Dear Cashmere Holding Company (OTC PINK: DRCR), doing business as Matrix Fuels, announced the successful completion of Stage One of its strategic business plan as the Company advances the rollout of its energy platform focused on re-refining waste oils into high-value base oils, lubricants, and fuel products.
The Company appointed Mr. Aleksandar Savic as Chief Executive Officer, replacing outgoing CEO James Gibbons, who will remain for a short handover period. Savic is the first of four executive appointments expected over the coming weeks, including a Chief Technical Officer and Chief Commercial Officer, both with extensive experience in the used oil and fuel industries, who will lead UAE oil projects. The Company has also agreed terms to appoint an industry experienced General Manager for the Adriatic Oil Project. Savic has extensive regional experience with regulators, governments, and establishing infrastructure projects, having worked with stakeholders on various large projects.
Savic expressed excitement about leading Matrix Fuels through its next stage of growth and execution. The Company's strategy focuses on creating a circular economy within the fuels sector by collecting, processing, and repurposing industrial, automotive, and marine waste oils, plastics, and tires into valuable fuel and lubricant products through strategically located micro-refining facilities. In the short term, the Company is focused on completing three synergetic acquisitions in a short time frame and integrating the experienced management teams. Commercial terms for two of the three acquisitions have been finalized, with lawyers preparing final documentation.
Industry data continues to indicate significant growth opportunities in waste oil re-refining, waste-to-energy, tire recycling, and plastic conversion markets, particularly in emerging economies where fuel demand and waste management challenges increase.
Chairman Nicolas Link thanked James Gibbons for his contributions and welcomed Aleksandar Savic. 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 www.matrix-fuels.com.
