DALLAS, June 2 /PRNewswire-FirstCall/ -- Evolution Fuels, Inc. (Pink Sheets: EVFN) (the "Company") today announced that is has determined that the shares of Evolution Resources, Inc. (OTC Bulletin Board: EVLN) that it intends to dividend will be done so pursuant to Evolution Resources, Inc. filing a registration statement within the next [three weeks]. Upon the effectiveness of the registration filing, such shares shall be free trading and without any restrictive legend.
As a result of the delay, the company has also determined that it will increase the amount of the dividend to a total of 2,200,000 million shares. The additional 200,000 shares shall be issued to those shareholders of record as of July 15, 2010. Any shareholders of Evolution Fuels owning more than 1,000 shares of Evolution Fuels common stock as of the record date of July 15, 2010 shall receive a proportionate share of the additional 200,000 shares of EVLN common stock to be distributed.
The 200,000 shares is in addition to the 2,000,000 million shares being issued to shareholders owning more than 1,000 shares of Evolution Fuels common stock as of the record date of January 8, 2010.
The total 2,200,000 million shares will be included in an Evolution Resources 'registration statement filing. It is difficult to determine when such a registration statement will be declared effective by the Securities and Exchange Commission however Evolution Resources, Inc. hopes the process will take no more than two to three months.
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, including regarding the effectiveness of the proposed registration statement, 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.
CSIR Group, LLC
Stacey Yonkus, Principal
SOURCE Evolution Fuels, Inc.