Dear Cashmere Holding Company, operating as Matrix Fuels (OTC: DRCR), announced the filing of its first-quarter financial results for 2026, marking a strategic pivot toward waste oil recycling. The Company has repositioned itself by spinning out its technology and gaming assets into a new entity, which is being prepared for a potential initial public offering on a major U.S. exchange. Equity in the new technology company is expected to be issued to shareholders of record as of December 31, 2025.
As part of its transition, DRCR is finalizing the acquisition of a waste oil recycling facility in the United Arab Emirates. Due diligence and negotiations have been completed, and the Company is currently working on contractual documentation. Management remains optimistic about closing the deal in the near term, though there is no assurance of completion. The Company also plans to announce a newly constituted board of directors shortly, bringing over 50 years of combined industry experience to guide its next growth phase, with full operational momentum targeted by the third quarter of 2026.
Chairman Nicolas Link stated: “We are thrilled with the progress we have made in repositioning the Company and the outcome of our negotiations and due diligence regarding the UAE acquisition. Quarter 2 has been focused on executing this transition and preparing the Company for a strong acceleration into Quarter 3.” He added that operating gaming and technology businesses within an OTC-listed structure proved inefficient, and spinning out those assets into a structure better suited for a major exchange listing provides an optimal pathway for shareholder value.
Looking ahead, DRCR believes it is well positioned to generate strong future cash flows and profitability through waste oil recycling, a sector that is scalable and low in capital intensity. The Company expects elevated global oil prices to support strong margins, offsetting logistical challenges in the UAE due to regional geopolitical tensions. DRCR also intends to replicate its waste oil recycling model in additional markets, including Europe and the United States, throughout 2026 and 2027, subject to market conditions.
For further information, visit the Company's website at www.matrix-fuels.com.
