DALLAS, Nov. 4, 2009 (GLOBE NEWSWIRE) -- Evolution Fuels, Inc. (Pink Sheets:EVFL) (the "Company") today announced that it has executed a letter of intent to enter into a lease agreement for a second fuel station to be located in Dallas, Texas under the brand, "Evolution Fuels". The station will be located at the corner of Knox St. and Travis St. in the heart of the Dallas metropolis, immediately adjacent to the upscale Park Cities neighborhood and the popular Katy Trail, and will serve as another "marquee" location for the Company's planned rollout of its branded stations.
This location is extremely beneficial to the Company in that it is located in a highly visible upscale restaurant and shopping corridor that experiences high traffic counts. The adjacent Park Cities neighborhood has a large population of flex fuel vehicle owners who currently have no nearby fuel station that offers higher blends of ethanol fuel. It was formerly a high-performing 7-Eleven branded convenience store/fuel station, and has retail neighbors that include an Apple Store and a Starbucks. Once the definitive leases for both stations are finalized and construction is completed, the locations will be located within approximately two miles of each other.
Per the Company's business plan, the stations will offer renewable fuel blends at the pump. The fuel dispensers, to be provided by Dresser Wayne, are uniquely designed to blend petroleum fuels with renewable fuels from the underground storage tanks within the dispenser as the fuel is delivered into the vehicle. The planned product offering includes E10 (10% ethanol blended with 90% petroleum gasoline), E20, E30, and E85, as well as B20 (20% biodiesel blended with 80% petroleum diesel). Although the octane content actually increases going from E10 to E30, the Company foresees the pricing to be $0.05 to $0.10 per gallon lower for the E20 product compared to E10, and likewise the same discount for the E30 product compared to E20.
The Company plans to uniquely image the station and offer specialty foods, beverages, and other products in order to help create a recognizable brand as it rolls out more stations according to its business plan.
Management anticipates that the definitive lease pursuant to the non-binding letter of intent will be executed within forty-five days and that construction will take ninety to one hundred twenty days to complete.
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.