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, marking a milestone as the company advances its energy platform focused on re-refining waste oils into high-value base oils, lubricants, and fuel products. The company also appointed 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. The company plans to appoint a Chief Technical Officer and Chief Commercial Officer, both with extensive experience in the used oil and fuel industries, to lead UAE oil projects. Additionally, Matrix Fuels has agreed terms to appoint an industry-experienced General Manager for the Adriatic Oil Project. Savic brings extensive regional experience with regulators, governments, and infrastructure projects, having worked with stakeholders on various large projects in recent years.
The company’s strategy centers 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 near term, Matrix Fuels is focused on completing three synergetic acquisitions in a short timeframe and integrating experienced management teams. Commercial terms for two of the three acquisitions have been finalized, with lawyers preparing final documentation. The second half of this year is expected to be exciting as these deals close.
Industry data indicates 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 are increasing. Matrix Fuels aims to capitalize on these trends with simple, scalable, and cash-generative industrial businesses that address real-world environmental and energy challenges.
Chairman Nicolas Link thanked James Gibbons for his contributions and welcomed Savic as CEO. The company is currently rolling out 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 or follow on X (Twitter) at @matrixfuels.
