Flex Fuels Energy, Inc. Makes Further Investment in Wocu Subsidiary


LONDON, July 30, 2010 (GLOBE NEWSWIRE) -- Flex Fuels Energy, Inc. ("Flex" or the "Company") (OTCBB:FXFL) announces that it has increased its investment in its majority owned subsidiary, the WDX Organisation Ltd ("WDX"), the owner and distributor of the Wocu™.

The Wocu is a standardized, apolitical, real time derivative currency quotation based on the exchange rates of the world's top 20 economic powers. The Wocu reduces and balances currency risk, offering commercial advantage for users (www.wocu.com).

The Company has elected to further fund WDX to continue the development of the Wocu, given the progress made over the past year. Technical development is largely complete with live prices available, a U.S. patent application not anticipated at the time of the original investment in 2009 has been filed, initial commercial agreements have been signed and, importantly, the profile of the Wocu in the financial and economic community is growing daily.

The Company has invested an additional £500,000 (US$750,000) by way of preference shares and has established a WDX management incentive plan. This has resulted in the Company having preferential rights with respect to the preference shares and a 77.54% ordinary share ownership, which may be reduced to 75%, which is approximately in line with its original investment agreement entered into in 2009.

The Wocu is a novel product with the potential to create considerable value for the Company if commercially accepted and matured. The Company believes that the elements necessary for the Wocu to continue to gain traction and for further commercial agreements to be signed are firmly in place. The investment announced today is intended to enable WDX to build upon this progress.

Tom Barr, CEO of Flex, commented; "The Wocu is an extraordinary endeavour with the potential to create very considerable value. Coupled with the Company's main line of business going forward, the BioAMD point of care medical device division, the Company is very well positioned for growth, with risk appropriately spread across these two exciting opportunities."

http://www.earthtimes.org/articles/p...y,1403320.html