Renewal Fuels, Inc. (OTC: RNWF), Operating as American Fusion™, Provides Regulatory and Legal Update

SOUTHLAKE, Texas, March 16, 2026 (GLOBE NEWSWIRE) — Renewal Fuels, Inc. (OTC: RNWF) (“RNWF”, “American Fusion™” or the “Company”), today provided an update regarding its regulatory filings and recent legal proceedings.

Legal Update

The Company provides the following update regarding certain legal proceedings relating to the Company’s Series 2020 Super Voting Preferred Share and historical share issuances.

The Delaware Court of Chancery has denied motions filed by a plaintiff in a recently filed action relating to the Company’s Series 2020 Super Voting Preferred Share. Following a hearing, the Magistrate in Chancery denied the plaintiff’s Motion for Expedited Proceedings and declined to schedule a hearing on the plaintiff’s request for preliminary injunctive relief.

In its ruling, the Court determined that the plaintiff failed to establish a colorable claim to ownership of the Series 2020 Super Voting Preferred Share at issue and failed to demonstrate a risk of imminent action by the Company’s transfer agent that could cause irreparable harm.

The Company appeared at the hearing through Delaware counsel and opposed the plaintiff’s request for expedited proceedings. The Court also established a briefing schedule under which the Company intends to file a motion to dismiss the complaint within thirty days of the Court’s order.

Separately, the Company continues to pursue previously disclosed litigation in Washington State relating to the return to treasury of shares that were issued in connection with transactions for which consideration was never delivered. The Washington Superior Court held a hearing in chambers on Friday, March 13, 2026 regarding the Company’s requested relief in that matter, and the Company is currently awaiting the Court’s ruling.

The Company continues to defend the Delaware matter and pursue its claims in Washington through the normal course of legal proceedings.

Regulatory Update

The Company previously submitted a Registration Statement on Form 10 to the U.S. Securities and Exchange Commission on March 12, 2026. Following submission, the Company promptly identified and addressed certain clerical and presentation matters within the financial statements and related disclosures, as well as a technical filing classification matter relating to the section under which the registration statement was submitted.

The Company submitted a request to withdraw the initial filing, which has been accepted, and has completed the refiling of a corrected Registration Statement on Form 10 under Section 12(g) of the Securities Exchange Act of 1934.

The Company has also filed an amendment to address certain clerical and presentation matters to ensure internal consistency within the financial statements and related disclosures. These corrections do not change the Company’s previously reported net loss, total assets, total liabilities, or total stockholders’ equity for any period presented. Except for these updates and the filing classification correction, the Form 10 remains unchanged.