Evolution Fuels Executes Letter of Intent to Acquire Fuel Stations in Alabama and Mississippi
DALLAS, Oct 22, 2009 (GlobeNewswire via COMTEX) -- Evolution Fuels, Inc. (Pink Sheets:EVFL) (the "Company") today announced that it has executed a letter of intent to acquire two existing and operational fuel stations, one located in southern Alabama and the other in central Mississippi. The Company intends to brand the stations as "Evolution Fuels."
One of the stations is located in an affluent area of the town of Fairhope, Alabama, which is approximately eighteen miles southeast of Mobile, Alabama. The station currently offers E10 (10% ethanol/90% gasoline) and E85 (85% ethanol/15% gasoline) and B20 biodiesel. The second station is located in Newton, Mississippi and currently offers E10, E85, and B20 biodiesel.
Both stations feature fuel blending at the dispenser, which conforms to the Company's model of providing renewable fuels at the retail level. The Company plans to apply its "Evolution Fuels" branding to the stations and add sufficient equipment to provide an additional E20 product at the pumps.
The Company expects to sign the definitive purchase agreement pursuant to the letter of intent by November 30, 2009.
About Evolution Fuels, Inc.
The Company endeavors to market renewable transportation fuels at retail fuel stations that will provide blends of ethanol ranging from 10% to 85% (E10 to E85), and biodiesel blends from 5% to 20% (B5 to B20). The Company's plan calls for the development of a chain of renewable fuel stations that extend from Texas to Mississippi that will be a combination of "Evolution Fuels"-branded fuel stations/convenience stores and western-motif truck stops modeled after the Willie's Place Truck Stop in Carl's Corner, TX. The Company's Web site is www.evolution-fuels.com. |
