MCW Energy Group Limited announces the closing by its indirect wholly owned subsidiary, MCW Fuels, LLC (formerly MCW Fuels, Inc.) (MCW Fuels), of an asset purchase and sale agreement (the "Agreement") to sell its rights to distribute fuel to all of its branded and unbranded gas stations, which was previously announced on December 18, 2014.

MCW received shareholder approval for the disposition on March 6, 2015 with 99.97% of votes casted voting in favour of the disposition.

The initial purchase price of US$5,000,000 was directed to be paid to certain third parties to settle certain liabilities owed by MCW Fuels to two major fuel suppliers. The final purchase price was US$6,413,428 and accordingly the balance of the purchase price (US$1,413,428) has also been directed to be paid to certain third parties to settle liabilities owed by MCW Fuels.

Tags: MCW Energy Group Limited