Möglichkeit, es an andere Stellen zu lizenzieren.
Die Technologie von Winterhawk ist darauf ausgelegt, Methanleckagen in Öl- und Gasbohrungen effektiver als herkömmliche Methoden zu versiegeln, was potenziell Kosten und Umweltbelastung reduziert. Der Erwerb und die Lizenzvereinbarung zielen darauf ab, die Fähigkeiten von Zefiro zur Bekämpfung schädlicher Emissionen und zur Bereitstellung hochwertiger Dienstleistungen im Bereich der Stilllegungsprojekte von Bohrungen im ganzen Land zu verbessern.
- Exclusive U.S. patent license for Winterhawk's innovative casing expansion technology
- Potential for additional revenue through sublicensing Winterhawk Products in the U.S.
- Enhanced capability to address methane leaks and improve well intervention effectiveness
- Expansion of Zefiro's technological portfolio in the well decommissioning sector
- Undisclosed financial terms for the minority stake acquisition and license agreement
Winterhawk develops innovative technology to optimize oil and gas well casing operations
FORT LAUDERDALE, Fla., Aug. 14, 2024 (GLOBE NEWSWIRE) -- 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.
Readers using news aggregation services may be unable to view the media above. Please access SEDAR+ or the Investors section of the Company’s website for a version of this press release containing all published media.
“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 Relations
1 (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
FAQ
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