Dear Cashmere Holding Company, operating as Matrix Fuels (OTC: DRCR), has filed its financial results for the first quarter of 2026, marking a significant step in its transition from a technology and gaming holding company to a waste oil recycling enterprise. The filing reflects the spin-out of its technology and gaming assets into a new entity, which the company plans to list on a major U.S. exchange. DRCR expects to issue equity in the new company to shareholders of record as of December 31, 2025, creating what management believes is a compelling opportunity for shareholder value.
Simultaneously, DRCR is advancing toward the acquisition of a waste oil recycling facility in the United Arab Emirates. The company has completed due diligence and negotiations and is finalizing contractual documentation. While there is no assurance the transaction will close, management is highly optimistic about its completion in the near term. 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 commented, “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 noted that operating gaming and technology businesses within an OTC-listed structure across multiple jurisdictions proved inefficient, with regulatory burdens and costs outweighing benefits. The company consistently traded below its intrinsic value, sometimes below its cash position. Spinning out these assets into a structure better suited for a major exchange listing provides an optimal pathway to achieving appropriate valuation for shareholders.
Link added that the board was committed to repositioning DRCR into a sector that is profitable, scalable, and not reliant on excessive capital raising. Waste oil recycling meets these criteria, and the company is excited about the opportunities ahead. The market outlook remains positive: despite logistical challenges in the UAE due to regional geopolitical tensions, global oil prices remain elevated, supporting strong margins that are expected to offset logistical complexities. DRCR 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 and successful execution of its initial operations.
DRCR believes it is well positioned to generate strong future cash flows and profitability through its entry into the waste oil recycling sector, which is expected to be relatively low in capital intensity while offering scalable, cash-generative opportunities. The company’s strategic shift and targeted acquisitions offer the potential for cash-flow positive operations and scalable growth. For further information, visit the company’s website at www.matrix-fuels.com.
