News:
Tuesday February 3, 9:04 am Eastern Time
Company Press Release
Penn Octane Corporation Receives Significant Order
From Chevron Chemical Company
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Feb. 3, 1998--J.B. Richter, President and
CEO of Penn Octane Corporation (NASDAQ SmallCap market: POCC) today announced the
signing of a new order for sale of eight million pounds of propylene to Chevron Chemical
Company. Penn Octane will begin shipping during the first week of February and will complete
shipments during its fiscal 3rd quarter ending April 30, 1998. The revenue generated from this
order will be in excess of one million dollars.
Jerry Richter, Chairman, noted that ''this order continues our program of diversification.''
Penn Octane is a leading supplier of liquefied petroleum gas to Mexico and propylene to the
petrochemical industry in Texas. Penn Octane operates a 132-mile, six-inch pipeline from a
pipeline in Kleberg County, Texas to its terminal in Brownsville, Texas, which acts as a
trans-shipment point for delivery to Mexico. In addition, the Company owns and operates
PennWilson CNG, Inc., located in Santa Fe Springs, CA, a leader in compressed natural gas
station design, engineering, manufacturing and safety.
Certain of the statements contained in this news release are forward-looking statements. While
these statements reflect the company's beliefs, they are subject to uncertainties and risks that
could cause actual results to differ materially. |
