LONDON, May 28, 2009 (GLOBE NEWSWIRE) -- Flex Fuels Energy, Inc. ("Flex Fuels" or the "Company") (OTCBB:FXFL), today announced the prospective purchase and retirement of a large block of stock.
On May 21, 2009, the Company entered into Stock Purchase Agreements with two founding shareholders of Flex Fuels Energy Limited and a party related to a third founding shareholder (collectively the "Shareholders") to purchase an aggregate of 16,989,136 shares of the Company's common stock (the "Shares") from the Shareholders at a price of $0.008 per share, or an aggregate of approximately $135,913.
The purchase of the Shares is due to take place on June 5, 2009. Following purchase, the Shares are to be retired and returned to the status of authorized but unissued.
Tom Barr, CEO, commented, "The Company is pleased to have reached this agreement. Once concluded, this will represent an approximate 24.5% reduction in issued stock at a minimal cost, to the benefit of the remaining shareholders."
About Flex Fuels Energy, Inc.
Flex Fuels is a diversified company developing its wholly owned planned oilseed crush business, Flex Fuels Energy Ltd, in Cardiff, Wales, mining exploration activities in British Columbia, Canada and a majority shareholder in the WDX Organisation Ltd, a company located in London, England engaged in the development of a proprietary technology designed to mitigate currency risk.
To find out more about Flex Fuels Energy (OTCBB:FXFL), visit our website at www.flexfuelsenergy.com.
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Forward-Looking Statements
The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from acquisitions or actions in development are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. Since the information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. Flex Fuels Energy, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.