07/06/2009 // Press Release
DALLAS, July 6, 2009 (GLOBE NEWSWIRE) -- Evolution Fuels, Inc. (Pink Sheets:EVFL - News;
the "Company") today announced that its corporate financial statements
for the periods ending December 31, 2008 and March 31, 2009, and its
Initial Company Information and Disclosure Statement, have been
published on the Pink OTC Markets News Service. These reports may be
found on the Pink Sheets website at www.pinksheets.com.
The Company's financial statements reflect the recognition of a gain of
approximately $74 million during the Company's fourth quarter of 2008
due to the retirement of corporate debt through the Company's PNG
Ventures, Inc. ("PNG") share exchange agreement announced on January
16, 2009.
In June 2008, as part of a restructuring plan, the Company
closed on a share exchange agreement with PNG Ventures, Inc. that
exchanged ownership of the Company's liquefied natural gas production
and marketing subsidiary for 7,000,000 shares of PNG common stock,
which were pledged as security to certain secured note holders.
In December 2008 the Company exchanged its ownership of 5,600,000 shares of PNG Ventures, Inc. (OTCBB:PNGX - News)
stock to Castlerigg PNG Investments, LLC ("Castlerigg") for payment of
approximately $90 million against its total debt of $100,651,173 owed
to Castlerigg and certain secured note holders. The Company issued a
new convertible debenture in the amount of $20,000,000 to Castlerigg
that can be converted to common stock of the Company within twelve
months at $0.025 per share.
Further, the Company reported net income of approximately
$194,000 for the first quarter of 2009 primarily due to reduced general
and administrative expenses and the settlement of certain claims
against the Company.
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. 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.