LONDON, May 4, 2010 (GLOBE NEWSWIRE) -- Flex Fuels Energy, Inc. ("Flex" or the "Company") (OTCBB:FXFL) notes the announcement below made today by its 93% owned subsidiary, the WDX Organisation Ltd ("WDX").
FOR IMMEDIATE RELEASE
May 4, 2010, London, Singapore: WDX Organisation Ltd., the company behind the Wocu (World Currency Unit) is delighted to announce the signing of an extended contract with Navitas Resources, the Singapore-based specialist energy and climate commodity trade facilitator. Having signed the initial agreement earlier this year, the two companies have now finalised the details of the licence and transaction fee structures to launch Wocu priced commodity trading. The Wocu is expected to be used to price physical commodity contracts to be listed on Navitas' NR-X Physical Commodity trading and procurement platform (www.nr-x.com).
Navitas have selected Bunker Oil (Marine Fuel) as the first physical commodity in the world to be priced in Wocus. As Bunker Oil drives the majority of sea-going trade, it is a commodity of primary importance. Trading Bunker Oil in Wocus rather than dollars is anticipated to allow companies to achieve maximum benefit from the Wocu's particular advantages, namely reduced exchange rate volatility and an effective partial hedging mechanism, reducing spot and forward inconsistencies in Bunker Oil pricing.
Tom James of Navitas commented, "We are very excited to have finalised the terms of the agreement with WDX regarding the Wocu and look forward to launching Wocu pricing for a range of physical commodities on our NR-X platform. We have no doubt this will give our platform a leading edge over those who do not offer the advantages of pricing in the Wocu, especially given the large US$ currency concentration risk most companies in the commodity and energy sectors currently have to manage."
Michael King, CEO of WDX Organisation, said, "We believe this early adoption of the Wocu basket is a key signal from the markets. The agreement reflects the requirement of market participants for currency neutrality in some, or all, of their activities. Utilising the Wocu in commodity trading will create certainty in forward transactions, which in turn will drive down costs. A single currency arrangement would be hard pressed to reduce volatility in this manner."
Agreement with a third party exchange to quote and transact Wocu and Wocu-priced products is the next important step toward the adoption of the Wocu worldwide; WDX and Navitas anticipate that this will be progressed later this year.
WDX Editorial contact
Alla Lapidus
Moonlight Media
Tel: +44 (0) 20 7250 4770
Email: alla@moonlightmedia.co.uk
About Flex Fuels Energy, Inc.
Flex Fuels has Intellectual Property based interests in the UK: BioAMD (www.bioamd.com), a medical device developer; and the WDX Organisation Ltd - the owner of the Wocu™, a derivative World Currency quotation (www.wocu.com).
To find out more about Flex Fuels Energy (OTCBB:FXFL), visit our website at www.flexgp.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.