Matrix Fuels Completes Stage One of Business Plan, Appoints New CEO for Next Growth Phase

Matrix Fuels, operating under Dear Cashmere Holding Company (OTC PINK: DRCR), announced today the successful completion of Stage One of its strategic business plan, marking a significant 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 announced the appointment of Mr. Aleksandar Savic as Chief Executive Officer, replacing outgoing CEO James Gibbons, who will remain for a short handover period to ensure continuity.

Mr. 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 spent their careers in the used oil and fuel industries and will lead the UAE oil projects. The company has also agreed terms to appoint an industry-experienced General Manager for the Adriatic Oil Project. Mr. Savic brings extensive experience in the region, with regulators, governments, and establishing infrastructure projects, having worked with a broader group of stakeholders on various large projects over the past several years.

“I am excited to lead Matrix Fuels through its next stage of growth and execution,” said Aleksandar Savic. “The Company’s strategy is focused on creating a circular economy within the fuels sector by collecting, processing, and repurposing industrial, automotive, and marine waste oils, plastics, and tyres into valuable fuel and lubricant products through strategically located micro-refining facilities. In the short term, we are focused on completing three synergistic acquisitions in a short time frame and integrating and consolidating the highly experienced management teams. The commercial terms of two of the three acquisitions have been finalized, and lawyers are preparing the final documentation. The second half of this year should be exciting.”

Industry data continues to indicate significant growth opportunities in waste oil re-refining, waste-to-energy, tyre recycling, and plastic conversion markets, particularly in emerging economies where fuel demand and waste management challenges continue to increase. This trend underscores the importance of Matrix Fuels’ business model, which addresses both environmental and energy challenges.

Nicolas Link, Chairman, thanked James Gibbons for his incredible contributions and welcomed Aleksandar Savic to the role of CEO. Mr. Link noted that Matrix Fuels is focused on simple, scalable, and cash-generative industrial businesses that solve real-world environmental and energy challenges. For stakeholders in Texas and beyond, this development signals a growing commitment to sustainable energy solutions that can reduce waste and create economic value. The company is currently rolling out its new branding and corporate identity and encourages shareholders to follow future announcements for continued developments. More information is available on the company’s website at www.matrix-fuels.com.