DALLAS, Jan. 26 /PRNewswire-FirstCall/ -- Evolution Fuels, Inc. (Pink Sheets: EVFN) (the "Company") today issued an update and a recap of the recently announced dividends of common stock the Company holds in certain publicly traded companies.
As announced in previous news releases, Evolution Fuels has determined to issue dividends of common stock that the Company holds in three separate entities. The stock dividend distributions represent the Company's thanks for the support shown over the past several months by the Company's shareholders.
Below are summaries of the four dividend distributions and the current status of each. This does not include the dividend of common stock of Evolution Fuels, which already occurred on June 16, 2009.
- A dividend of the Company's ownership of 1.5 million shares of Southwest Resources, Inc. common stock. The Company is hereby increasing the quantity to 3 million. The record date for this dividend was December 31, 2009. Any shareholders owning more than 1,000 shares of Evolution Fuels common stock as of the record date of December 31, 2009 shall receive one (1) share of Southwest Resources common stock for every seventy-five (75) shares owned of Evolution Fuels common stock. Such dividend shall be distributed once Southwest Resources has published its Initial Company Information and Disclosure Statement and current financial statements to the Pink Sheets website and achieved the tier ranking of "Current Information," which is expected to occur within the next twenty days.
- A dividend of the Company's ownership of 2 million shares of Evolution Resources, Inc. common stock. The record date for this dividend was January 8, 2010. Any shareholders owning more than 1,000 shares of Evolution Fuels common stock as of the record date of January 8, 2010 shall receive one share of Evolution Resources common stock for every 112 shares owned of Evolution Fuels common stock. The Company's management expects this dividend to be distributed within the next twenty days.
- A dividend of the Company's ownership of Big Star Media Group, Inc. common stock. The record date for this dividend was December 28, 2009. Any shareholders of the Company owning more than five (5) shares of Evolution Fuels common stock as of the record date of December 28, 2009 shall receive one share of BMGI common stock for every five (5) shares held of Evolution Fuels common stock. The Company's management expects this dividend to be distributed within the next twenty days.
- A dividend of the Evolution Fuels common stock. The record date for this dividend is February 23, 2010. Any shareholders owning at least one share of Evolution Fuels common stock as of the record date of February 23, 2010 shall receive an equivalent number of newly issued shares. Such dividend shall be distributed several days after the record date.
All dividend shares will be "restricted" as defined under the Securities Act of 1933. Accordingly, the Company issues a clarification to the press release dated November 30, 2009. As the press release noted, the shares will be "restricted" as defined under the Securities Act of 1933. Rule 144 allows for the public resale of restricted securities only if certain holding periods and other conditions are satisfied. For example, generally Rule 144 permits non-affiliates of an SEC-reporting company to resell restricted securities without regard to Rule 144 volume, reporting or manner of sale limitations after a period of six months. Further, it generally permits non-affiliates of non-reporting companies to freely resell securities after a one-year holding period. Southwest Resources, Inc. is a non-reporting entity, as is Evolution Fuels, Inc. and Big Star Media Group, Inc. Evolution Resources, Inc. is a fully reporting company. However, there are additional complexities and variables associated with Rule 144 and shareholders should evaluate the specific circumstances of each proposed sale.
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.