W2 Energy Inc. (OTCPK:WTWO) signed a letter of intent to acquire 51% stake in Arctic Solar Engineering, LLC from EGPI Firecreek Inc. (OTCBB:EFIR) in stock on March 12, 2012. EGPI Firecreek will receive a number of shares in W2 based on a mutually agreed upon ratio upon finalizing the sale. Arctic reported for the year ended December 31, 2011, revenues of $0.06 million, negative EBIT of $0.2 million, net loss of $0.21 million and loss from continuing operations of $0.21 million. Transaction is subject to the approvals of the Board of Directors of W2 Energy and Arctic Solar.

W2 Energy Inc. (OTCPK:WTWO) cancelled the acquisition of 51% stake in Arctic Solar Engineering, LLC from EGPI Firecreek Inc. (OTCBB:EFIR) in the fiscal year ended on December 31, 2012.