CALGARY, ALBERTA - November 24, 2010 (Investorideas.com Water Stocks Newswire) - Wescorp Energy Inc. (OTC.BB:WSCE), a clean water technology company focused on implementing its low-cost solutions into several markets, including the oil & gas and marine industries, announced today that it has completed the conversion of approximately $2.3 million of debt into common stock and warrants, with one share of common stock and one warrant to be issued for conversion of each $0.20 of debt, for a total of approximately 11.6 million shares and 11.6 million warrants. Each warrant is exercisable at $0.50 per share during years one and two, at $0.75 per share during year three, at $1.00 per share during year four, and at $1.25 per share during year five. The warrants expire after year five. The shares issued and the shares underlying the warrants are restricted shares that cannot be sold or otherwise transferred in the absence of a registration statement or other exemption under the U.S. Securities Act of 1933.
"In our letter to shareholders of October 19, 2010 we stated an objective to convert debt to equity, based upon Wescorp's plan to commercialize our H2Omaxx technology," stated Robert G. Power, Executive Chairman of the Board. "Removing this $2.3 million of debt from the balance sheet significantly strengthens the Company, and is a key step in our transition toward increased credibility with financial institutions and with the investing market place in general. On behalf of the Wescorp Board, I thank those debt holders who have so strongly demonstrated their support for our technology and our Company."
Wescorp also is converting additional portions of its existing debt to equity.
Wescorp Energy Inc. (www.wescorpenergy.com) is a clean water solutions company focused on implementing its superior yet low cost solutions into the oil and gas production industry.
Safe Harbor Statement
Any statements contained herein that are not historical facts may be forward-looking statements, and involve risks and uncertainties. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission. These risks may be further discussed in periodic reports and registration statements to be filed by the Company from time to time with the Securities and Exchange Commission in the future.
Investor Relations Contact:
Bibicoff + MacInnis, Inc.
Terri MacInnis, Dir. of Investor Relations