Willcox International Holdings Inc. Enters into Joint Venture Agreement with Maverick Energy Group Ltd.
TAMPA, FL / ACCESSWIRE / May 2, 2024 / Willcox International Holdings Inc. (OTC PINK:WINH) ("Willcox" or the "Company"), in accord with our business model to expand the footprint of the Company in the lithium extraction sector, has executed a Joint Venture Agreement (the "Agreement") with Maverick Energy Group Ltd ("Maverick;" Maverick and Willcox together as the "Companies"). Dated November 27, 2023, the Agreement provides a roadmap for collaboration between the Companies which could hold great potential, with work pursuant to the Agreement to begin within the next few weeks.
In their efforts to expand the Company's Lithium projects, Willcox International, through its subsidiary Willcox Energy Inc. will begin testing oil field brines made available by Maverick in several potentially high lithium concentration areas. Located primarily in the, Permian Basin Smackover Formation, as well as the Texas and Oklahoma panhandles, the geographic region of Maverick's holdings is known for containing high, commercially viable concentrations of lithium. Willcox will be using the environmentally friendly direct lithium extraction methods, DLE, to produce lithium and then refine the product into battery grade lithium carbonate.
Saeb Jannoun, CEO of Willcox, stated that "we believe that this venture between Willcox and Maverick will prove to be very lucrative for both of our Companies. The fields which we will be testing have been proven to contain high concentrations of lithium and we hope to begin production in the coming year." The companies plan to start testing brine samples within the next few weeks.
The current environment for permitting and funding for lithium mining were greatly improved with the passing of "The Inflation Reduction Act" and it has heightened interest from large oil companies, such as Exxon (NYSE: XOM) and their recently announced Southern Arkansas lithium project. The Act's focus on lithium is to increase the levels of domestic production and incentivize on-shore battery manufacturing with generous tax credits and other incentives.
About Willcox International Holdings Inc. (WINH)
WINH, has been focused on the green energy sector and the development of renewable energy resources. In addition to the company's efforts in Canada, the company has been in talks to develop lithium extraction projects as well as battery production technology in the United States and Middle East & North Africa region (MENA). WINH has had several on the ground meeting in these countries over the past year and intends to establish a permanent presence in the Arabian Gulf. The renewable energy sector has rapidly gained traction and momentum in these countries as the global focus has shifted to Green Energy and Electric Vehicles (EV) rather than carbon consuming transportation.
SAFE HARBOR ACT: Forward-looking statements are included within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations or listing on an exchange - including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will" and other similar expressions - are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond the Company's control and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. No information in this press release should be construed in any manner whatsoever as an indication of the future performance of the Company's revenues, financial condition or stock price.
CONTACT:
Willcox International Holdings Inc.
Saeb Jannoun
813-240-4086
[email protected]
SOURCE: Willcox International Holdings Inc.