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MCW

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Share Name Share Symbol Market Type
TSXV:MCW TSX Venture Common Stock
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MCW Energy Group Announces Management Changes

26/05/2014 8:27pm

Marketwired Canada


MCW Energy Group Limited (TSX VENTURE:MCW)(OTCQX:MCWEF) ("MCW"), a Canadian
holding company involved in fuel distribution and the creation of oil sands
extraction technology, is pleased to announce that Bill G. Calsbeck and Igor
Sosnovskiy have joined the board of directors of MCW to replace Sergey
Grechishkin, Ronald Fisher and David Sutton (who also resigned as President) who
have resigned to focus on other business responsibilities. Mr. Sutton remains a
director and the President of MCW Fuels, Inc.


The board would like to thank Messrs Sutton, Grechishkin and Fisher for their
contributions to MCW over the years as fuel distribution revenue dramatically
increased and the oil sands extraction technology continued to be built.


Mr. Calsbeck has over 25 years of capital market and micro-cap experience. He is
currently the founding partner and Global Managing Director of Ubequity Capital
Partners Inc., a boutique merchant bank. He began his career in banking and
trust services and after several years moved into the human resources field. Mr.
Calsbeck has served on several boards of public companies, and currently sits on
the board of Deloro Resources Ltd.


Mr. Sosnovskiy serves as Director for Project Legal Support at Sistema JSFC, the
largest LSE-listed diversified financial corporation in Russia and the CIS,
which manages companies in the sectors of telecommunications, high technology,
oil and energy, radars and aerospace, banking, retail, mass-media, tourism and
healthcare services. He participated in the structuring and execution of various
transactions entered into by Sistema. Mr. Sosnovsky also serves on the board of
directors of Redline Capital Partners S.A., a Luxembourg investment fund. Prior
to joining Sistema in 2008, Mr. Sosnovskiy was an associate attorney in the
Moscow office of Latham & Watkins with a practice primarily focusing on
corporate finance. His practice also included M&A transactions of public
companies as well as investment funds and private equity companies. Mr.
Sosnovsky received his law degree in 2001 from the Moscow State Law Academy. He
also has degrees in engineering from the Moscow Electronics Engineering
Institute and in linguistics from the Moscow State Linguistics University.


About MCW Energy Group:

MCW is focused on value creation as (i) a distributor of gasoline and diesel
fuels to service stations in Southern California for 75 years, having revenue in
the fiscal year ending August 31, 2011 of US$241.5 million, revenue of US$363.3
million for the fiscal year ending August 31, 2012, and revenue of US$431.9
million for the fiscal year ending August 31, 2013, and (ii) as a developer of
proprietary technology for the extraction of oil from oil sands at its first
field in Asphalt Ridge, Utah, USA. MCW's management team is comprised of
individuals who have extensive knowledge in both conventional and unconventional
oil and gas projects and production, as well as refinery and fuel distribution
experience.


The information in this news release includes certain information and statements
about management's view of future events, expectations, plans and prospects that
constitute forward looking statements. These statements are based upon
assumptions that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of factors, the
actual results, expectations, achievements or performance may differ materially
from those anticipated and indicated by these forward looking statements.
Forward-looking statements in this news release, include, but are not limited to
the commercial viability of the technology and the extraction plant, economic
performance and future plans and objectives of MCW. Any number of important
factors could cause actual results to differ materially from these
forward-looking statements as well as future results. Although MCW believes that
the expectations reflected in forward looking statements are reasonable, they
can give no assurances that the expectations of any forward looking statements
will prove to be correct. Except as required by law, MCW disclaims any intention
and assumes no obligation to update or revise any forward looking statements to
reflect actual results, whether as a result of new information, future events,
changes in assumptions, changes in factors affecting such forward looking
statements or otherwise.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
MCW Energy Group Limited
Paul Davey
Communications
1 (800) 979-1897 x 3 or Cell: 1 (778) 389-0915
pdavey@mcwenergygroup.com
www.mcwenergygroup.com

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