MetaWorks Completes Asset Purchase of FogDog Energy
Rhea-AI Summary
MetaWorks Platforms, Inc. (OTCQB: MWRK) has acquired the assets of FogDog Energy Solutions, Inc. (FDE), exchanging its debt in full. This acquisition aims to fast-track the launch of MetaWorks' waste-to-energy business through its subsidiary, EnergyWorks Corp. The deal includes an MOU with an Oklahoma municipality, serving as the foundation for the new venture.
MetaWorks expects to begin revenue-generating operations by Q4 2024 and plans to roll out additional waste-to-energy locations in 2025. The company will also enter a business development agreement with the FDE team to focus on growth. This move aligns with global concerns about plastic recycling, as only 9% of plastic produced annually is recycled, according to an OECD report.
Positive
- Acquisition of FogDog Energy Solutions' assets
- Expected revenue generation by Q4 2024
- MOU with Oklahoma municipality for waste-to-energy operations
- Plans for expansion of waste-to-energy locations in 2025
- Business development agreement with FDE team for growth
Negative
- None.
Company to Begin Waste to Energy Conversion Operations by Q4
Fairfield, CA., Aug. 23, 2024 (GLOBE NEWSWIRE) -- MetaWorks Platforms, Inc. ("MetaWorks" or the "Company"), (OTCQB: MWRK), an award-winning technology focused company, today announced that it has acquired the assets of FogDog Energy Solutions, Inc., (FDE). MetaWorks had previously made investments into FDE and this asset acquisition allows the Company to exchange its debt in full. The Company now seeks to use the acquired assets to quickly scale its new waste-to-energy business through its wholly owned subsidiary, EnergyWorks Corp.
MetaWorks President Scott Gallagher stated, “We’re thrilled to have completed this transaction. Acquiring Fog Dog's assets will fast-track the launch of our waste-to-energy business. Notably, this deal includes an MOU with an Oklahoma municipality that will serve as the foundation for our new venture.” Gallagher went on to say, “With this deal now completed, we expect to begin revenue generating operations by the fourth quarter. Furthermore, we will enter into a business development agreement with the FDE team as part of the deal, focused on growing the business. As we solidify our foundation, we look forward to rolling out additional waste-to-energy locations in 2025.”
Globally, only about
Company Contact:
Scott Gallagher, President
(727) 417-7807
scott@metaworksplatforms.io
About MetaWorks Platforms, Inc.
MetaWorks Platforms, Inc. ("MetaWorks" or the "Company"), (OTCQB: MWRK), is an award-winning, future technology company that develops and leverages future technologies to build products, platforms and businesses that solve real world and future technology problems. MetaWorks Platforms trades on the OTCQB market, over the counter, under the ticker symbol: MWRK. MetaWorks is an SEC exchange act, fully reporting company.
For more information on MetaWorks Platforms, please visit us at www.MetaWorks.ai and our wholly owned subsidiary EnergyWorks, Inc. at www.EnergyWorks.Tech For additional investor or financial information visit www.SEC.gov.
FAQ
What assets did MetaWorks Platforms (MWRK) acquire in August 2024?
When does MetaWorks (MWRK) expect to begin revenue-generating operations for its waste-to-energy business?
What is the significance of the MOU mentioned in MetaWorks' (MWRK) asset acquisition announcement?
What are MetaWorks' (MWRK) plans for expanding its waste-to-energy business in 2025?
