Evolution Fuels Announces Lease Agreement for First Fuel Station in Dallas, Texas
DALLAS, March 1 /PRNewswire-FirstCall/ -- Evolution Fuels, Inc. (Pink Sheets: EVFN) (the "Company") today announced the execution of a lease agreement for the Company's first fuel station located in Dallas, Texas under the brand, "Evolution Fuels". The lease agreement is pursuant to a letter of intent to enter into the lease previously announced by the Company in September 2009.
The station will be located in the heart of the Dallas metropolis, immediately adjacent to the upscale Park Cities neighborhood, and will serve as the first "marquee" location for the Company's planned rollout of its branded stations. Evolution Fuels plans to uniquely image the station and offer specialty foods, beverages and other products in order to help create a recognizable brand as it rolls out additional stations.
This station is part of the Company's overall strategic roll out of fuel stations and truck stop travel plazas in key metropolises and retail areas, as discussed in its most recent announcements, commencing with its February 2, 2010 press release. As stated in the Company's business plan, the station will offer renewable fuel blends at the pump. The fuel dispensers, to be provided by Dresser Wayne, are uniquely designed to blend petroleum fuels with renewable fuels from the underground storage tanks within the dispenser as the fuel is delivered into the vehicle. The planned product offering includes E10 (10% ethanol blended with 90% petroleum gasoline), E20, and E85, as well as B20 (20% biodiesel blended with 80% petroleum diesel).
Terms of the lease are typical for retail fuel stations located in prime commercial areas near downtown Dallas, which include a five-year duration with three five-year renewal options at the discretion of the lessor.
About Evolution Fuels, Inc.
Evolution Fuels, Inc. endeavors to market renewable transportation fuels at retail fuel stations that will provide superior quality fuels to competing fuel stations by virtue of the blending capability within the fuel dispensers at its stations and offering the blends at competitive prices. The stations will offer ethanol/gasoline blends of fuel including 10% ethanol/90% gasoline (E10), 20% ethanol/80% gasoline (E20), 30% ethanol/70% gasoline (E30), and 85% ethanol/15% gasoline (E85). The latter three blends are intended for flex-fuel vehicles, although recent studies have shown that many legacy vehicles on the road today may use E20 and E30 blends without incurring damage to the engines or fuel systems. The Company's plan calls for the development of a chain of renewable fuel stations in the southwestern and southeastern United States that will be a combination of "Evolution Fuels"-branded fuel stations/convenience stores and western-motif truck stops modeled after Willie's Place Truck Stop in Carl's Corner, TX. The Company's Web site is www.evolution-fuels.com.
Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. In connection with the "safe harbor" provisions of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, important factors that, among others, could cause or result in actual results and experience to differ materially from the Company's anticipated results, projections, or other expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.
Investor Contact: |
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CSIR Group, LLC |
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Stacey Yonkus, Principal |
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212-386-7081 |
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SOURCE Evolution Fuels, Inc.
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