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) ( 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.
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“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 [email protected] 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)
[email protected]
For media inquiries, please contact:
Rich Myers - Profile Advisors (New York)
[email protected]
+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
