ARLINGTON, Texas, Aug. 9, 2024 (GLOBE NEWSWIRE) — Greenway Technologies, Inc. (OTC: GWTI), (“Greenway”), is a company developing advanced Gas-to-Liquids (“GTL”) and Gas-to-Hydrogen (“GTH”) technologies. GWTI’s shares have always traded on the OTCQB, the OTC Market, which ensures orderly and efficient trading of stocks. Due to the failure to timely file SEC filings for Form 10-K for the fiscal year ended December 31, 2023 and Form 10-Q for the quarter ended March 31, 2024, the shares could not continue to trade on the OTCQB due to Financial Industry Regulatory Authority (“FINRA”) rules. Greenway has now filed Form 10-K with the SEC for the fiscal year ending December 31, 2023 and Form 10-Q for the quarter ending March 31, 2024. Greenway is now current with its filings with the SEC. Currently, Greenway is working with a broker to file a request form with FINRA for an exemption under Rule 15c2-11. After this form is accepted by FINRA, Greenway will be able to resume trading on the OTCQB. In the meantime, Greenway will continue to trade on the Pink Sheet trading platform.
The Arlington, Texas-based company, through its wholly owned subsidiary Greenway Innovative Energy, Inc., researches and develops proprietary GTL and GTH systems in collaboration with the University of Texas at Arlington. These relatively small systems can be scaled to meet natural gas supplies wherever it is available. The company’s patented technology has been incorporated into its patented commercial G-Reformer.® unit. This unit is the heart of a system that can be used to produce hydrogen (GTH) or, in combination with a Fischer-Tropsch unit, liquid fuels (GTL), including diesel fuel blends with a variety of valuable long-chain hydrocarbon chemicals or methanol. In addition to providing a solid return on investment, the systems solve a critical problem by enabling conventional transportation of the liquid extraction or generating hydrogen at the point of consumption. More specifically, GTL can convert unused gas into a liquid that can be transported using conventional logistics methods, eliminating the need for a pipeline where none exists. With GTH, the hydrogen can be generated at the point of consumption, eliminating the costly need to compress and transport centrally generated hydrogen. Finally, in both cases, the unit does this with unmatched efficiency and zero CO2 emissions to the air.
Note on forward-looking statements:
This press release contains “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, but are not limited to, the continued impact of the pandemic on delays and orders related to Greenway’s proprietary gas-to-liquids system, potential business developments and future interest in our clean fuel technologies.
Actual results may differ from those projected in forward-looking statements as a result of numerous factors. These factors include, among others, general economic and political conditions, the continuation of the joint venture with the University of Texas at Arlington and the continued impact of the pandemic. These forward-looking statements are made as of the date of this press release, and we undertake no obligation to update the forward-looking statements or to update the reasons why actual results may differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be correct. Investors should consult all of the information contained herein and also refer to the risk factor disclosure in our Annual Report on Form 10-K for the most recent fiscal year, our Quarterly Reports on Form 10-Q and other periodic reports filed from time to time with the Securities and Exchange Commission.
CONTACT:
Raymond Wright
Greenway Technologies, Inc.
[email protected]
For more information, please visit the GWTI website: www.gwtechinc.com
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