SANTA BARBARA, CA -- (Marketwired) -- 05/08/15 -- Save The World Air, Inc., d/b/a STWA (the "Company") (OTCQX: ZERO), a developer of integrated technology solutions for the energy industry, today issued the following letter to shareholders.
To all STWA Shareholders,
As a follow-up to my shareholder letter in February and our year-end results announcement in March, it's with great pleasure that I share with you our Proxy Statement, which was filed with the Securities and Exchange Commission ("SEC") on May 8, 2015, and to inform you that we will be hosting our 2015 Annual Shareholders Meeting on June 19th. As many of our investors are based overseas, specifically in Australia and Asia, we chose to host our Shareholders' Meeting in Kapalua, Hawaii in hopes of maximizing attendance given its proximity between those continents and the West Coast of the United States. I hope you will be able to attend the meeting.
As you will see in the Proxy Statement, there are two items for vote at the Shareholders' Meeting: 1) the election of the six (6) directors to our Board of Directors; and 2) a proposal to ratify the appointment of Weinberg & Co., P.A., as our independent auditor for the fiscal year ending December 31, 2015. The Board has fixed the close of business on April 20, 2015, as the record date for the meeting.
Since our last Shareholders Meeting a lot has changed. We have made progress and achieved key milestones, while laying out a strategy for commercializing and further developing our core technology solutions. 2014 was certainly a busy year and a successful one, and while significant work remains, know that we are all committed to enhancing shareholder value and building a sustainable business with the long-term in mind. To briefly recap some of our highlights, STWA:
- Concluded testing with a major midstream operator, and enhanced our offering based on data obtained from this project. We also successfully brought our Applied Oil Technology ("AOT") from the lab into the field and recognized our first revenues for this product.
- Secured an important project with the largest midstream operator in North America for AOT and will soon be conducting field tests to measure the effectiveness of viscosity reduction.
- Made significant progress in the development of our Joule Heat solution, a new technology currently being optimized for the upstream oil transportation market. This technology can open up doors to new markets and channels, beyond just pipelines and will be a key focus in 2015 and beyond.
- Continued to partner with academia, most notably our partners at Temple University, and have strengthened our product portfolio, now possessing 48 licenses, patents or patents pending.
- Based on 2014 product development initiatives, we are now installing our AOT and Joule Heat system with an upstream operator in the Uinta Basin.
- Strengthened our Board of Directors by appointing Mr. Thomas A. Bundros to serve as a Director in January 2015. Additionally, while it saddened me personally to see Ryan Zinke leave our Board, we were thrilled to announce that he was elected to serve our nation in the U.S. House of Representatives.
- Instituted vigorous cost control measures and successfully realigned operations. In 2014, we reduced operating expenses and R&D expenses by $2.2 million, a 45% reduction and have made further improvements since. We also reduced the company's net loss by $6.7 million, from a net loss of $10.7 million in 2013 to a net loss of $4 million in 2014.
- Became SEC 404 compliant and remain up-to-date in all of our regulatory filings.
- Began trading on the OTCQX, the best marketplace for established global and growth companies operated by OTC Markets Group Inc.
- Hired M Group Strategic Communications to help raise visibility of STWA with the investment community, the media, and, with the oil & gas community.
These are just some of the initiatives we will cover during our Shareholders Meeting and in the second half of 2015. We hope to have additional updates on our current projects for AOT and Joule Heat, as well as our strategy for creating sustainable value at the meeting. We remain in discussions with financing parties and are looking to improve our capital position and ability to be opportunistic in the market. 2015 will be a year of continued investment in R&D, but equally important, further advancements in the commercialization of our technologies in the midstream, upstream and gathering markets.
I'll echo my comments from February: communication is very important to me and to our Board of Directors and we're going to place a great deal of emphasis on speaking with you all throughout the year.
We truly appreciate your support and look forward to speaking with you at our 2015 Annual Shareholders Meeting, and keeping you informed in our quarterly and other updates moving forward. Thank you and all the best.
Greggory M. Bigger
Chief Executive Officer, Chairman of the Board
Save the World Air, Inc. d/b/a STWA
For further information about STWA, Inc., visit www.stwa.com, read our SEC filings at https://ir.stockpr.com/stwa/all-sec-filings and subscribe to Email Alerts at https://ir.stockpr.com/stwa/email-alerts to receive company news and shareholder updates.
Safe Harbor Statement:
Some of the statements in this release may constitute forward-looking statements under federal securities laws. Please visit the following link for our complete cautionary forward-looking statement: http://www.stwa.com/site-info/disclaimer
About Save the World Air, Inc. d/b/a STWA
Save The World Air, Inc. (STWA) (OTCQX: ZERO) provides the global energy industry with patent-protected industrial equipment designed to deliver measurable performance improvements to crude oil pipelines. Developed in partnership with leading crude oil production and transportation entities, STWA's high-value solutions address the enormous capacity inadequacies of domestic and overseas pipeline infrastructures that were designed and constructed prior to the current worldwide surge in oil production. In support of our clients' commitment to the responsible sourcing of energy and environmental stewardship, STWA combines scientific research with inventive problem solving to provide energy efficiency `clean tech' solutions to bring new efficiencies and lower operational costs to the upstream, midstream and gathering sectors. More information is available at: www.stwa.com.
Save the World Air, Inc. d/b/a STWA
Tel: +1 805 845-3581
Investor Relations & Media Contact
M Group Strategic Communications
Tel: +1 212 266 0191
Source: Save the World Air, Inc.