Earth Biofuels to Develop Retail Service Chain to Serve Consumers Throughout the U.S.
The Company Will Provide Its Branded Biofuels Blends as Well as Traditional Fuels
DALLAS, Oct 03, 2006 /PRNewswire-FirstCall via COMTEX/ -- Earth Biofuels, Inc. (OTC Bulletin Board: EBOF) announces that it plans to begin acquiring and operating retail service stations through its majority-owned subsidiary, American Earth Fuels Company (AEFC). Newly formed for the purpose of creating the principal distribution channel for Earth Biofuels and its related companies, AEFC plans to sell biodiesel and ethanol fuel products, as well as traditional petroleum fuel products, to consumers around the nation. Earth Biofuels, the exclusive distributor for BioWillie biodiesel fuel, will distribute BioWillie and ethanol fuel to AEFC's retail stations as required in order to meet the demands of AEFC's customers.
"We believe that in many parts of the country, consumers are lacking the availability of fueling stations that carry renewable fuels such as biodiesel and ethanol," said Dennis McLaughlin, Chairman and CEO of Earth Biofuels, Inc. "By setting up this subsidiary to specifically establish these retail service stations, we can create more visibility and options for those consumers who prefer cleaner, domestically produced alternative fuels for their vehicles."
The initial officers of AEFC will be Thomas M. Davidson, Chairman of the Board, Joseph Wallace, Chief Executive Officer, and Elizabeth Carroll, Senior Vice President and Chief Marketing Officer. Additionally, NASCAR-driver Rusty Wallace has agreed to provide consulting services and industry marketing guidance to the new entity as it develops partnerships and affiliations within the auto racing industry.
"Tom, Joe and I see this as a great opportunity to be a distribution channel for Earth Biofuels, and we will work closely with Rusty Wallace, our Advisory Board member and consultant to AEFC, in bringing cleaner and more efficient fuel sources to all drivers," said Beth Carroll, Senior Vice President and co-owner of AEFC. "Earth Biofuels is becoming a leader in this industry, and we look forward to a strong partnership with the Earth Biofuels team."
Management Bios
Thomas M. Davidson Sr. is the President and Managing Director of Davidson Capital Group LLC ("DCG"), an investment bank engaged in raising equity capital for growth companies in a wide variety of industries, including financial services, manufacturing, energy, telecommunications, technology, real estate, and marketing and distribution. Prior to engaging in investment banking activities, Mr. Davidson's law practice of over 30 years was centered in the areas of corporate law, securities and finance, mergers and acquisitions, and international transactions, as well as a wide range of capital formation transactions. Mr. Davidson has been Senior Vice President and General Counsel of two New York Stock Exchange-listed public companies -- Mesa Petroleum, an independent oil and gas exploration company, and MAPCO Inc., a $3 billion company engaged in crude oil refining and gasoline marketing, coal mining, and natural gas liquids production and pipelining. He was also Senior Vice President and General Counsel of one of the country's largest private companies, Peter Kiewit Sons, Inc., a $5 billion company engaged in construction, coal mining, energy and telecommunications. At Kiewit, Mr. Davidson was also the Senior Vice President in charge of the Company's Merger and Acquisition Group, and of its European Reorganization (involving its Dutch, German, and United Kingdom subsidiaries). In private practice, he represented MFS Communications in executing its acquisition program to establish a nationwide fiber optic cable system for communications and data transmission. Mr. Davidson practiced law in New York, at Cravath, Swaine and Moore and at Brown and Wood in the 1960s and 1970s. His practice included a broad range of transactions representing the principal New York investment banks, including Merrill Lynch, Goldman Sachs, Bear Stearns, Donaldson, Lufkin and Jenrette, and others. His private practice experience included, in the early 1980s, the position as the Senior Corporate Partner at Akin, Gump, Strauss, Hauer & Feld in Washington, DC, where he originated their New York office in the 1980s.
Joseph D. Wallace has held senior management positions in a variety of growth-oriented service and real estate related businesses. Most recently, Mr. Wallace was Senior Managing Director of CB Richard Ellis, a global real estate brokerage and advisory firm. Prior to that and for six years, Mr. Wallace was Executive Vice President and a member of the Operating Committee of HQ Global Workplaces, the dominant owner and operator of business centers in the United States. Mr. Wallace served as Chief Financial Officer and Chief Operating Officer of HQ prior to its merger with affiliates of Alliance Business Centers in 2000. More recently at HQ, Mr. Wallace directed strategy, and oversaw all product development and management at the firm. Before HQ, Mr. Wallace was Vice President and an officer of CarrAmerica Realty Corporation, a publicly-traded national investor and developer of commercial real estate. Mr. Wallace holds a B.S. in Commerce from the McIntire School of the University of Virginia, and a Masters in Business Administration from the Wharton School at the University of Pennsylvania.
Elizabeth Carroll is a Managing Director of Davidson Capital Group (DCG), an investment bank engaged in raising equity capital for growth companies in a wide variety of industries, including financial services, manufacturing, energy, telecommunications, technology, real estate, and marketing and distribution. Prior to joining Davidson Capital Group, Beth had a long career in marketing, consulting and business development in a variety of business spaces. These included an Internet-related interactive company, wireless and other communications companies, retail convenience stores, and other sales, marketing and promotional entities. Ms. Carroll was one of the original team members of the Internet start-up ComputerJobs.com, where she led various marketing initiatives and helped grow the company to 80 employees. Prior to that, she consulted to major domestic and foreign manufacturing companies on issues ranging from supply chain management to marketing development. Previous to that, she was involved in marketing and business development at Viacom International where she ran the Special Events departments for MTV Networks, VH1 and Nickelodeon. She started her career at Cineplex Odeon in New York City where she focused on large media partnership development, special events and new media marketing. Beth is a graduate of the University of Virginia with a degree in business.
About Earth Biofuels
Earth Biofuels produces and distributes renewable fuels through the company's network of wholesale and retail outlets. The Company's biodiesel fuel is sold under Willie Nelson's brand name, "BioWillie." The Company is focused on capitalizing on the growing demand for alternative and renewable fuels in the domestic market. The Company's website is earthbiofuels.com . |
