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| WSCE.OB > SEC Filings for WSCE.OB > Form 8-K on 9-Oct-2009 | All Recent SEC Filings |
9-Oct-2009
Regulation FD Disclosure, Other Events, Financial Statements and Exhibits
On October 5, 2009, Wescorp Energy Inc. (the "Company") issued a press release entitled "Wescorp Energy and Ellycrack AS restructure their joint agreement for the development and commercialization of the VISCOSITOR heavy oil upgrading technology". The press release is attached as Exhibit 99.1 hereto.
In accordance with General Instruction B.2 of Form 8-K, the information disclosed in Item 7.01 of, and Exhibit 99.1 attached hereto, this Current Report on Form 8-K shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing. This Current Report on Form 8-K does not constitute a determination of whether any information included herein is material.
Effective as of September 16, 2009, the Company and Ellycrack AS ("Ellycrack") entered into a Settlement Agreement (the "Agreement") to terminate that certain Memorandum of Understanding dated August 4, 2004 (as amended). Under the terms of Agreement, Ellycrack will have full legal ownership of the VISCOSITOR technology, including its designs, work projects and the 50 barrel-per-day VISCOSITOR test unit. Ellycrack will deliver 725,000 shares of Ellycrack to the Company for nominal consideration, and Ellycrack will credit the Company as having satisfied its obligation to Ellycrack of approximately $160,000. As a result, the Company will own 23.72% of Ellycrack on a fully-diluted basis. A copy of the Agreement is attached as Exhibit 10.1 hereto and is incorporated into this current report by reference.
Exhibit No. Document
10.1 Agreement between Ellycrack AS and Wescorp Energy Inc. effective as
of September 16, 2009.
99.1 Press Release dated October 5, 2009
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