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Amazonica Corp. (OTC PINK:AMZZD) received permission to restructure the capital stock, rename itself as XFuels Inc., and receive a new trading symbol on January 29th, 2016.
Amazonica Corp. (OTC PINK:AMZZD) received permission to restructure the capital stock, rename itself as XFuels Inc., and receive a new trading symbol on January 29th, 2016.
According to the press release:
After 20 days from January 29th, 2016 the company’s new symbol will be OTC: XFLS; until then the company’s symbol will remain OTC Pink: AMZZD.
The restructure is the next step in the evolution of the company and integration of the hydrogen technology previously developed by Amazonica into the XFuels business plan.
Management has set forth a plan which will bring the company current on its financials, pay the OTC markets and move the company back to OTCQB with the intent to move the company to the OTCQX once the company qualifies.
Management is also pleased to report for the year 2015 that the company successfully extinguished over $100,000 in convertible debt and is looking to be debt free over the coming months in 2016. The company will continue to finance operations through equity via an S1 registration, bank debt and sales as they come.
XFuels and its parent company Converde Inc. are presently negotiating a new co-project where the company will integrate the hydrogen technology into a commercial gas boiler burner, which Converde Inc. will utilize in current projects. The project will allow for hydrogen recovery while producing heat or steam through traditional methods. This method will be revolutionary as the integrated product will not only be able to produce energy through heat but also collect valuable hydrogen as a side product with very little impact on the efficiency of the heat cycle.
Click here to read the full press release.
