Unique Global Innovative Solutions Corporation (OTC: UGIZ) has acquired and launched Crossfield Energy LLC, an operating business that will pursue oilfield services opportunities in Venezuela, according to a shareholder letter from new Chairman and CEO Javier Sanguino García. The announcement, reported by NEWMEDIAWIRE, signals the company's formal transition from its legacy history into an energy services company with a focused mission.
The move matters because Venezuela holds the world's largest proven oil reserves, yet production remains far below historical levels after decades of underinvestment and the departure of many international and domestic operators. Rebuilding that capacity will require enormous investment in workover services, well testing, coiled tubing, directional drilling, welding and maintenance, and other specialized services. Sanguino García, a civil engineer with more than 30 years of oilfield services experience across Venezuela, Colombia, Mexico, Spain, and the United States, said the company intends to establish joint ventures with established U.S. and Venezuelan operators that already own idle or underutilized equipment. This capital-efficient model aims to reduce upfront costs and dependence on expensive debt and equity financing.
The change of control was executed and announced on November 6, 2026, and filed with OTC Markets on November 11, 2026. In connection with the closing, James C. Vowler and William J. Vowler resigned as officers and board members, and Sanguino García was appointed Chairman and CEO. The company has also taken control of its transfer agent. Additionally, UGIZ intends to pursue a corporate name change through the Financial Industry Regulatory Authority (FINRA) to better reflect its new business direction.
Sanguino García addressed shareholder concerns about dilution, noting that approximately 70% of the company's outstanding debt was exchanged into common stock at $0.01 per share. He said conversions of legacy debt are limited to the amount of the authorized increase, putting a defined boundary around dilution tied to inherited liabilities. While he did not rule out future share issuances, he committed to a philosophy of building shareholder value through a profitable operating business and disciplined capital allocation.
The CEO also highlighted a competitive vacuum: many independent oilfield services operators that historically supported Venezuela's industry have ceased operations, liquidated equipment, or left the market. He pointed to ExxonMobil's moves to return to the country as a signal that the reopening of Venezuela's energy sector is moving from possibility toward reality. More information is available at https://crossfield.energy/.
The company cautioned that forward-looking statements involve risks and uncertainties, and actual results could differ materially. No shareholder should treat internal valuation views as a forecast of share price or a guarantee of future performance.
