DALLAS, Jan. 12 /PRNewswire-FirstCall/ -- Evolution Fuels, Inc. (Pink Sheets: EVFN) (the "Company") today announced a reduction of approximately $21 Million of its corporate debt through the conversion of the debt into shares of the Company's common stock, effective as of December 31, 2009.
This debt was in connection with convertible notes originally issued in July 2006, and through a settlement agreement, a portion was exchanged for a new set of convertible notes in December 2008. A total of 2,060,308 shares of common stock were converted and issued on December 31, 2009 to the noteholders to satisfy the approximate $21 million of debt. The converted and issued common stock is "restricted" as defined under the Securities Act of 1933.
This conversion of debt eliminates over 94% of the financial liabilities associated with the Company's $52.5 financing package closed in July 2006.
In total, the Company has eliminated over $110 million of liabilities since June 30, 2008.
About Evolution Fuels, Inc.
Evolution Fuels, Inc. endeavors to market renewable transportation fuels at retail fuel stations that will provide blends of ethanol 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.
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.
SOURCE Evolution Fuels, Inc.