Dear Cashmere Holding Company (OTC: DRCR), operating as Matrix Fuels, announced progress in its 2026 business plan, focusing on two key initiatives: the spin-out IPO of its gaming technology business and the acquisition of a waste oil refinery in the United Arab Emirates.
Management has posted a pre-registration website for the anticipated IPO of its spun-out gaming technology business. Qualifying shareholders of record as of December 31, 2025, will receive shares in the IPO. Shareholders must register at www.Techplay24.com to participate. The company will contact registered participants to verify shareholdings and proceed with IPO formalities.
Simultaneously, DRCR is progressing toward its new strategic focus on industrial oil. The company will initiate a name change to Matrix Fuels Inc. and propose a relevant ticker symbol, subject to state and OTC Markets approvals. A new corporate website will launch at www.matrix-fuels.com, while the X (formerly Twitter) handle remains @MatrixFuels with a brand update.
The company expects to acquire a modern waste oil refinery in the UAE, primarily processing marine waste oil ("slop") from ships and tankers. The UAE's busy ports generate over 500,000 metric tons of marine slop annually, according to industry estimates. The refinery charges vessels for removal and processing, then sells reprocessed oil and lubricants. It also processes industrial waste oil from large collectors and government programs, with over 300,000 metric tons of used oil collected annually in the UAE.
Regional instability, including military action in Iran, has disrupted oil supply from Middle Eastern producers and Russia, boosting demand for fuel oil. The UAE's southern ports bypass the Strait of Hormuz, providing strategic access to international markets. While operations face challenges, these conditions create opportunities for energy trade and supply diversification.
The acquisition valuation has been agreed in principle, subject to final due diligence. Financing is provisionally structured through equity and a royalty arrangement. Management aims to close within two to three months, pending definitive agreements and regulatory approvals.
Nicolas Link, Chairman, stated: "I expect that this will be a fantastic acquisition for our shareholders. It is high margin, very cash generative, highly profitable, and benefits from strong demand and consistent supply. The business has a highly experienced management team capable of expanding into multiple countries. Numerous governments have expressed interest in replicating this model."
Management believes the business model offers substantial growth potential. While administrative work remains as the company transitions its strategic direction and corporate identity, the team is focused on completing formalities rapidly. Shareholders and investors are encouraged to monitor the company's social channels and news wires for updates on Twitter and the corporate website.
