Evolution Fuels Announces Positive Financial Performance for Willie's Place Travel Plaza
August 23 2010 - 7:00AM
Marketwired
Evolution Fuels, Inc. (PINKSHEETS: EVFN) (the "Company") today
provided an update regarding the recent financial performance of
the Willie's Place at Carl's Corner Truck Stop, of which the
Company owns a membership interest.
The state-of-the-art truck stop features 12 diesel/biodiesel
fueling lanes for tractor-trailers plus a wide load island. There
is a separate fueling island for cars and trucks. In addition to
the truck stop fueling facilities, "Willie's Place at Carl's
Corner" features two restaurants, a convenience store, a saloon, a
gift shop featuring official Willie Nelson merchandise and
memorabilia, and the 500 seat "Night Life" theater that features
regular live music performances.
Since the opening of the facility in December 2009, the truck
stop has demonstrated significant improvement with respect to
financial performance. Whereas the facility experienced average net
losses (before interest, taxes, and depreciation) of more than
$70,000 per month for the first quarter of 2009, the following
three quarters averaged net losses of $16,000 per month. During the
first quarter of 2010 the truck stop averaged net gains (before
interest, taxes, and depreciation) of $14,000 per month, which
improved to $43,000 per month during the second quarter of
2010.
The Improvements are due mostly to increased fuel sales
concurrent with decreased operational expenses. Management expects
performance to continue to improve as fuel volumes continue to
increase.
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: Randy Hepler 214-389-9800
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