Matrix Fuels Completes Stage One of Business Plan, Appoints New CEO

Dear Cashmere Holding Company (OTC PINK: DRCR), operating as Matrix Fuels, announced the successful completion of Stage One of its strategic business plan as it 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 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 of whom have extensive experience in the used oil and fuel industries and will lead UAE oil projects. The company has also agreed to appoint an industry-experienced General Manager for the Adriatic Oil Project. Savic brings deep knowledge of the region, having worked with regulators, governments, and on large infrastructure projects with the broader stakeholder group.

According to the announcement, Matrix Fuels' 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 near term, the company aims to complete three synergistic acquisitions, integrate experienced management teams, and consolidate operations. Commercial terms for two of the three acquisitions have been finalized, with lawyers preparing final documentation.

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 continue to rise. Chairman Nicolas Link thanked James Gibbons for his contributions and welcomed Savic, noting that Matrix Fuels is focused on simple, scalable, and cash-generative industrial businesses that address real-world environmental and energy challenges.

The company is rolling out new branding and corporate identity and encourages shareholders to follow future announcements and updates on X (Twitter) for continued developments. More information is available on the company's website at www.matrix-fuels.com.