Dear Cashmere Holding Company (OTC PINK: DRCR), doing business as Matrix Fuels, announced today the successful completion of Stage One of its strategic business plan as the Company advances the rollout and implementation of its energy platform focused on re-refining waste oils into high-value base oils, lubricants, and fuel products.
As part of this milestone, the Company announced the appointment of Mr. Aleksandar Savic as Chief Executive Officer of Matrix Fuels, replacing outgoing CEO Mr. James Gibbons. James will remain for a short hand over period to ensure continuity. Mr. Savic is the first of four executive appointments expected over the coming weeks, including a Chief Technical Officer and Chief Commercial Officer, both of whom have spent their careers in the used oil and fuel industries and will lead the UAE oil projects. The Company has also agreed terms to appoint an industry experienced General Manager for the Adriatic Oil Project. Mr Savic has extensive experience in the region, with regulators, governments and establishing infrastructure projects and has worked with the broader group of stakeholders for the past number of years, on various large projects.
Aleksandar Savic commented that he is excited to lead Matrix Fuels through its next stage of growth and execution. The Company’s strategy is focused on creating a circular economy within the fuels sector by collecting, processing and repurposing industrial, automotive and marine waste oils, plastics and tyres into valuable fuel and lubricant products through strategically located micro-refining facilities. In the short term we are focused on completing the 3 synergetic acquisitions in a short time frame and integrating and consolidating the highly experienced management teams. The commercial terms of 2 of the 3 acquisitions have been finalized and lawyers are preparing the final documentation. The second half of this year should be exciting.
Industry data continues to indicate significant growth opportunities in waste oil re-refining, waste-to-energy, tyre recycling and plastic conversion markets, particularly in emerging economies where fuel demand and waste management challenges continue to increase.
Nicolas Link, Chairman, thanked James Gibbons for his incredible contributions and welcomed Aleksandar Savic to the role of CEO. Mr. Link noted that Matrix Fuels is focused on simple, scalable and cash-generative industrial businesses that solve real-world environmental and energy challenges.
The Company is currently rolling out its new branding and corporate identity and encourages shareholders to follow future announcements and social media updates for continued developments. For further information, visit the Company’s website at www.matrix-fuels.com.
