Xfuels announces Shareholder update on February Board Meeting

Carson City, Nevada, March 7, 2023 — McapMediaWire — Xfuels Inc. (OTC: XFLS) –Mr. Charles Iggulden reports on the February 22, 2023, Xfuels Inc. board meeting.

The board discussed the settlement agreement with the ASC and as a result of the settlement agreement with the ASC, Mr. Michael McLaren CEO and Director tendered his resignation to the board and Mr. Charles Iggulden accepted Mr. McLarens resignation. 

Mr.  Iggulden then motioned that Mr. Andreas Roussos be appointed as CEO and Director and the motion was granted.

Mr. McLaren then presented to the board a demand letter for his outstanding secured loan of $1,674,096.07 plus daily default interest.

The board appointed Mr. Iggulden to enter into a settlement agreement with Mr. McLaren and the motion was granted.

Mr. Iggulden motioned for permission to enter into an agreement with Cycle Energy Corp. a Texas corporation to assume the debts of Mammoth Corp. and Michael Brierley in exchange for the technologies developed by Cycle, Xfuels and McLaren and the motion was granted.  

Mr. Iggulden motioned to enter into a non-exclusive license agreement with Cycle Energy Corp.  for the Plasma technologies and all applications and the motion was granted.

Mr. Iggulden then accepted the resignations of Mr. Sigmund Friberg and Mr. Gary Giles.

Mr. Iggulden and Mr. Roussos thanked Mr. Friberg and Mr. Giles for their service to the company.

Mr. Iggulden and Mr. Roussos thanked Mr. McLaren for his years of service and limitless commitment to the prosperity of the company.  The board also thanked Mr. McLaren for his selfless act to settle for what clearly was a clerical error that dated back to 2016.  Mr. McLarens career had spanned more than 25 years in public companies without a single regulatory incident.

The company wishes Mr. McLaren well as he embarks on a new adventure with his move to Texas.

Xfuels looks forward to the new leadership and direction under Mr. Andreas Roussos.  

About Mr. Andreas Roussos 

Andreas has over 30 years of corporate management, business development experience. He has an extensive international cross sector business network and sufficient knowledge of the capital markets. He is very experienced in early stage, planning, implementation, operations and roll outs.

Andreas is well disciplined & mission accomplished oriented. He is a team player with exceptional organization and leadership skills. His experience in upper management and extensive target industry knowledge will greatly support the Xfuels drive forward.

Andreas past accomplishments include the elevation of 2 small regional businesses to national status.

About Xfuels Inc.

Xfuels Inc. (OTC: XFLS) is a diversified & licensed energy company based in the state of Nevada.

Safe Harbor Statement

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. All statements other than statements of historical facts included in this news release regarding our strategies, prospects, financial condition, operations, costs, plans, and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other oil and gas companies; the effects of changes in the energy and financial markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our prior filings with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Media Contact:

Michael McLaren



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