Zefiro Methane Corp. Subsidiary Signs Definitive Agreement to Recapitalize Plants & Goodwin, Inc. & Acquire 100% of Outstanding Common Stock

As a Zefiro subsidiary, Plants & Goodwin has achieved record profits, increased its employee count by 20%, and rapidly expanded its operational capacity

FORT LAUDERDALE, Fla., Aug. 06, 2024 (GLOBE NEWSWIRE) -- ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) (OTCQB: ZEFIF) (the “Company”, “Zefiro”, or “ZEFI”) today announced that Zefiro’s subsidiary, Plants & Goodwin, Inc. (“P&G”) has executed a Securities Exchange Agreement (the “Agreement”) to acquire the remaining common shares of P&G from the entity’s Chief Executive Officer Luke Plants in exchange for newly issued preferred stock in P&G.

The Transaction does not contain any cash component and the Company is confident the Transaction will be cash flow accretive and better position Zefiro to more effectively manage its liquidity and use of debt capital to advance critical commercial expansion initiatives. In May 2023, Zefiro acquired an initial 75% ownership stake in P&G to bolster the Company’s operational presence across the Appalachia region through P&G’s decades-long history of service in Pennsylvania, New York, West Virginia, and Ohio.

Since becoming a Zefiro subsidiary, P&G has organically increased its revenues by 50%, eclipsed P&G’s prior profitability record, hired more than 60 full-time employees, and achieved numerous other commercial milestones, including:

• acquiring a Cambridge, Ohio-based wireline services company to expand P&G’s suite of environmental remediation service offerings; and
  
  
• opening an additional facility in Buckhannon, West Virginia to increase southern Appalachia client services while decreasing operational expenses.
  

In connection with the Transaction, Luke Plants has been promoted to Chief Executive Officer of Zefiro Services and Executive Vice President of Business Development. Mr. Plants was previously appointed Zefiro’s Vice President of Business Development in December 2023.

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Zefiro Founder and CEO Talal Debs commented, “For over a year, P&G has played a key role in Zefiro’s growth into one of the methane reduction sector’s leading remediation service providers. This transaction can not only bolster our capacity to generate high-quality carbon credits for leading institutional traders, but also promote alignment amongst subsidiary organizations throughout Zefiro’s fully integrated methane abatement services strategy, led by Luke and P&G field crews across our service territory. Their extensive expertise positions Zefiro to continue both expanding across North America and partnering with state and federal agencies to reduce leaks from orphan wells. Our entire senior leadership team could not be more excited to continue working with Luke and his staff to help expedite the Company’s commercial growth.”