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.
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