08/10/2009 // Press Release
DALLAS, Aug. 10, 2009 (GLOBE NEWSWIRE) -- Evolution Fuels, Inc. (Pink Sheets:EVFL - News;
the "Company") today announced that as part of its efforts to establish
retail fuel stations that carry varying blends of ethanol, it intends
to apply for the U.S. Department of Energy's ("DOE") recently announced
cost-sharing program for projects that will expand the infrastructure
of fueling locations up to 85 percent ethanol.
The DOE recently announced the availability of up to
$5.5 million from the American Recovery and Reinvestment Act to
increase the use of higher ethanol blends (up to E85), with plans to
offer up to $3.5 million to 15-30 projects for cost-shared projects to
modify, upgrade, expand existing fuel pumps and other infrastructure at
retail stations or the installation of new equipment to accommodate the
higher ethanol blends. The DOE additionally plans to fund up to $2
million toward the raising of public awareness of higher ethanol blends
up to E85.
Evolution Fuels' CEO, Dennis McLaughlin, stated, "It is the
Company's position that programs such as this are critical to solving
the problems of growing the distribution and sales of renewable forms
of energy. This type of program should greatly aid companies who seek
to be providers of higher blends of ethanol and biodiesel fuels at the
pump."
About Evolution Fuels, Inc.
The Company 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, specifically there can be no assurance that the
Company will be granted any funds under the DOE's new program. 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.