Dear Cashmere Holding Company (OTC: DRCR), operating as Matrix Fuels, announced significant progress in executing its 2026 business plan, with key initiatives including the anticipated IPO of its gaming technology business and a planned acquisition of a waste oil refinery in the United Arab Emirates.
The company has posted a pre-registration website for the IPO at www.Techplay24.com. Qualifying shareholders of record as of December 31, 2025, will receive shares in the IPO and must register their details to proceed with verification and formalities.
In its new focus on the Industrial Oil Business, DRCR will initiate a name change to Matrix Fuels Inc. and propose a new ticker symbol, pending state-level and OTC Markets approvals. The company’s new corporate website will launch at www.matrix-fuels.com, while its X (formerly Twitter) feed will operate under the handle @MatrixFuels.
The company expects to acquire a modern waste oil refinery in the UAE that reprocesses marine slop and industrial waste oil into repurposed oils and lubricants. The facility charges vessels for waste removal and sells reprocessed output, benefiting from high demand and supply dynamics. Industry estimates indicate over 500,000 metric tons of marine slop and 300,000 metric tons of used industrial oil are generated annually in the region.
Despite regional instability from military action in Iran, local and export demand for oil and fuel oil has reached all-time highs. The UAE’s southern coastline ports allow shipments to bypass the Strait of Hormuz, ensuring continued access to international markets. Chairman Nicolas Link 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 and sustainable demand.”
The valuation has been agreed in principle, subject to due diligence, with financing provisionally structured through equity and a royalty arrangement. Management aims to complete the acquisition within two to three months, subject to definitive agreements and regulatory approvals. The company expects to launch its new website shortly and continue updates on its social channels and news wires.
